Paperless Trade Between India and Singapore Piloted Using Trade Trust Platform

In a breakthrough achievement, India and Singapore successfully conducted the first live paperless transaction using the Trade Trust platform, further strengthening their digital link.

India, Singapore pilot first live paperless transaction using Trade Trust platform

Singapore High Commissioner Simon Wong announced on social media that the first live paperless transaction using the Trade Trust platform has been piloted following the India-Singapore Ministerial Roundtable and meeting with Prime Minister Modi. This marks another milestone in the digital connection between Singapore and India.

Last year, a Joint India-Singapore Ministerial delegation briefed Prime Minister Modi about the outcomes of the inaugural session of the India-Singapore Ministerial Roundtable (ISMR). Discussions were held in emerging areas such as digital connectivity, Fintech, green economy, skill development, and food security.

The India-Singapore Ministerial Roundtable (ISMR) is a ministerial platform aimed at boosting economic cooperation between the two countries. It seeks to deepen existing cooperation and identify opportunities for collaboration in new and emerging areas.

In March of this year, External Affairs Minister S Jaishankar and Singapore’s Minister of Trade and Industry Gan Kim Yong discussed taking forward the India-Singapore Ministerial Roundtable process.

India and Singapore have recently linked their online payment systems, enabling seamless cross-border transactions between the two countries.

Singaporean High Commissioner to India, Simon Wong Wie Kuen, expressed his excitement about the collaboration and its potential to elevate bilateral relations. He also emphasized Singapore’s commitment to being part of India’s digital transformation journey.

Author: Tarah Nguyen