| The Global Enabling Trade Report 2010, released by | | | | flows worth close to a trillion dollars. With |
| the World Economic Forum on May 19, 2010 ranks | | | | tremendous growth in trade volumes Singapore has |
| Singapore as #1 in its Global Enabling Trade Index, | | | | upgraded its trading systems and processes to |
| signifying Singapore's openness to trade. | | | | facilitate trade flows in and out of the country. For |
| Singapore retained its #1 position as the economy | | | | instance, traders need to apply for special import |
| that is most open to trade in the world, followed by | | | | export permits and authorizations only for certain |
| Hong Kong, Denmark, Sweden and Switzerland. The | | | | controlled goods. Most permits can be applied for |
| Global Enabling Trade Index covers 125 economies | | | | online using a single application via a a computerized |
| worldwide and measures their institutions, policies and | | | | permit processing system. Moreover, Singapore's |
| services that facilitate the free flow of goods over | | | | Customs is known for its efficiency and non-corrupt |
| borders. It breaks the enablers into four issue areas: | | | | practices unlike many other developing countries |
| market access, border administration, transport and | | | | where traders have to pay what is known as |
| communications infrastructure, and business | | | | "informal facilitation" to clear their consignments. |
| environment. | | | | Singapore has also introduced certain trade financing |
| Singapore aced the parameters on foreign market | | | | and insurance schemes to help traders cover their |
| and domestic access; efficiency of import/export | | | | financial risks. Traders can also benefit from |
| procedures; availability and quality of transport | | | | Singapore's 18 Free Trade Agreements with 24 |
| services; efficiency of customs administration; and | | | | trading partners. Certain global trading companies can |
| regulatory environment. | | | | avail of concessionary rates of tax under the |
| As the world emerges from the economic crisis, the | | | | Singapore's Global Trader Program. |
| need to open up trade and break away trade | | | | According to Robert Lawrence, co-editor of the |
| barriers has gained importance in order to foster | | | | Global Enabling Trade Report, |
| economic growth. Singapore is at the forefront of | | | | "When individual countries enable trade, they provide |
| enabling cross border trade flows. By incorporating a | | | | benefits not only to themselves but also to other |
| trading company in Singapore, traders can leverage | | | | nations with which they trade. Improved market |
| upon Singapore's strengths such as minimal import | | | | access, more efficient customs, and better |
| export procedures, excellent infrastructure, tax | | | | infrastructure and business environments offer |
| incentives, an extensive free trade agreement | | | | enhanced opportunities for both importers and |
| network, and sophisticated logistics. | | | | exporters. |
| Each year the Singapore Customs processes trade | | | | |