Establishing Well Functioning National Trade Facilitation Bodies (NTFBs)
In the OIC Member States
38
promotion and facilitation. While it seeks trade expansion for firms from Singapore, it also appears to
have a general interest on the simplification for trade purposes.
2.3.2.3. Functions
International Enterprise (IE) Singapore’s Trade Facilitation Scheme (TFS) aims to help address
market gaps in trade financing for Singapore-based companies in emerging markets.
Under this scheme, IE Singapore enters into risk sharing arrangement with the Asian Development
Bank (ADB) and Swiss Re Corporate Solutions, to increase the capacity for credit guarantees to
Singapore-based banks for protection against the non-payment risks of overseas issuing banks. This
in turn facilitates Singapore exporters’ receipt of payments for transactions with buyers from
emerging markets.
2.3.2.4. Sources of funding
Funding of Singapore’s trade facilitation advisory committee appears to be from government.
2.3.2.5. Achievements
Trade has always been the backbone of Singapore’s economy. In addition to promoting export of
goods and services, IE Singapore goal is also attracts global commodities traders to establish their
global or Asian home base in Singapore.
One of IE´s main achievements is a thriving trading hub with a complete ecosystem for the energy,
agri-commodities and metals & minerals trading clusters.
Moreover, IE has provided assistance to local companies through different programmes. Globally
Competitive Companies (GCC) has also represented an achievement because has been a critical
growth engine for the next phase of Singapore’s development. GCCs compete on the global stage
against the very best in their industries. They contribute to Singapore’s economic resilience, and
develop Singaporeans companies into global business leaders, strengthening the Singapore brand.
Through the Global Company Partnership (GCP) and Market Readiness Assistance (MRA), work is
done with Singapore-based companies in their various stages of growth towards being globally
competitive.57
Another example of a programme where IE has supported local companies to access overseas
business opportunities is called International Marketing Activities Programme (IMAP). Its mission is
to assist companies that participate in iMAP with a 50% to 70% from their core expenses when
attend to international fairs.58
The rising role of emerging markets in global trade today has resulted in increased demand for trade
finance among Singaporean companies. Yet, relatively lower country and credit ratings, as well as a
lack of access to information for credit underwriting are some challenges that those in emerging
markets face when accessing financing from banks. On a broader level, Basel III regulations are set to
further impact the availability of trade finance. Another specific achievement of Singapore’s NTFB
57 See
58 See