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For instance, companies accredited with Chinese class AA Enterprise Economic Operators should enjoy the same deals under the E. This way, customs clearance regulations applies across the board, easing trade without discrimination (Miti, 2012; Kawai and Wignaraja, 2011). All these are done to push costs down while at the same time making it easier for traders importing and exporting goods.The benefit of efficiency in customs clearance and inspection can clearly be seen in the ranking by the World Bank whereby Singapore ranks first in these areas among other key areas as can be seen in the table below.Just like other East Asian countries, a number of documents are needed to be filed in the import-export process. These include the bill of lading, transaction records payment slips among others. Singapore is several steps ahead of the rest because of the automation of the process of filing the documents and payment of necessary fees and the streamlining of the entire process.The electronic system called Tradenet which is used by authorities enables importers to be are able to submit their import clearance documents electronically and the customs departments also processes such declarations electronically (Miti, 2012; Kawai and Wignaraja, 2011). What happens is that this electronic system routes the submitted documents by the importers to the various government agencies for processing and they are able to get result of the process through their mailboxes. According to (Miti, 2012), these procedures normally takes less than half an hour compared to more than a day which used to take before automation. The Tradenet network is able to calculate duty payable and arranges funds transfers through electronic inter-bank giro transfer (UNCTAD, 2007).Automation has meant that bureaucracy in the filing and processing of the documents is eliminated (Tongzon and and Sawant, 2007). The Electronic Data Interchange (EDI) has been incorporated within the Tradenet system to enable faster preparation and filing of import and export documents. For instance, IBP Inc. (2013) observes that it is possible to prepare manifests electronically before goods arrive. Furthermore, the network has been expanded to international users, such as those from the U. (IBP, 2013) for services such as cargo booking space and completion of certificate of origin requirements. According to Tongzon and Sawant (2007) the network handles over 10,000

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Ashoka M. (2012). Infrastructure Strategies in East Asia: The Untold Story. Washington: World Bank

Beckman, R. (2011). Singapore Strives to Enhance Safety, Security and Environmental Protection in Its Port and in the Straits of Malacca and Singapore..Ocean and Coastal Law Journal. 14(2).p. 167-200

Fung, K.F., (2000). Competition between the ports of Hong Kong and Singapore: a structural vector error correction model to forecast the demand for container handling services. Maritime Policy and Management 28 p.3–22.

IBP Inc. (2013). Doing Business and Investing in Singapore Guide 1, Strategic and Practical Information. London: International Business Publications.

Johnson, T.E. and Bade, D.L. (2010). Export/Import Procedures and Documentation. AMACOM Division American Management

Kawai M. and Wignaraja G. (2011). Asia’s Free Trade Agreements: How is Business Responding? Tokyo: Edward Elgar Publishing.

Lirn, T.-C., Thanopoulou, H.A., Beynon, M.J., Beresford, A.K.C., (2004). An application of AHP on transhipment port selection: a global perspective. Maritime Economics and Logistics 6 p.70–91.

Miti, G. (2012).Cases on Supply Chain and Distribution Management: Issues and Principles. Washington: IGI Global.

Nelson C.A. (2014). Import/Export: How to Get Started in International. New York: Mc-Graw Hill

Rahman, S.H., Khatri, S. and Brunner, H. (2012). Regional Integration and Economic Development in South Asia. London: Edward Elgar Publishing

Tongzon, J.L. and Sawant, L., (2007). Port choice in a competitive environment: from the shipping lines’ perspective. Applied Economics 39, 477–492.

UNCTAD (2007). Port marketing and the challenge of the third generation port. Trade and development board committee on shipping ad hoc intergovernmental group of port experts, p. 13-23.

Word Bank (2014). Doing Business. Available at http://www.doingbusiness.org/data/exploreeconomies/singapore/trading-across-borders/ [Accessed November 28,2014].

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  • Pages: 4 (1000 words)
  • Document Type: Essay
  • Subject: Professional
  • Level: Undergraduate
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