In a historic cooperation agreement, PSA International, along with other multinational firms, have teamed up with the Singapore Government and the International Chamber of Commerce (ICC) to facilitate and accelerate digital adoption in global trade and commerce.
PSA International Group Chairman Peter Voser, along with leaders from 16 other global firms in key industries, inked the Memorandum of Intent (MOI) on 22 January 2020 alongside the annual World Economic Forum held in Davos, Switzerland.
The agreement seeks to shift international trade from a paper-based system to a digital system. This move will create time and operational cost savings, while reducing the incidence of fraud and human error.
Group Chairman Peter Voser said, “As trade digitalisation advances, the physical and digital workflows in logistics must continue to converge, enabling greater efficiency in intermodal connectivity, and allowing seamless regulatory compliance and trade financing. With our global network of coastal and inland terminals in 19 countries, years of expertise in facilitating global trade through strong working relationships with Customs regulators and shipping carriers, PSA is well-placed to drive and support global trade digitalisation efforts.”
Emphasising the importance of sustained efforts to drive digitalisation, he added, “We continue to work towards our vision of connecting communities through the Internet of Logistics, and enable logistics stakeholders to reap the benefits of a truly connected global supply chain.”