Breaking barriers: Fostering trade
Singapore's Air Cargo Day was a collaborative event, between IATA and SAA@Singapore, the local forwarders association, that took place on 2 November 2017. The theme of the event was 'Airfreight frontiers: breaking barriers, fostering trade.' The event focused on air cargo as a trade facilitator, providing critical connectivity for the global economy, while also identifying the need for supply chain stakeholders to adapt to the ever-changing demands of the industry.
Relevant, reliable air cargo industry
Ms. Sim Ann, Senior Minister of State, opened the event by highlighting the value of air cargo and the growth from the air cargo sector while acknowledging the challenges faced in the air freight industry; reducing air freight costs and reinvent processes through better technology use and innovation.
Glyn Hughes, Global Head of Cargo, presented on digital cargo transformation also highlighting the need to modernize air cargo standards, drive change, explore new technologies, to keep air cargo relevant, reliable and keep up with the growth.
The event was broken down into three sections:
- Understanding air cargo's security and safety
- Maintaining a competitive edge
- Breaking barriers: building collaborative relationships
Security and Safety
Security was brought to the forefront as a critical element in the air cargo supply chain, with regulators and industry working closely together to further secure the supply chain and safeguard the flow of commerce. A number of initatives are in place including; Advance Cargo Information (ACI), Consignment Security Declaration (CSD), Cargo Security and Capacity building program, Compliance with the ACC3 validation process.
With the growth of self-powered technology causing an exponential growth in the manufacturing of lithium batteries, the market has become a target for counterfeit and poor quality batteries and in turn, impacts the effective management of border controls and safety in the transport of these goods.
Maintaining a competitive edge
Changi Airport Group provided a glimpse into their program to become a global air cargo hub. International Enterprise Singapore also emphasized the importance of the State's Free Trade Agreement (FTA) network, which encourages and promotes business to trade both regionally and internationally. With the regional economic growth expected to accelerate trade, the state needs to leverage its existing FTAs to continuously expand the network.
The Silk Road was an ancient trade route that once ran between China and the West during the Roman Empire, tracing how the oriental silk made its way to Europe. China has resurrected the initiative with a double trade corridor to reopen channels between the state and its western neighbors in central Asia, MiddleEast and Europe. The program will encompass both land ("Belt") and maritime ("Road") routes with the goal of improving trade relations in the region through infrastructure investments. The Hong Kong Trade Development council shared how this program is expected to change the transportation landscape, not only in the region but also globally.