Georgetown: The Minister of Finance, Winston Jordan Monday signed a loan with the IDB for US$6,000.000 for the establishment of an Electronic Single Window for Trade.
This project will not only improve trade facilitation but significantly reduce the time and costs of trade processes. The executing Agency is the Ministry of Business. Mr. Luis Alberto Moreno, President of the IDB, signed on behalf of the Bank.
According to the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) Recommendation 33, a Single Window is defined as “a facility that allows parties involved in trade and transport to lodge standardised information and documents with a single-entry point to fulfil all import, export, and transit-related regulatory requirements. Once the information is electronic, then individual data elements should only be submitted once.”
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