SBF rolls out world's first Gen AI tool to help businesses with trade rules

Marking a world first, a generative AI tool has been launched to help simplify complex trade rules and provide clear guidance on free trade agreements (FTA) for businesses here. 

This comes amid a global changing order and uncertainty surrounding the US tariffs, said the Centre for the Future of Trade and Investment (CFOTI) which unveiled the tool — Trade AI Advisor (TAIA) — at a Singapore Business Federation (SBF) seminar on Tuesday (Sept 9). 

Powered by SBF's extensive FTA database and other sources, this tool will deliver "actionable answers that help businesses unlock opportunities, ensure compliance, and stay competitive", said the federation. 

"Our aim is to equip companies with the tools and intelligence they need to interpret developments, assess implications and plan ahead with confidence," said the chairman of CFOTI Gan Seow Kee.

CFOTI - a public-private partnership established by SBF last year - aims to help local and regional businesses strengthen their capabilities in global cross-border trade.

At the event, chairman of SBF SS Teo shared how small and medium-size enterprises (SMEs) are grappling with squeezed margins, investment delays, and rising compliance costs. 

"Many are responding by exploring new markets, adjusting pricing, and seeking government support," he said.

Going forward, the new AI tool will offer businesses with AI-augmented trade advisory services that builds on the federation's existing expertise, and will be piloted with 30 curated users this month before being scaled up to the 32,000 SBF members and SMEs in the beginning of next year, Gan said.

At the seminar, CFOTI also launched a new partnership initiative with six founding partners — DBS Bank, DHL Express, Pacific International Lines, PwC Singapore, Rajah & Tann, and Temasek Foundation.

The partnerships represent CFOTI's commitment to strengthening public-private collaboration and providing targeted support to businesses navigating complex trade environments.

"Together, we can turn disruption into opportunity and secure Singapore's place in the future of global trade with that," Gan said.

The event was also attended by Deputy Prime Minister Gan Kim Yong and Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance. 

'The world is at a flux': DPM Gan

Speaking during a fireside chat at the seminar, DPM Gan said that he is still in talks with the US regarding trade, including possible concessions for pharmaceuticals.

While unable to disclose the exact details of his negotiations with US Trade Secretary Howard Lutnick, he said that he has been "discussing the steps for how we can secure supplies like exports to the US with preferential treatment".

"You must remember we started with zero tariff," he said, emphasising that the baseline tariff of 10 per cent that Singapore faces still poses significant impact to the economy.

Despite the headwinds to Singapore's economy, he remained optimistic.

"I think our one of the key advantages is that we are very nimble. We are very fast. We are able to respond quickly," he said, adding that businesses need to leverage on opportunities presented rather than adopt a "wait and see" attitude.

"I think the world is at the flux. I think there are many uncertainties, but with uncertainties, there are forward opportunities. Therefore we need to go moving forward. What is important for us is to continue to remain very competitive," he added.

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dana.leong@asiaone.com