SINGAPORE, Nov 24, 2020 - (ACN Newswire) - Commodities Intelligence Centre (CIC), a B2B e-trade platform for physical
commodities, has announced plans to groom one Global Commodity Champion from each participating country of the Regional
Comprehensive Economic Partnership (RCEP). Since the start of year, CIC has reported more than 20% increases in
customers joining the platform compared to the same period last year, and a surge in online transactions with over 4,000
customers searching for trading opportunities on the platform. CIC has since achieved a gross merchandise volume of
US$13.2 billion (S$17.7 billion), with over 5,200 registered users covering markets including Singapore, Malaysia,
Indonesia, India and China, among other countries in Asia. CIC looks to develop more than ten Global Commodity Champions
over the next three to five years, as it strives to uncover new trading opportunities and boost global trade
facilitation on the back of RCEP.
Peter Yu, Chief Executive Officer of Commodities Intelligence Centre, shared, "The coronavirus has radically reshaped
the global supply chain, exposing the fragility of the industry. We believe that CIC is well-placed to empower
companies, especially SMEs, from RCEP member countries to uncover new market opportunities and identify reliable
partners and suppliers, while building business resilience and extending the global reach of their supply chains during
this difficult period."
The RCEP is the world's largest trade pact signed by 15 countries in the Asia-Pacific region. It aims to eliminate as
much as 90 per cent of tariffs on imports between member countries over the next 20 years, and will improve market
access for goods and services within the region. RCEP members comprise all 10 ASEAN members and key partners Australia,
China, Japan, South Korea and New Zealand, accounting for 30 per cent of the world's economy and one-third of its
population.
"The work that CIC has been doing for the past two years resonates strongly with the recently launched Regional
Comprehensive Economic Partnership - to help participating countries establish a mutually beneficial economic
partnership that will facilitate the expansion of regional trade and investment and contribute to global economic
development and growth." added Peter.
Established in 2018 as a Joint Venture between Asia's leading B2B e-commerce group ZALL Smart Commerce Group, Global
eTrade Services (GeTS) and Singapore Exchange (SGX), CIC platform supports 10 different languages encompassing RCEP
member countries, and provides integrated services that help SMEs reduce transaction costs, optimise the efficiency of
their supply chains across cross-border trading, financing, logistics and to be regulatory compliant. CIC also provides
access to unique commodity offerings of participating RCEP countries, such as clean and renewable energy.
Recently, CIC has also successfully facilitated large-scale renewable energy transactions between customers from
Australian, India and South Korea, with the official signing set to take place during this year's Global Digital Trade
Conference 2020 and the 11th China Wuhan (Hankou North) Commodity Fair from November 28 to December 6.About Commodities Intelligence Centre (CIC)
The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities. Officially launched in Singapore on 12 Oct 2018, CIC is a Joint Venture between
China-based ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX) to build trade
connectivity through digital marketplaces and to grow a vibrant trading ecosystem in Singapore.
CIC aims to revolutionize commodity trading and facilitate cross-border trade through deal matching, trade finance,
supply chain logistics, track and trace and global trade compliance. Since its establishment in October 2018, CIC has
achieved a GMV (Gross Merchandise Volume) of more than US$13.2 billion, with over 5,200 registered users covering
markets including Singapore, Malaysia, Indonesia, India, China, among other countries in Asia.