The Ministry of Finance in Trinidad and Tobago has announced a comprehensive upgrade to the Automated System for Customs Data (ASYCUDA), set to be operational within the next 18 months. The enhanced system will introduce digital payment capabilities, aiming to modernize and streamline international trade processes. Finance Minister Davendranath Tancoo unveiled the plans during the budget presentation at the Red House on September 13. The upgrade is expected to minimize manual intervention, improve risk assessment, and expedite customs clearance, with a target of transferring goods between private bonded warehouses within 24 hours. Additionally, the system will support full valuation capabilities, electronic declarations, and integration with the court system. The project is a collaborative effort between the Trinidad and Tobago government and the United Nations Conference on Trade and Development (UNCTAD), supported by a steering committee comprising public and private stakeholders. This initiative follows a major system disruption in July, which caused significant financial losses for businesses due to prolonged downtime.