As according to a report by Tricor group, with a global robust network of 25 free trade agreements (FTA) as well as trade friendly tax and the government’s regulatory environment, Singapore’s have got a robust businesses links that also provides it a definitive sharp edge on substantial freedoms and incentives, thereby making it an inviting country to pool the invest in.
As per the Tricor’s 2021’s Asia Pacific’s Trade Report, the Regional Comprehensive Economic Partnership (RCEP) will boost up the counterbalance for the emerging trade shield that has rapidly fast-tracked within this pandemic.
It also added that, RCEP would also regain the ASEAN’s appeal for getting in the Foreign Direct Investments, which the group stated that it has been a core progression driver specifically within the arena’s like manufacturing, infrastructure, and export for the past 20 years.
The group as well pointed out that: “By establishing common trade rules, the RCEP will help to reduce trade costs for businesses operating within ASEAN.”
Tricor further stated that: “Currently, the government is attempting to restructure Singapore’s economy by focusing on new and growing sectors such as medical services, biotech, food production and delivery, information technology, as well as addressing weak productivity growth by investing in digital and automation capabilities and re-training and re-skilling its workforce.”
The group further pointed out that Singapore has engrossed core investments in progressive manufacturing, pharmaceuticals, as well as medical technology production and will endure efforts to reinforce its position as Southeast Asia’s foremost financial and technology hub.
With Singapore as an extremely advanced and effective free-market economy, trades may leverage on their FTAs.