Regional Economic Integration of Singapore

Author: Iloka Benneth Chiemelie
Published: 26th April 2018

Source as adapted from: (Albert, 2016)

Factors that are integrated

Singapore is a member a number of regional economic blocs and this has facilitated the economic integration of Singapore with the region and the world at large. An economic bloc is a large free trade area. A free trade area means a group of countries that have removed barriers to trade between them, barriers like import tariffs and quotas. Trade pacts that define economic bloc specify formal adjudication bodies, e.g. NAFTA trade panels(WIRIYAPONG, 2016).

Over the years, a number of international, regional economic blocs have been developed to promote trade between member states. Some blocs also have a political significance, eg EU. The different types of economic blocs are free trade areas, customs unions, single markets and economic and monetary unions(Association of Southeast Asian Nation, n.d.).

6. Conclusions & Recommendations

-           Overall judgment on ease of doing business in the country

Singapore has returned huge and stable GDP over the course of the past decades, which is a clear reflection to the fact that it presents green pastures for intended investors. Its integration in the ASEAN region has also enhanced flow of people (talents and expertise), which is a good thing for potential investors. Additionally, Singapore is the westerners’ one of the most preferred destination for leisure and business – boosting advanced recreational center and iconic for hosting the world’s first ever night Formula 1. There are numerous opportunities in Singapore and tapping into these opportunities is possible for companies seeking to build in Singapore. It maintains stable economic and political stream, which creates some level of security assurance for investors. Once established, such companies can take advantage of the country’s vast economic integration (e.g. ASEAN) and penetrate into other countries at much ease – compared to going starting a new organization in such countries.

-           General recommendations to companies planning to expand there

Although Singapore has huge sphere of opportunities for different businesses, it is important that companies seeing to invest in this country take extra time to study the legal side of doing business in Singapore. Strict adherence to these rules and regulation are important and it can represent the difference between success and failure of business in this country.

-           Closing shots containing credits/references/ other relevant information

In conclusion, Singapore does present huge and significant economic opportunities, but tapping into it will require careful consideration of numerous factors such as: the legal systems, cultural values and the Singaporean business settings.

References

Albert, E. (2016, 6 12). ASEAN: The Association of Southeast Asian Nations. Retrieved from Council on Foreign Relation.: http://www.cfr.org/asia-and-pacific/asean-association-southeast-asian-nations/p18616

Association of Southeast Asian Nation. (n.d.). ASEAN Member States. Retrieved from Association of Southeast Asian Nation: http://asean.org/asean/asean-member-states/

WIRIYAPONG, N. (2016, 9 19). Investing in Asean's future . Retrieved from Bangkok Post: http://www.bangkokpost.com/opinion/opinion/1089453/investing-in-aseans-future