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Services - Why re-export through Singapore? |
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Singapore is well known for its social and political stability, effective
governmental policies and well developed infrastructure. With long time
international exposure and coupled with good educational system, Singapore
has established and recognise by many as a regional financial, logistic
and trading hub. |
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Since Trade is three times of our GDP, as free trade and fair trade
are consider our philosophy that Singapore live by. Singapore also took
globalization and free trade as fundamental and utmost importance, and
we have survived and improved our standard of living and quality of
life through our willingness and ability in openness and engaging with
the world. |
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Singapore's market is unique since it serves as a transhipment point
for Southeast Asia, especially Indonesia and Malaysia, and even to other
countries of the world. Since Singapore is a hub for the region, it
provides financing, insurance, and logistics that re-export to other
regional or Asia countries. As matter of facts, Trade in re-exports
(or transhipments) accounted for almost half of total merchandise exports.
Singapore also acts as a major distribution center for companies interested in selling to the region as reflected by re-export data. Take for example, more than 70% of computer hardware and peripherals imported into Singapore are meant for third country consumption. |
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In addition to that, Singapore has signed FTA (Free Trade Agreement)
with the following countries: Several
of the on-going negotiation of FTA Agreement are as below: |
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FTA
signed will give Singapore preferential treatment when export goods
and services to this countries. For instance, Singapore will not need
to pay any import duties on many products we export to their market.
In contrast, countries without FTAs with Singapore, we would have to
pay import duties. These FTAs will therefore give Singapore a big advantage
in exporting to our FTA partners. They will also help us attract more
investments here, since they could tap the Singapore's FTA advantages.
With FTAs, Singapore-based companies will enjoy cost-savings from the elimination of customs duties and improved market access. Cost savings are derived not only from tariff savings, but also from mutual recognition agreements, customs cooperation measures and removal of onerous regulations. Both our producers and service suppliers will enjoy "national treatment," i.e. they will be treated like locals upon entering our FTA partners' markets. This and many other provisions in our FTAs are intended to help blaze the path of internationalisation for Singapore-based companies. Take for instance, the U.S.-Singapore FTA will bring about reduced tariffs for goods traded between Singapore and the United States, and promote bilateral trade. The FTA in particular will benefit Singapore-based U.S. companies which export products to the United States. Therefore the prospects for expanding U.S. exports to Singapore are bright, especially in the high-tech field. Therefore, Singapore's FTAs has not only enhanced trading between these countries but allow easier transhipment and re-export with other countries. |
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