::welcome to slow rock::

SS Assignment \

Wednesday, January 24, 2007

Principal of being forward looking

Singapore-Australia Free Trade Agreement(SAFTA)

Signed on 17 February 2003, SAFTA will assist Australian and Singaporean businesses through enhanced market opportunities and provide investors with greater certainty through provisions on the protection and promotion of businesses. As part of SAFTA, customs, standards and e-commerce will also facilitate commerce between the two countries.

SAFTA certainly opens up a world of opportunities for trade between the 2 countries, and both parties will definitely benefit from this agreement. The protection of businesses is one incentive for Australian companies to invest in Singapore, and vice versa. Through this, companies are entitled to compensation should expropriation or other loss occur. This will give added confidence to potential investors and a sense of security. Moreover, taxes imposed on goods imported from either country will minimal, and hence this barrier of taxes will be gone, encouraging more investors to come over.

With Singapore aiming to compete in the league of the world's elite, SAFTA will undoubtedly give this vision a further boost. Globalisation will enable Singapore's economy to become more resilient, and we will be prepared to hold our own when competing against stronger competitiors.

SAFTA is another stepping stone in Singpore's mission to achieve high living standards for its population though globalisation. An increase in investments will result in more revenue for Singapore, and this amount can be translated into more development projects within Singapore, improving areas such as the living conditions of people, and ultimately higher living standards.

SAFTA enables Singapore to stay ahead of other expanding economies in the region, and prevent Singapore's economy from being threatened greatly.

Other free-trade agreements with nations such as the United States, will further aid Singapore's push for globalistion, and I feel that this can only mean good news for Singapore's economy.

Labels: Social Studies

Entered by platinum at 3:20 AM