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Globalisation under Singapore’s contextOur globalisation world tour takes us next to Singapore where Roshni Kapur describes the big impact it's having on this pretty small country
Without a doubt, Singapore has flourished as one of Asia’s prosperous and highly developed nations. Due to rapid growth and industrialization between the 1960s and 1990s, she has been categorized as one of the four Asian Tigers besides South Korea, Taiwan and Japan. Foreign investors are always keen on advancing with Singapore where she is currently home to approximately 7000 multi-national corporations.
Due to Singapore’s tight strain on natural resources, we have a heavy dependence on manpower which has maintained our competency in the global market. Globalisation has shaped Singapore’s socio-economic landscape over the past decades giving both locals and foreigners immense opportunities to build their career in the global market.
An average of 46,300 foreigners are granted permanent residence every year, that makes up 533,000 of our population. This has contributed towards the creation of multiculturalism in Singapore where locals such as I are given the platform to interact and exchange cultural backgrounds with foreigners. My institution, LaSalle- College of the Arts, consists of 30% international students who come from all walks of life. A diverse and interactive environment has been boosted with the assistance of globalization.
Widely known as a free-market economy, Singapore has been rated as one of the most business-friendly economies in the world. A tertiary level of globalization has allowed heavy investing in its economy. This has led to a tremendous growth in its tourism, pharmaceutical, financial and medical industries. She is seen has the perfect globalization model for South Korea. Her gross domestic product (GDP) per capita was approximately double of South Korea’s in 2006. Even then both Singapore and South Korea have economically benefitted from each other. The Korea-Singapore Free Trade Agreement (KSFTA) ratified in 2005 has removed tariffs on most goods and services between the two trading countries. Singapore is taking her free trade policies to a whole new level. The European Union has recently agreed to create a free-trade agreement with Singapore. This will boost Singapore’s economic ties with the 27-nation bloc and form new bilateral relations. Currently she has free trade agreements with a total of 11 countries besides the European Union.
Evidently Singapore has molded herself into Southeast Asia’s leading economy. Her open-mindedness to multiculturalism, trade agreements and ambitions for a better tomorrow will continue to thrive its economy. Without globalization none of this would have been possible for my country.
The Korea-Singapore Free Trade Agreement sets out the rules governing trade in goods between South Korea and Singapore. These rules are based on WTO disciplines and contain WTO-plus provisions. Both countries will grant preferential tariff-free market access for an extensive range of products. The chapter also provides for possible acceleration of tariff elimination or inclusion of additional products for tariff elimination in the future.
Under the KSFTA, South Korea will substantively remove tariffs on most of Singapore’s exports to it. To cater to South Korea’s domestic concerns, certain products which can pose a competitive challenge to South Korean industry will have their tariffs phased out over a period of either five or 10 years.
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