During the last summit of the Eurasian Union was signed the first agreement of a comprehensive package of economic and trade transactions between the EEC and Singapore. As emphasized in the Eurasian economic Commission, this agreement will become a model for new agreements between the Union and its international partners, particularly Israel. What opportunities do this step before Singapore, and what are the benefits of an Asian country sees itself in the strengthening of relations with the Eurasian “five”, the correspondent of “Eurasia. The expert” found at the Singapore experts.
Manu Bhaskaran, member of the regional Advisory Board of the IMF on Asia and the Vice President economic society of Singapore:
— Singapore is a global centre of Finance, Commerce, business etc. Therefore, it seeks to establish agreements that facilitate the smooth business activity between Singapore and other parts of the world.
The Eurasian economic Union is an important part of the world where we do not yet have a significant economic interaction in comparison with other regions with which we trade. Thus, this agreement should help to increase the flow of goods, services, capital and people between Singapore and the EAEC.
For Singapore, the benefits are obvious. Thanks to these agreements, the company, based in Singapore, you can take advantage of an unprecedented contingency.
This increases our competitiveness as a global business center, attracted more companies willing to settle in Singapore. It also gives us a more diversified set of trading partners.
With regard to the accession to the EEC, I don’t know what it will entail. We are already part of the ASEAN economic community, so perhaps we should not be part of another region.
Faisal bin Yahya, senior research officer, Department of management and Economics Institute of policy studies (Singapore):
In addition to what was mentioned by Manu, the overall benefits of a foreign trade agreement can be seen as:
1. Retention of low prices for goods for consumers. For example, the Apple iPhone components come from different places, including Singapore. The average iPhone costs $225, but the price varies depending on the model. Without trade agreements such phones can cost about $2000 apiece.
2. The volume of innovative products and services developed and manufactured at the local level, can be expanded in a shorter time if there is a larger market or more interested parties. It also opens the way for cross-border cooperation in the field of research and development, and the movement of human capital, especially for professionals that have a shortage.
3. Trade agreements also allow companies to go abroad for cooperation or the search partners or joint ventures, which may be useful in the markets of third countries.
In addition to the diversification of economic partners, please note that Singapore is a potential gateway/hub in the ASEAN region with a population of 650 million people.
Singapore is also an active investor abroad and one of the largest foreign investors 2nd (China) and the 6th (India) largest economies in the world by GDP. He advocates transparency in commercial transactions and ensure the availability of tools of arbitration and intellectual property protection. In addition, Singapore has a long historical connection with at least one of the members of the EAEU — Armenia.
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