International trading gives rise to globalisation. While every country is valued for different resources - global trade allows the use of commodities and increases consumer exposure to resources of the world. From Swiss Alps water to French wine, New Zealand honey to Thai rice, consumers enjoy the effects of international trading every day.
Since the era of technology, which includes communication, infrastructure and transport, the trade of commodities whether tangible or intangible, is no longer confined within the walls of each country. At every hour, goods travel across borders, over air or by any means of transportation available in world. The world today is our playground for business.
The complexities of trading begin with simple demand, be it need, or want. Either way, there are some vital aspects to look into. More often than not, international trading requires less face time and more talk time. In cases, transactions are done without ever meeting the supplier or buyer in another country.
It is therefore crucial to take note of the legitimacy of the company or firm you choose. There are several measures you should take to safeguard yourself, and your business.
For one, make sure that the company you intend to work with is registered with a physical address and a stationary phone number rather than the disposable use of a mobile contact. You might want to put the number (office) to the test with an enquiry call. The same applies to a paid business email that can be traced. Free generic (eg. hotmail, yahoo, gmail, etc.) dotcom emails usually do not offer the same affirmation due to its disposable nature. Concrete details are good tell-tale signs of a genuine business. To go further, accreditation should give some insight into the company you are looking to work with. If a company is accredited with for example, ISO 9001, it is a good indication of legitimacy. This gives an assurance that a company operates by a set of regulatory conduct and meets customers’ expectation – thus illustrating reliability.
Upon monetary transaction, an escrow (written agreement deposited with a third person, by whom it is to be delivered to the grantee or promisee on the fulfilment of some condition) system is most favourable. This safe keeping system by a third person is beneficial for both parties involved in transaction whether the supplier or buyer.
On the whole, do your research before proceeding with trading with a foreign country. Once you have covered these aspects, it would be a good time to trust your instincts. If something doesn’t feel right, go with your gut.
A free trade agreement is a treaty signed by countries to establish a free trade area that is free of government interference such as import quotas, export subsidies, protective tariffs etc. across the borders, between countries. Its aim is to foster economic integration.
FTA opens up the foreign market and enables easier trade with other FTA partners.
• ASEAN & People's Republic of China (Trade in Goods)
• European Free Trade Association (EFTA – comprises Switzerland, Iceland Liechtenstein and Norway)
• Hashemite Kingdom of Jordan
• New Zealand
• Trans-Pacific Strategic Economic Partnership Agreement (Brunei, Chile, New Zealand, Singapore)
• United States
• ASEAN & CER (New Zealand & Australia)
• ASEAN & India
• ASEAN & Japan
• ASEAN & Republic of Korea
• Republic of Korea
• Sri Lanka
• South Africa
• United Arab Emirates (UAE)
All business entities importing and exporting in Singapore should first be registered with the Accounting and Corporate Regulatory Authority (ACRA). Following which, the business/company will be given a Business Registration Number which is also its Unique Entity Number
Since 1965, Singapore joined the ranks of free world countries leading up to a present day world-class city, bustling port, and prosperous economy. Not only is she established as a first world country, Singapore remains a strong foothold with her stable economy and cosmopolitan
International trading gives rise to globalisation. While every country is valued for different resources - global trade allows the use of commodities and increases consumer exposure to resources of the world. From Swiss Alps water to French wine, New Zealand honey to Thai rice
Singapore Business Federation
Singapore Chinese Chamber of Commerce and Industry
Singapore Manufacturers' Federation
Singapore Indian Chamber of Commerce and Industry
Association of Small and Medium Enterprises