Welcome to Trade & Industry Association (Singapore)
A key pillar in its economy even centuries before Singapore was founded in 1819, over the years trade gradually diversified into various sectors like manufacturing and financial services. Especially after Singapore was transformed into an Entrepot for the regional and eventually the global trade. With its economic stature outdistancing its geographic size and resources many times over, World Trade Organization now ranks Singapore as the 16th largest trading nation in the world, with Singapore’s trade 2.7 times its GDP.
Factors popularizing Singapore's attractiveness
(1) Under its Most Open trading policies in the world, most goods and services are imported into the country and exported out, duty and hassle-free. But subjected to a few restrictions, of course, due to environmental, health & public safety concerns.
(2) A paperless electronic trade management platform ensuring a quick and seamless information exchange at all levels within the trading community.
(3) Stable socio-political and economic stability, together with Singapore's infrastructural excellence and lack of red tape guaranteeing an efficient and rapid movement of goods.
(4) Singapore's strategic location along the corridor connecting east and west providing easy access to supply sources and markets.
(5) Singapore is gifted with one of the world’s busiest ports and an award-winning international airport. Some 84 international airlines connect Singapore to over 180 cities in 57 countries worldwide. Its sea port, with an annual average of 140,000 vessel calls, has some 200 shipping lines linking more than 600 ports in over 120 countries worldwide.
(6) Singapore is also home to most of the international logistics service providers. The ever-expanding network of Free Trade Agreements (FTAs) eliminate barriers to trade allowing a smoother flow of goods and services and movement of people into and out of the country.
(7) As the region's financial nerve center, Singapore with its comprehensive network of financial institutions provides a range of services like trade insurance and trade financing. Under its straightforward regulatory framework governing trading activities, its rules for starting and conducting a trading business locally.