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International Trade (2017 Update)

POSTED BY Best Licensed Moneylender | News
International Trade

International Trade

All the way since the growth and development of barter trade, business has undergone a substantial amount of evolution. This includes the invention of currency and development of banking. Over time, people have developed ways to make trading easier and more efficient. Not only for individuals but also larger units like countries and colossal organizations. Technological advancements have been the spearheads for advancements like the e-commerce platform. Furthermore, the overall globalization idea which has hence made the international trade very easy. International trade being the trade between two or more countries, Singapore has not been left behind in embracing this trend. As a matter of fact, recent developments have seen Singapore promise to strengthen ties with countries. Especially countries like Africa to promote investments and trade among them.

According to reports, Singapore sign three bilateral agreements. This includes a Bilateral Investment Treaty with Mozambique, a double taxation avoidance treaty (DTA) with Ethiopia and a bilateral Air Service Agreement with Nigeria. The minister for trade and industry in Singapore co-sign these agreements with major dignitaries who represent their respective nations.

Studies have reveal that the three African countries are very economically viable. Therefore, promises huge returns and Singapore stands to benefit big if she invests in them. Tourism, trade and investment are the key elements in the agreements that are going to focus on promoting this mutually beneficial international agreement.

The DTA deal states that the taxing rights that will accrue any products that trade between the two countries while the Mozambique deal itemize how Singapore invests in Mozambique. The legal contract will provide protection for companies in both countries allowing for prompt cross border capital and returns transfer. Lastly, the Nigerian ASA agreement is to address the air carriage of cargo and people to different destinations or to and from the two destinations.

The deals are done in a period when Singapore gain a lot of interest in exploiting opportunities in Africa. Singapore decide to focus on many sectors of African country’s economies including mining, agribusiness, tourism, urbanization and transportation. Major resources deploy in these areas. By 2015, the total amount between Singapore and African countries is about US $10 billion. This is an increase from 2014.

The disparity in the distribution of natural resources has for a long time made trading between countries very crucial. Since countries have to produce items they need that they may not be able to produce. It is this discovery that has made Singapore embrace and plan on entering into economic relations with African countries that are well endowed with natural resources.

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