Singapore An open and stable economy
Introduction
Singapore is considered one of the most open economies in the world, so indicates its 2018 opening index that ranges from 225%. The opening index indicates the degree of internationalization of an economy, in particular to know the dependent that a country with the other countries has. Also with Spain it maintains diplomatic and economic relations established in 1968. In 2018 the trade and services trade reached more than € 1400 million between the two countries.
Developing
Commercial flows amounted to € 2100 million. In December 2019, the new Official Chamber of the Commerce of Spain was created in Singapore for the promotion of bilateral relations in economic, technological and entrepreneurship matters. The country is one of the most economically developed countries in the Southeast Asia area and one of the most stable politically stable countries. It has an advanced financial and banking system that allows financial interaction with companies.
In favorable conditions. It is a country developed with government policies aimed at supporting foreign companies thanks to a set of bonuse measures. Singapore is a member of the Asian Southeast Nations Association formed by other states such as Thailand, Indonesia, Malaysia and the Philippines. Founded in 1967 it aims to promote the growth of the area and stability between the regions, where GDP is calculated.
The whole GDP of these countries oscillates in 2.45 billion euros. As time passed, other states such as Brunéi, Vietnam, Cambodia, Laos and Burma. The original countries of the Association signed an agreement with the European Union in 1980 with the aim of expanding commercial relations between both organizations and eliminating any type of obstacle barrier in the exchange, as well as tariff rates. Negotiations starting in 2010.
For the establishment of a free trade agreement between the Association of Nations of Southeast Asia and the European Union that ended the signing of said treaty in October 2018. Commercial relations with the members of the countries of the European Union are such that France has taken the position to Germany as a provider of goods from the EU to Singapore. Singapore is the sixth commercial partner of the European Union in services that amounts to a figure of 1.500 million euros.
conclusion
These services are most exchanged are those of companies, insurance, pension, transport, finance and intellectual property. Within the framework of International Financial Institutions Singapore is a member of the International Monetary Fund, the World Bank and the Asian Development Bank. He is also an active member of the World Trade Organization since its foundation in 1995.
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