The Global Enabling Trade Report 2010 ranks Singapore as hash 1 in its International Enabling Trade Index, representing the willingness of Singapore. Singapore retained its Place as the market that’s most open to trade in the world. The International Enabling Trade Index measures services, policies and their institutions which facilitate the flow of goods over boundaries and covers 125 economies. The enablers break to four problem areas: border management market access, communications and transport infrastructure, and business environment. Singapore aced the Parameters on exchange and accessibility; efficiency of customs administration; accessibility and quality of transportation services; efficacy of procedures; and environment.
As the world emerges the need split away trade barriers and to open trade up has gained significance as a way to foster economic development. Singapore is in the forefront of enabling cross border trade flows. By integrating a trading company traders may leverage upon Singapore’s strengths like tax incentives infrastructure, procedures, an extensive trade agreement system, and logistics. Every Year the Singapore Customs processes trade flows worth close to a billion dollars. Singapore has updated processes and its trading strategies to facilitate trade flows in and out. As an example, traders will need to apply for authorizations and licenses only for goods that are controlled. Permits can be applied for internet using one application via a computerized permit processing program. Moreover, Singapore’s Customs is known for its efficiency and non-corrupt practices unlike many other developing nations where traders have to cover what’s known as casual facilitation to clean their consignments.
Singapore has introduced insurance strategies and trade financing to assist their risks is covered by traders. Singapore GDP growth may also benefit from the 18 Free Trade Agreements of Singapore. International trading companies can avail under the Global Trader App of the Singapore. More than 90 percent of all Houses have phones putting the nation on par with Norway, Sweden, Austria and Norway. Nearly all homes have television at least a phone and fridge. The penetration of computers is also high with 70 percent of homes using a computer and there are almost 2.5 million internet users to get a population of 4.3 million. What’s more, there are over 2.5 million credit cards at the county and online payments are well established. Only 35 percent of homes own a car because of the cost. Singapore has one of the highest standards of living in Asia Singaporeans are shoppers. Estimated sales in 2004 in Singapore were US11 billion. Unlike other countries in Southeast Asia dominate the industry within. These include shopping malls, Hypermarkets, supermarkets, department stores specialty stores. Singapore has established brands and retailers bringing tourists from Northeast and Southeast Asia.