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Singapore to Take Chairmanship of the ASEAN in 2018

Written by: Bridgewest

Singapore-to-take-chairmanship-of-the-ASEAN-in-2018The Association of Southeast Asian Nations, shortly known as ASEAN, is the largest organization in the region which promotes economic cooperation between the countries in Southeastern Asia. In 2018, Singapore will take the chairmanship of ASEAN which is why the officials have already drawn a plan in which trade facilitation and digital economy play the most important role. Our company formation experts in Singapore can offer more information on ASEAN. They can also help if you want to open a company in Singapore.

ASEAN countries should explore e-commerce opportunities

The minister for trade and industry has drafted its governing plan for 2018 when Singapore will occupy the highest position in ASEAN. The main focus of Singapore will be to direct all its neighboring countries to use digital economy which is why streamlined trade rules for e-commerce are expected to be enabled. One of the most important roles of ASEAN is to ease trading relations between Southeast Asian countries and e-commerce would do that and even more, as the digital solutions to be implemented would also lower considerably operating conditions for companies in Singapore and in the other member states.

Our company registration consultants in Singapore can assist foreign investors interested in starting an e-commerce business in the city-state.

Singapore to focus on SMEs

Taking the chairmanship of ASEAN will also mean greater internationalization for small and medium-sized enterprises in Singapore and in all other the countries in the organization. In order to achieve that, Singapore has proposed an ASEAN Self-Certification regime and an ASEAN Single Window (ASW) through which trading operations in the region would be significantly simplified because these proposals would be incorporated in the ASEAN trade agreements.

Singapore plays an important role in ASEAN as it holds a 31% quota of the intra-ASEAN trade and its chairmanship of the organization will bring important resources and thus attract foreign investments.

Foreign investors interested in starting a business in Singapore can contact us for assistance. Our Singapore company formation agents can also offer additional information on the legislation related to foreign investments.

 

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