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Your Task: Title your post with the names of the group members

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Your Task: Title your post with the names of the group members

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As a group of 4-5 students, research and find out more about examples of one of the following measures in Singapore's context

The example should not be one that is given in the textbook / slides.

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What is the FTA / Business that benefitted from government support?

What role did the SG govt play in facilitating the FTA / expansion of SG business?

How did it impact the business / SG?

Include the link to the article / website / video that helped aided you in your research.

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FTAs https://www.mti.gov.sg/Trade/Free-Trade-Agreements

EDB: https://www.edb.gov.sg/en/business-insights/case-studies.html

Enterprise SG: https://www.enterprisesg.gov.sg/resources/inspiring-stories

Financial Support & Development of Expertise: https://www.gobusiness.gov.sg/gov-assist/grants/

https://atc.sg/singapore-government-business-sme-grants-support-assistance.php

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Example 1: Japan-Singapore Economic partnership agreement:

Started on November 2002

Eliminates 92.1% of tariffs for Singapore’s exports to Japan.

It safeguards market access, ensures a more predictable operating environment for service suppliers, and provides protection for Singapore investors and investments in Japan.

Singapore government played a role in negotiating, implementing, and promoting the JSEPA, creating a conducive environment for Singaporean businesses to expand into Japan. The government helped Singaporean companies capitalize on the opportunities offered by the agreement.

This improved market access for goods, revised rules of origin, improved specific commitments for financial services, revised customs procedures, and technical alterations to provisions on competition.

Example 2:

Asia-Pacific Economic Cooperation (APEC) was established in 1989 to leverage the growing interdependence of economies in this region

-According to a report published by the APEC Policy Support Unit, APEC economies accounted for 62 percent of global nominal GDP and 47 percent of global trade in 2022. Vis-à-vis Singapore, over 75 percent of our global trade in goods and services are from APEC economies.

-Initiating and Signing FTAs: The government negotiated and signed multiple bilateral and multilateral FTAs with APEC members, providing Singapore’s businesses preferential access to some of the world’s largest and fastest-growing markets. Key agreements include:

Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4), which became the foundation for the later Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

-APEC reduces costs of cross-border trade to assist businesses and encourages economic and technical cooperation exchanges between different countries involved in APEC. There are also exchanges of best practice information on trade and investment, simplified regulatory and administrative processes and improved institutional capacity to implement trades. Singapore and other countries involved can take advantage of the benefits of trade and investment reform.

link : https://www.mfa.gov.sg/SINGAPORES-FOREIGN-POLICY/International-Organisations/APEC#:~:text=Asia%2DPacific%20Economic%20Cooperation%20(APEC,%2C%20sustainable%2C%20and%20inclusive%20growth.

Example 3:

Tech:X Programme

Tech:X Programme deepened linkages between Singapore and Indonesia’s tech ecosystems

It was signed by then-Minister for Trade and Industry Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto on 16 March 2023 at the 2023 Singapore-Indonesia Leaders’ Retreat. The agreements covered areas such as energy, sustainability, health and human capital development.

This enabled young working professionals from Singapore and Indonesia in tech-related fields to pursue overseas work stints in each other’s country, so that business in both countries can access a wider pool of young tech professionals, thus facilitating the rotation or transfer of high-potential employees between their Singapore and Indonesia offices.

Links:

https://www.mti.gov.sg/Partnerships/Tech-X-Programme

https://www.channelnewsasia.

com/singapore/singapore-indonesia-tech-professionals-work-countries-agreements-mou-techx-programme-leaders-retreat-3351186

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About this agreement

The Japan - Singapore Economic Partnership Agreement (JSEPA) eliminates 92.1% of tariffs for Singapore's exports to Japan. It safeguards market access, ensures a more predictable operating environment for service suppliers, and provides protection for Singapore investors and investments in Japan.

The JSEPA 2007 review resulted in improved market access for goods, revised rules of origin, improved specific commitments for financial services, revised customs procedures, and technical alterations to provisions on competition.

Eligibility

Use the Tariff Finder to see if your product is eligible to enjoy this FTA's tariff concessions.

Alternatively, you can explore the following steps to check your eligibility.

Apply

Apply for a PCO with export permit under the Japan - Singapore Economic Partnership Agreement (JSEPA) via TradeNet.

Resources

Need additional help?

For assistance, contact us at +65 6898 1800, reach us here or visit the SME Centres.

Japan - Singapore Economic Partnership Agreement (JSEPA)

Explore other trade resources

As the world's third largest economy, Japan is a global leader in manufacturing, retail, and services.

Learn about the unique business opportunities that each market offers.

Find the FTAs and export markets that suit your business requirements.

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Japan - Singapore Economic Partnership Agreement (JSEPA)

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The Japan - Singapore Economic Partnership Agreement (JSEPA) eliminates 92.1% of tariffs for Singapore's exports to Japan. It safeguards market access, ensures a more predictable operating environment for service suppliers, and provides protection for Singapore investors and investments in Japan.

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Example 1- Singapore and Vietnam are taking ties to a “new era”, committing on March 12 to establishing a wide-ranging pact that will deepen cooperation in security and defence as well as emerging areas such as renewable energy and the digital economy.

https://www.businesstimes.com.sg/international/global/malaysia-and-singapore-corridor-key-aseans-growing-prosperity

Example 2- talking about the agreements signed by Malaysia and Singapore in January this year on the green and digital economies are the latest indication of the potential that these South-east Asian neighbours have – with their shared historical, geographic, economic, cultural and family ties – to collaborate in boosting prosperity both at home and across the region.

https://www.aseanbriefing.com/doing-business-guide/singapore/why-singapore/singapore-s-international-free-trade-and-tax-agreements

Example 3- This link contains the MANYMANY cooperation w other countries like china and Singapore

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Singapore, Vietnam to deepen ties across the board with wide-ranging pact

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The Comprehensive Strategic Partnership will take bilateral cooperation to a new era, says PM Wong. Read more at straitstimes.com.

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example 1: love bonito

Love, Bonito is Southeast Asia’s largest vertically integrated, omni-channel womenswear brand. Over the past decade, Love, Bonito has grown to over 200 employees strong, and are proudly headquartered in Singapore

The Series C funding round was led by Primavera Capital Group, China’s second-largest private-equity firm which previously invested in Alibaba and ByteDance. Love, Bonito is the Chinese firm’s first Southeast Asian investment. This secured US$50 million (S$67 million) in funding, leading it to have a presence in international markets Cambodia, Indonesia, Hong Kong and Malaysia. They are rapidly expanding into the Philippines and the United States and currently ship to over 20 countries.

https://www.channelnewsasia.com/business/love-bonito-50-million-series-c-funding-singapore-global-expansion-2272331

Example 2: CHARLES & KEITH

CHARLES & KEITH has taken bold steps to promote its brand overseas by completely refreshing the look of its Japan stores. The company invested heavily in modern, immersive store designs that blend its signature minimalist aesthetic with local cultural cues, creating a unique shopping experience that resonates with Japanese consumers. This localized yet distinctly global brand presentation is a key part of its broader global expansion strategy.

By updating its physical retail environment, CHARLES & KEITH not only strengthens its visual identity in new markets but also enhances customer engagement and brand recognition. The revamped stores have helped boost international sales and reinforce the company’s reputation as a leading, fashion‑forward label worldwide.

https://www.straitstimes.com/life/style/new-japan-stores-new-brand-look-charles-keith-splashes-out-on-global-expansion

example 3: The Golden Duck Co.

The Golden Duck is a gourmet salted egg snack brand, which started off as a pop-up booth in Suntec City mall in 2015 by Chris Hwang and Jonathan Shen, hoping to capture the essence of beloved local foods through snacks. By their 8th year of operation, The Golden Duck has since expanded overseas, selling to consumers in the Philippines, Hong Kong, Thailand, Taiwan, Australia and the US. They also won the "Most Promising Startup Award" at the Emerging Enterprise Awards 2017, jointly organised by The Business Times and OCBC bank.

The annual Emerging Enterprise Awards are supported by government entities like Enterprise Singapore and A*STAR, and have been empowering young businesses in Singapore and the region by providing them with resources that help them reach their full potential.

By receiving the award, not only has the company received recognition for their substantial progress, they have also gained media coverage that can help attract attention from consumers worldwide, enhancing their credibility and opening them up to new networking opportunities. Initiatives like these have helped the brand get the support they need to scale up production and expand their business overseas.

https://www.sbf.org.sg/docs/default-source/advocacy-policy/sbf-research-reports/study-series/cs-no-11---golden-duck-edit_v7_clean.pdf?sfvrsn=fb597abf_1#

example 4: SecretLabs was able to expand their business by continuously upgrading its chairs and staying relevant with the consumer base so as to ensure that their products will get reviewed globally. Along with collaborating with EnterpriseSG, SecretLabs was able to gain advice on R&D investments, future partnerships and logistical support. This in turn, helped SecretLabs to reach a wider audience and strengthen their reputation worldwide, as they ended up collaborating with a plethora of companies such as Ubisoft, Riot Games, and supplied chairs for E-sports teams.

Thanks to their large scale presence, during the pandemic they were able to invest more money into better manufacturers with more advanced technology , as well as invest more money into research so they are able to do more things with the company in the future. They have decided to make their distribution centres become their manufacturing centres as well, so that transportation costs and future disruptions will be minimised. This allows them to continue to expand globally and continue collaborations with companies even during the pandemic.

https://www.businesstimes.com.sg/singapore/smes/keep-growing/how-singapores-secretlab-conquering-lucrative-north-american-and

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New Japan stores, new brand look: Charles & Keith splashes out on global expansion

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Singapore’s most successful fashion export aims higher with a new Shibuya store, premium line and celebrity partnerships. Read more at straitstimes.com.

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Example 1: TWG Tea

TWG Tea was founded in 2008 in Singapore, and the name "TWG" stands for "The Wellbeing Group", but it also references 1837, the year when Singapore became a trading hub for tea, spices, and fine goods.

TWG Tea quickly became a luxury tea brand known for its high-quality tea leaves, elegant packaging, and tea salons. You can find it in countries such as in Asia – Japan, China, South Korea, Hong Kong, Malaysia, Thailand, Vietnam, the Philippines; The Middle East – UAE, Saudi Arabia, Qatar; Europe – France, UK, Germany, Switzerland; and North America – Canada, USA

https://www.forbes.com/sites/nicoletrilivas/2018/06/07/the-worlds-finest-luxury-tea-has-just-landed-in-london/

Example 2: Breadtalk

It was founded in 2000 in Singapore by George Quek. It started as a small bakery but expanded rapidly due to its innovative bread designs and strong branding. In a short span of three years, George Quek went from opening his first BreadTalk location in Bugis Junction to being listed on the Singapore Stock Exchange in 2003. That same year, he also opened his first overseas location in Jakarta. Armed with experience launching food businesses abroad, George Quek returned home with the idea of opening high-quality bakeries akin to what he saw in Japan and Taiwan. Meanwhile, the bakery itself continues to be successful with 40 outlets dotted across Singapore and over 400 stores in 13 international markets.

BreadTalk has over 600 stores in 15+ countries, including China – Over 400 stores, making it one of BreadTalk’s biggest markets; Southeast Asia – Malaysia, Thailand, Indonesia, Vietnam, the Philippines; Middle East – UAE, Kuwait, Bahrain; and Others – India, the UK, Hong Kong.

https://www.breadtalk.com/milestones/

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Ilyssa, Chloe Kek, Hazel, Gwendolyn, Kloe Tan

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Ilyssa, Chloe Kek, Hazel, Gwendolyn, Kloe Tan

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Example 1: Ya kun

Ya Kun Kaya Toast (亚坤加椰面包) is a Singaporean chain of cafés selling toast products (notably kaya toast), soft-boiled eggs and oriental Chinese coffee. The Ya Kun Kaya Toast story started in 1926, when 15-year-old Loi Ah Koon carried his wooden suitcase and scrambled frantically on board an old Chinese junk sailing from Hainan Island (in China) to Singapore.

In 2001, Ya Kun launched their first overseas outlet in Indonesia. The chain now has 50+ outlets, mostly franchised, across 14 countries. Ya Kun is by far a Singaporean cultural icon, well-known for its traditional brand identity and people-centric corporate culture.

Government support schemes provided additional aid, enabling Ya Kun to sustain its operations, retain its workforce, and navigate through the Covid-19 pandemic which allowed them to continue to operate and continue expanding overseas.

https://vulcanpost.com/830421/ya-kun-kaya-toast-3rd-gen-owner-jesher-loi/

https://thefranchisetalk.com/brands-focus/the-ya-kun-kaya-toast-story/

Example 2: UOB bank

UOB bank has been one of the top most valuable banks in Singapore. They offer a full range of different services such as personal financial services and insurance services. UOB focuses on regional expansion by connecting customers across ASEAN, including along key trade routes like ASEAN-China. When UOB acquired Citi banks’s consumer banking business in Indonesia, Malaysia, Thailand and Vietnam in 2022, the banking brand was able to accelerate its customer growth target by five years. They have not only set up their businesses in South-East Asia, but also in other countries such as South Korea and Japan. UOB's regional expansion across ASEAN has been significantly supported by Singapore’s trade-friendly policies and strong financial infrastructure. By acquiring Citi’s consumer banking businesses in Indonesia, Malaysia, Thailand, and Vietnam, UOB has strengthened its retail presence and grown its customer base. The Singapore government has played a role in facilitating such expansions by fostering economic integration, supporting financial sector growth, and encouraging digital banking advancements. UOB has leveraged these advantages to enhance its regional operations, investing in technology to unify its acquisitions and improve customer experience. As a result, its brand value increased by 2% to US$5.6 billion, reinforcing its market position. This expansion not only benefits UOB but also promotes Singapore businesses overseas by increasing financial connectivity, enabling smoother cross-border transactions, and supporting Singaporean enterprises looking to expand in ASEAN markets. By reinforcing Singapore’s reputation as a trusted financial hub, UOB’s growth encourages more regional investments and partnerships, further strengthening Singapore’s economic influence globally.

https://www.warc.com/newsandopinion/opinion/business-of-brands-how-uobs-regional-strategy-is-paying-off-in-asean-banking/en-gb/6586

https://www.referenceforbusiness.com/history2/3/United-Overseas-Bank-Ltd.html

https://cil.nus.edu.sg/publication/free-trade-agreements-and-singapore/

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Goldevia, chloe tan, Imelda, collette and daania

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Goldevia, chloe tan, Imelda, collette and daania

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To support businesses:

The Enterprise Development Grant (EDG) supports projects that help them upgrade, innovate, grow and transform their business.

EDG funds qualifying project costs namely third-party consultancy fees, software and equipment, and internal manpower cost.

Up to 50% of eligible costs for local SMEs

From 1 April 2023, SMEs can receive up to 50% support for EDG (sustainability-related projects may be supported at up to 70% from 1 April 2023 to 31 March 2026).

-The grant funds qualifying project costs namely third party consultancy fees, software and equipment, and internal manpower cost.

- ⁠Scholarships at A*star for higher education and research

- ⁠Supports higher education and collaborations like in Biomedical field, the government funding supports institutions like Duke-NUS for training

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Example 1: SkillsFuture Singapore offers a variety of financial support and training programs to develop expertise and enhance workforce capabilities. One key initiative is SkillsFuture, SkillsFuture provides Singaporeans with lifelong learning opportunities to remain competitive in a rapidly evolving job market. This provides direct financial support to individuals and businesses allowing them to enhances skill development and expertise, enabling them to adapt or transform their operations to become more resilient to the distributions and economic vulnerabilities. citation: https://www.skillsfuture.gov.sg/aboutskillsfuture?

Example 2: Senior Employment Credit (SEC) Administrated by the Inland Revenue Authority of Singapore (IRAS), the government would provide help to the employers who are employing Singaporean workers who are at the higher retirement age and re-employment age by providing wage offsets. This encourages employers to hire and retain older workers, and also ease the financial burden on businesses due to the increased retirement and re-employment, along with high CPF contribution rates for senior workers. cites: https://gutsyhq.com/senior-employment-credit-sec-singapore-complete-guide-to-wage-offsets/ https://atc.sg/singapore-government-business-sme-grants-support-assistance.php

Example 3: The Maritime Innovation and Technology Fund provides financial support to maritime companies, focusing on research, development, product development, and startups. This type of support helps businesses in the maritime sector to develop new technologies, increase productivity, and enhance their global competitiveness. These schemes help maritime businesses reduce the financial burden of developing new products or technologies, leading to more rapid innovation and more opportunities for international collaboration. The Maritime and Port Authority of Singapore (MPA), which administers MINT, plays a key role in facilitating these schemes, ensuring that the maritime sector remains competitive and cutting-edge in global markets. By encouraging businesses to develop innovative maritime technologies, Singapore maintains its status as a leader in maritime trade and port management, further strengthening its global business relationships. https://www.mpa.gov.sg/maritime-singapore/what-maritime-singapore-offers/programmes-to-support-your-maritime-business/mint-fund

Example 4: budget 2025 In response to rising living costs, the Singaporean government announced in Budget 2025 several support measures, including cash handouts and financial assistance to help citizens cope with economic challenges. https://www.google.com/search?q=budget+2025&ie=UTF-8&oe=UTF-8&hl=en-sg&client=safari#ebo=0

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Old Chang Kee has significantly expanded its international presence over the years. As of August 2024, the company operates outlets in Malaysia, Indonesia, Australia, and the United Kingdom.

In the fiscal year ending March 31, 2024, Old Chang Kee reported a net profit of S$5.29 million, a 50% increase compared to the same period in the previous year. Revenue for the six months ending March 2024 grew by 10% to S$50.71 million, driven by higher sales across retail, delivery, catering, and non-retail channels.

Old Chang Kee is one of seven local firms included in Forbes Asia’s new Best Under A Billion list.

These developments underscore Old Chang Kee’s successful international expansion and its role in promoting Singapore’s culinary heritage globally.

https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/old-chang-kee-among-7-singapore-firms-named-forbes-asia-best-under-billion-list?utm_source=chatgpt.com

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Old Chang Kee among 7 Singapore firms named in Forbes Asia Best Under A Billion list

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FAST-FOOD chain Old Chang Kee is one of seven local firms included in Forbes Asia’s new Best Under A Billion list. Read more at The Business Times.

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Singapore has been hugely successful in attracting businesses due to its pro-business policy, strategic location, and strong government support. Some of the key reasons for this include:

1. Pro-Business Environment

Low Corporate Tax Rates: Singapore has a competitive corporate tax rate of 17%, with additional incentives for startups and multinational corporations.

Ease of Doing Business: Among the world's finest for ease of doing business due to streamlined regulations and effective processes.

2. Free Trade Agreements (FTAs)

Singapore has signed over 27 FTAs, allowing companies to benefit from reduced tariffs, market access, and trade facilitation with key markets around the globe.

Example: Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) helps Singaporean companies go international.

3. Government Support & Grants

Economic Development Board (EDB): Provides financial incentives and tax exemptions to attract MNCs.

Enterprise Singapore (ESG): Helps SMEs go international with grants and networking.

Tech.Pass & EntrePass: Programs to attract tech entrepreneurs and international talent to establish businesses in Singapore.

4. World-Class Infrastructure

Changi Airport & Port of Singapore: One of the busiest and most efficient international transport hubs.

High-Speed Internet & Smart City Initiatives: Draws digital businesses and fintech companies.

5. Talent & Skilled Workforce

Open immigration policies to access global talent in the areas of finance, technology, and biomedical sciences.

Universities-industries cooperation to possess a skilled workforce.

Impact on Singapore

Increased foreign direct investment (FDI).

Creation of high-value jobs.

Reaffirmed Singapore's position as a global business hub.