The arrangement will allow for higher cost savings amongst businesses, said Finance Minster Wong The ASEAN has launched an arrangement that will hasten customs clearance processes across the region.
Singapore’s economy is poised for expansion as global demand shifts to Asean countries, largely due to supply chain disruptions, geopolitical conflicts and China’s zero-Covid policy, speakers at a panel discussion said on Wednesday (June 8).
As the economy faces external headwinds, Minister of Trade and Industry Alvin Tan said Singapore should continue its investment in global trade, decisively oversee inflation, and achieve its goals to address the climate crisis.
The Korea International Trade Association said in its report on June 8 that South Korean products’ share in the imported goods market of China fell from 9.9 percent to 8 percent from 2017 to 2021. “South Korea showed the highest rate of decrease among the top 10 countries in the market,” it explained, adding, “For reference, the share of U.S. products fell just 1.7 percentage points despite U.S.-China trade disputes.”
Vietnam’s gross domestic product (GDP) reached approximately US$368 billion in 2021, making it the fifth-largest economy in Southeast Asia and 41st in the world, the International Monetary Fund (IMF) World Economic Outlook has revealed.
Alarm bells on the state of the global economy continue to ring as the Russian invasion of Ukraine grinds on. Three indicators highlight a global economy facing challenges during this perilous time:
Even as the Covid-19 pandemic recedes, the world remains awash with threats to peace and economic vitality due to Russia’s war in Ukraine, the stepped-up pace of monetary tightening by global central banks and the slowdown in China.
By 2025, companies certified by Singapore Customs as having robust security practices will enjoy faster clearance for goods that they export to Asean countries.
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
