FTAs can open doors as firms seek global opportunities

IN these challenging times, businesses with existing international operations, or are planning to internationalise, have been forced to re-evaluate their operating models and global supply chains.

Some of the common questions by businesses both big and small are: How do I continue to generate sales revenues now that my existing customers are dwindling? How do I diversify to new country markets? How do I keep the costs of my goods competitive internationally?

More than 20 years ago, Singapore identified free trade agreements (FTAs) as a strategic booster for companies to internationalise more effectively on various fronts.