Singapore notching up credentials for global innovation

TRADE is the fundamental building block of the global economy as we know it: connecting countries, allowing economies to grow and underpinning international diplomacy. Its importance remains undiminished today.

In 2015, global merchandise trade was worth US$16.5 trillion. While a lot of that relates to "finished" products, it is estimated that 55 per cent of global trade is made up of component parts developed and sold across many borders and passing between small and large companies.

So even if a business looks domestic, it is most likely still part of an international supply chain; sourcing or selling, manufacturing or distributing.