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With time, business organizations have revolutionized the way they conduct trading activities. This revolution has also seen governments embrace the idea of working together to achieve mutual success than competing. The difference in resource endowment must have been the primary engineer of the ideas. This is because each country requires something that they cannot produce. Such kind of interrelation led Singapore and Sweden into a strategic partnership which has fared for 50 years now. Despite their enormous geographical distance between the two, they share a lot more similarities. Like the fact that they are both export nations.
In recent developments, Singapore has been seen to stand side by side with Sweden on the free trade agreement between the two nations. The two agree on the regime of free trade as the way to succeed for both their economies.
Concerns have however been raised pertaining the imminent risk that the businesses in both countries face. Risk from the technological advancement and competition globally. Labour patterns in Sweden appreciate the structural transformation and its importance for workers. It develops competition for skills among them, and it is this competition that produces world-class workers.
Sweden will mostly support the free trade agreement with EU – Singapore since it engineered a very crucial building block. This is towards the likelihood of a prospective region to region trade agreement which it stood to benefit more from (EU- ASEAN agreement). Both Singapore and Sweden believe in standing up for environmental conservation, human rights, democracy and public health. This is all that the free trade agreement between them help to deliver for the people.
Aim of Partnership
One aim of this partnership has been to boost global trade volumes. In addition, to also increase participation through investments and bilateral trade with the southwestern Asia. This ambitious export strategy is expected to see both Singaporean and Swedish companies develop to an international scale. This will ultimately benefit the entire Southeast Asian economy while supporting the implementation of sustainable development goals. Such kinds of alliances are to increase the employment rates by creating more jobs. Furthermore, it will help to enhance the conditions for trade.
While this may appear as just another form of a coalition between countries, Singapore is on the path to making it the best deal with Sweden they have ever made. Through enhanced standards for traded items, its companies are aiming for a world class level of production which is where they want to dominate. Eventually, she will have developed more prosperous communities which would mean the entire country takes a significant stride in economic growth.