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Economic Policy and Global Environment: Doc

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Added on  2021-06-17

Economic Policy and Global Environment: Doc

   Added on 2021-06-17

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Running head: ECONOMIC POLICY AND GLOBAL ENVIRONMENT Economic Policy and Global EnvironmentName of the StudentName of the UniversityAuthor Note
Economic Policy and Global Environment: Doc_1
ECONOMIC POLICY AND GLOBAL ENVIRONMENT 1Table of ContentsIntroduction................................................................................................................................2Article Summary........................................................................................................................3European Union.........................................................................................................................3Singapore and ASEAN: Economic Overview...........................................................................4Trade relationships between European Union and Singapore...................................................5Effects of economic environment of EU on prosperity of Singapore economy........................8EUSFTA: Aims and expected implications...............................................................................8Conclusion..................................................................................................................................9References................................................................................................................................10
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ECONOMIC POLICY AND GLOBAL ENVIRONMENT 2Introduction The global economic and business scenario has developed considerably and facedhuge dynamics over the decades, most of which can be attributed to the global phenomenalike that of trade liberalisations, Globalization, industrial and commercial revolution as wellas technological and infrastructural innovations, which in turn have collectively contributedin making the global commercial environment more integrated, inclusive and inter-connected1. In the contemporary period, most of the countries in the global framework haveset up strong political, social, economic and commercial ties with each other, which havebeen facilitated by the increase in the connectivity and infrastructural aspects. This in turn has led to a highly inclusive global business scenario in the contemporaryperiod, which in turn has encouraged increasing number of business to go global and toexpand their operations in different markets and different geographical domains, therebytaking advantages of the previously unexplored opportunities. Trade and commerce activitieshave also increased in the overall economic domains of most of the countries in the globalframework2. With time and increasing facilities in terms of communication and technologicaldevelopments, the trade barriers and protectionist policies of different countries are alsogetting replaced by free trade structures as the multilateral benefits of free flow of trade ofcommerce in terms of increased efficiencies, cost effectiveness in production due tocompetition and overall economic growth can be seen to be felt by the countries across theworld. Till date, various free trade agreements and deals have been signed among differentcountries in the global scenario3. Keeping the above discussion about the recent increase in the free trade andcommerce among countries and their implications on the growth of such economies intoconsideration, the concerned report tries to discuss about the free trade deal which is expectedto be in action by 2019, between the European Union and one of the most significantlyprogressive economies of that of Singapore. For discussing the same, the report takesreference of the news article named, “EU-Singapore FTA on track to come into force by2019: Iswaran”, published on 26th May, 20184. The report also tries to discuss the1Cavusgil, S. Tamer, et al.International business. Pearson Australia, 2014.2 Wetherly, Paul.The business environment: themes and issues in a globalizing world. Oxford University Press,2014.3 Harrison, Andrew.Business environment in a global context. Oxford University Press, 2013.4 Channelnewsasia.com, "EU-Singapore FTA on track to come into force by 2019: Iswaran",ChannelNewsAsia, 2018, online, Internet, 8 Jun. 2018. , Available: https://www.channelnewsasia.com/news/business/eu-singapore-fta-on-track-to-come-into-force-by-2019-iswaran-10279848.
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ECONOMIC POLICY AND GLOBAL ENVIRONMENT 3implications which the concerned agreement can bring upon the economies, in the light of thetheoretical and conceptual framework of economics. Article Summary The concerned article, taken into consideration for the concerned report asserts thatthe free trade agreement between the European Union and Singapore, known as the EuropeanUnion-Singapore Free Trade Agreement (EUSFTA) is expected to be in action from 2019. Inthis context, the article also highlights the significance of the European Union as the largestinvestors and one of the biggest trading partners of the concerned country by highlighting thebilateral amount of trade between them (of nearly 98.4 billion USD) in 20175. The article putsforward the perceptions of the Minister-in-charge of Trade in the country, S Iswaran,according to whom, the deal is of immense significance in the aspect of highlighting theongoing economic ties of the progressing and economically active countries, which can helpin decreasing the scepticism regarding the implications of the phenomenon of Globalisation6. The article also highlights the complex environment in which the economiesincluding that of Singapore have been operating in the contemporary period, with a lot ofinterconnected economic activities, which are not only dependent on the internal and inherentdynamics of the economics themselves but are also subjected to the international dynamics inthe global economic scenario, keeping which in the backdrop, involving into morecomprehensive and robust trade relationships with other major economies and economicentities becomes immensely important for the country to maintain their productiveefficiencies, economic growth, prosperity and long term economic sustainability. European Union To understand the implications of the free trade agreement between the two concernedeconomic entities, it is of considerable importance to understand the dynamics and economicimplications of the two concerned entities. In this context, the European Union is aneconomic and political union of 28 member-countries in the European region, which acts ascommon trade and monetary body to these countries, working to abolish the trade barriersbetween these countries, thereby facilitating free flow of goods and services as well as of thedifferent human and non-human resources and technological innovations across the member5 Shanmugam, K. "Singapore and Europe: 50 Years of Relations."50 Years Of Singapore-europe Relations:Celebrating Singapore's Connections With Europe. 2015. 7-9.6 DEROUS, Marjolein. "The EU-Singapore FTA: trade relations and democracy."
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