Singapore's network of free trade agreements has helped many local companies expand overseas, allowing them to grow their markets, said Trade and Industry Minister Chan Chun Sing.
This has brought benefits to home-grown brands like Tee Yih Jia, which has seen import duties for its frozen food items reduced from 30 per cent in 1990 to zero by late 2011 after Ceca came into force. Since then, the firm has seen steady growth in its business in India and has expanded to smaller cities.
He added that he understood and shared concerns some Singaporeans had over competition and job prospects in the current economic climate. He also said his ministry, the ministries of Education and Manpower , and the National Trades Union Congress were working to help Singaporeans tide over the global slowdown.Two, companies have to build up their capabilities to compete on the basis of innovation, quality and connectivity rather than price or size.
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