21 Jul 2015
The Singapore government and business federations have been encouraging Singapore-based small and medium-sized enterprises (SMEs) to leverage the formation of the ASEAN Economic Community (AEC) to expand their operations within this region. Based on a poll conducted by the Singapore Business Federation during its conference on internationalisation in 2014, 58.4% of Singapore businesses see ASEAN as the key region.
However, SMEs have not been making significant inroads into expanding their ASEAN consumer base even though there are currently no tariffs on almost all ASEAN-originated goods trading within this region. What is the reason?
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