ore the world's largest producer and exporter of hard disk drives, it is also the world's third largest oil-refining centre.
             Unlike many other Asian economies, Singapore basks in the advantages of globalisation. In fact it was one of the key supporters of globalisation as shown by its strong support and encouragement for the WTO, to the breaking down of trade barriers between countries and international convergence. Singapore's benefit to a more globalised world is that it can maintain its stranglehold and dominance in technology and exports over other regional economies in South-East Asia as well as allow access to compete on a global scale. Singapore is a perfect example of an economy with almost no trade barriers. Apart from tariff lines on alcoholic products and reasons due to environmental and safety issues, Singapore's applied tariff is zero. This lack of protection has seen many of its sectors plunge into non-existence. Competition from China and other common "cheap labour&qu
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