Ramsey captained Arsenal against Atlético, with the match finishing 1-1 in normal time before the La Liga club won 3-1 on penalties.
Arsenal took on Atletico Madrid in Singapore in the club's first match of the pre-season tour.
Similarly for Atletico, their Argentinian strike pair of Luciano Vietto, 24, and Angel Correa, 23, both backups to Antoine Griezmann and Diego Costa, linked up well to stake claims for first-team places. "I think he will continue here because he has big priorities here".
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Smith-Rowe, who along with fellow teenagers Reiss Nelson and Guendouzi impressed throughout, then levelled with a brilliant goal, slaloming in from the left, beating two defenders and then curling past Adan.
"He grew up in the academy and we need to give young players the opportunity to stay with us, work every day and play matches like today", Emery added. "He started today because his performance is good each day in training".
Calum Chambers has been playing alongside Sokratis in training ahead of the game so we could see them line-up together in the middle of defence while Hector Bellerin and Sead Kolasinac should occupy the full-back positions.
The Wales midfielder has less than a year to run on his current deal, but is none the wiser about the state of play under new coach Unai Emery.
Arsenal, rebuilding under Emery after Arsene Wenger's 22-year reign, are hoping for silverware this season and a return to the Champions League, while Atletico finished second in La Liga behind Barcelona.