WT/TPR/M/413  
11 November  2021 
(21-8532) Page: 1/60 
Trade Policy Review Body  
22 and 24 September  2021   
 
  
TRADE POLICY REVIEW  
SINGAPORE  
MINUTES OF THE MEETING  
Chairperson: H.E. Dr Athaliah Lesiba Molokomme (Botswana)  
CONTENTS  
 
1  INTRODUCTORY REMARKS BY THE CHAIRPERSON  ................................ ......................  2 
2  OPENING STATEMENT BY THE REPRESENTATIVE OF SINGAPORE  ...............................  4 
3  STATEMENT BY THE DISCUSSANT  ................................ ................................ ...............  8 
4  STATEMENTS BY MEMBERS  ................................ ................................ .......................  10 
5  REPLIES BY THE REPRESENTATIVE OF SINGAPORE  AND ADDITIONAL  
COMMENTS  ................................ ................................ ................................ ....................  54 
6  CONCLUDING REMARKS BY THE CHAIRPERSON  ................................ ........................  59 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Advance written questions and additional questions by WTO Members, and the replies provided 
by Singapore  are reproduced in document WT/TPR/M/ 413/Add.1  and will be available online at 
http://www.wto.org/english/tratop_e/tpr_e/tp_rep_e.htm.  WT/TPR/M/4 13 • Singapore  
 
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  1  INTRODUCTORY REMARKS BY THE CHAIRPERSON  
1.1.  The eighth  Trade Policy Review of Singapore  was held on 22 and 24  September  2021. The 
Chairperson, H.E. Dr. Athaliah Lesiba Molokomme (Botswana), welcomed the delegation of 
Singapore , headed by Mr. Lee Chuan Teck, Pe rmanent Secretary (Development), Ministry of Trade 
and Industry ; H.E. Ambassador Mr. T an Hung Seng, Permanent Representative of Singapore to the 
WTO; the rest of the delegation; and the discussant , H.E. Ambassador Mr. Dagfinn Sørli (Norway ). 
1.2.  The Chairperson was pleased that, in addition to physical presence, the meeting also benefit ed 
from the Interprefy online connection, allowing for a wider participation of the Membership, in 
particular of officials who could not make the journey from Singapore  given the current 
circumstances.  
1.3.  The Chairperson recalled the purpose of TPRs and the main elements of procedures for the 
meeting. The report by Singapore  is contained in document WT/TPR/G/4 13, and that of the WTO 
Secretariat in document WT/TPR/S/4 13. 
1.4.  Questions by the following delegations were submitted in writing before the deadline: Canada; 
United States; Australia; Mexico; the Republic of Korea; the European Union; Malaysia; the United 
Kingdom; the Philippines; Hong Kong, China; Costa Rica; Oman; Chil e; China; Iceland; Brazil; 
Chinese Taipei; and Thailand . The following delegations submitted written questions after the 
deadline: India; Japan ; Turkey ; Bangladesh ; Indonesia ; Saudi Arabia; Colombia; and Kazakhstan . 
1.5.  At the time of its previous Review in 20 16, Members had congratulated Singapore for its strong 
economic fundamentals and successful development model. Members had also praised Singapore's 
openness to trade and investment, and for creating an exemplary environment for doing business.  
1.6.  In this context, the Chairperson first focus ed on Singapore's economic developments since its 
last Review. The Secretariat's report in dicates that , between 2016 and 2019, Singapore's economy 
expanded at an average annual rate of 3.1%. However, in 2020, the COVID -19 pandemic had a 
severe impact on the economy. As a result, GDP contracted by 5.4% in 2020.  
1.7.  In response to the pandemic, the Government put in place a range of fiscal and monetary 
measures through the implementation of five budgets between February and October 2020, worth 
a total of about 20% of Singapore's GDP. The support measures included cash transfers and income 
support, wag e subsidies, support for skills upgrading, incentives to adopt new technologies, and 
other financial support.  
1.8.  The Chairperson was encourag ed to read in the Government r eport prepared for  this Review, 
that Singapore had  a digitization strategy that enabled  its economy to benefit from globalization and 
trade, in which small and medium enterprises account ed for two -thirds of the workforce and 
contribute d about half of GDP. The Chairperson also noted that Singapore had  strategies to build a 
sustainable, resourc e-efficient and climate -resilient nation.  
1.9.  In the previous Review in 2016, Members had encouraged Singapore to liberalize its remaining 
restrictions on investment and trade in services. A recurring issue of interest was the role played in 
the economy by the  State, government -linked companies, statutory boards, and their comp anies. 
Some of these issues were raised again by Members in the context of the current Review.  
1.10.  During the period covered by this Review, Singapore simplified its banking licensing regime,  
and created a legal framework and development scheme for fintech and e -payment systems.  
1.11.  In addition, some changes were made to the competition legislation and guidelines, mainly to 
enhance the enforcement powers of the competition authority and increase the transparency and 
clarity of the regime. Singapore also amended or promulgated several laws and regulations to update 
its intellectual property regime, facilitate IP enforcement, and promote innovation and 
commercialization of the resulting IP.  
1.12.  A survey  of advance written questions  submitted for this Review showed  the wide range of 
topics of interest to Members regarding Singapore's trade and investment regimes. Many questions 
were raised concerning export support and promotion, tax and non -tax incentive s, competition WT/TPR/M/4 13 • Singapore  
 
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  policy, intellectual property, fintech and e -payments, as well as gender issues, sustainability and 
green economy, including the carbon tax regime, digital transformation and e -commerce.  
1.13.  Singapore received around 500 advance written ques tions from 23 Members for this R eview, 
of which 409 were sent within the established deadline. Prior to this meeting, Singapore  had already 
provided written replies to alm ost all of these questions and the Chairperson  was looking  forward 
to hearing Singapore 's updates on these matters during the two -day meeting . 
1.14.  This meeting was a good opportunity for Members to discuss in greater detail issues of interest 
to them and of systemic importance to the multilateral trading system.  
1.15.  It was also an opportune moment f or Singapore to update the Membership on the impact of 
the COVID -19 pandemic on its economy and the measures  it had  taken in response. The Chairperson  
was looking  forward to a fruitful exchange.  
1.16.  The Chairperson closed her  introductory remarks by wishing Singapore a very successful 
eighth Trade Policy Review.  
  WT/TPR/M/4 13 • Singapore  
 
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  2  OPENING STATEMENT BY THE REPRESENTATIVE OF SINGAPORE  (MR. LEE CHUAN TECK ) 
2.1.  Madam Chair, Ambassadors , distinguished Representatives, I am pleased to be here in Geneva 
to participate in Singapore's 8th Trade Policy Review. Allow me to first express my appreciation to 
Ambassador S ørli, Permanent Representative of Norway, for being  the d iscussant for Singapore's 
TPR, and to the Secretariat for the hard work in preparing th e report and organiz ing the proceedings.  
2.2.  Singapore attaches great importance to the trade policy review process, which we regard as a 
critical function of the WTO. The TPR process enhances accountability and encourages Members to 
learn from each other. Thi s year, we have received an unprecedented number of questions from 
Members – 500 questions. We are honoured by the keen interest that Members have shown in our 
policies and practices even amidst the hectic preparations for the 12th Ministerial Conference.  
Transition to a COVID -Resilient State  
2.3.  Allow me to first share with you a brief update on the state of the Singapore economy. Madam 
Chair has already touched on this previously. The COVID -19 pandemic is the crisis of a generation 
that has inflicted devastat ing human and economic costs globally. It has upended our economies 
and the lives of people everywhere. Like all Members, Singapore has been severely impacted by the 
pandemic, especially given our openness and heavy reliance on trade. We experienced our wo rst 
full-year ever recession in 2020. The Singapore economy contracted by 5.4 % as we grappled with 
both demand and supply -side shocks. Our outward -oriented sectors such as tourism, logistics, and 
professional services were particularly impacted due to the precipitous fall in external demand and 
extensive supply chain disruptions. As an air hub, Singapore suffered badly as visitor arrivals 
plummeted by more than 85 %, and commercial aircraft movements plunged by more than 67 % in 
2020.  
2.4.  To help support our people, workers and businesses through this unprecedented crisis, 
Singapore committed fiscal resources amounting to about 20 % of our GDP to provide economic and 
social support, as well as public health measures in 2020. The bulk of our support was delivere d in 
the Job Support Scheme – where we encouraged firms to preserve jobs by defraying 25 % to 75 % 
of employees' wages.  
2.5.  One and a half year since the onset of COVID -19, the COVID -19 cases continue to rise globally, 
including  in Singapore, due to the spread o f highly transmissible variants. But we are beginning to 
see some light at the end of the tunnel. Despite a rise in infections due to the Delta variant, our high 
vaccination rates have given us comfort as our experience thus far suggests that vaccination c an 
significantly weaken the link between infections and deaths. If this observation can be affirmed over 
time, it will pave the way towards a calibrated re -opening of our economy as we learn to adapt to 
an endemic COVID -19 world.  
2.6.  Responding to the challeng es of the pandemic requires a fine balance between the twin 
objectives of ensuring public health safety and preserving economic livelihoods. Striking the right 
balance is made even more challenging because we are dealing with a novel virus and there are 
many "unknown unknowns".  
2.7.  We will need to adjust this balance constantly. So far, our economy has rebounded fairly well 
this year. Our manufacturing sector grew by 14 % in the first half of 2021, supported by output 
expansions in most manufacturing clusters. In particular, we expect robust growth in our electronics 
and precision engineering clusters on the back of strong semiconductor and semiconductor 
equipment demand.  
2.8.  The challenges brought about by the pandemic have also not deterred companies from 
investing in Singapore, including in new segments of growth in areas such as agri-food tech and 
advanced manufacturing. In the case of agri -food tech, we are leveraging on Si ngapore's unique 
farm-to-fork ecosystem and track record for technical capabilities, quality branding, and IP 
protection. We are also committed to growing our manufacturing sector by 50 % in the next 10 years 
for Singapore to become a global business innova tion and talent hub for advanced manufacturing.  
2.9.  We want to ride on the exigencies of the crisis to spur upgrading and transformation in our 
firms. We have convened industry -led coalitions called "Alliances for Action" that work in partnership WT/TPR/M/4 13 • Singapore  
 
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  with the Government to act on emerging growth opportunities , such as supply chain digitalization, 
sustainability, digitaliz ing construction, smart commerce, robotics, and so  on. Take supply chain 
digitaliz ation, for example. We recently launched the Singapore Trade Dat a Exchange to facilitate 
trusted and secure sharing of data through the regulatory, logistical, and financial ecosystems in 
trade. As a public and neutral infrastructure that can connect to local and global data systems, 
SGTraDex, as it is called, can beco me an end -to-end enabler of supply chain ecosystems in 
Singapore and globally.  
2.10.  Taking these factors and policies into consideration, Singapore recently upgraded our GDP 
growth forecast for 2021 from 6% to 7%. Barring a major setback in the global economy a nd a 
significant spike in COVID -19 cases locally, we expect to see a gradual recovery to pre-COVID level s 
in the second half of 2021 . 
2.11.  However, our economic recovery will be uneven. The outlook for sectors worst h it by the 
pandemic like tourism - and aviatio n-related sectors remain weak as a substantial re -opening of 
international borders will not occur in the near term. Similarly, consumer -facing sectors such as 
retail, and food and  beverage services are also not expected to return to pre -pandemic levels wit hin 
the year, partly because of the slow recovery in tourist arrivals. The outlook of labour -intensive 
sectors such as construction has been dampened by manpower shortages due to border restrictions. 
As a small open economy, we are also subject to the vaga ries of the global economy and will need 
to be nimble to overcome any challenges that come our way.  
Seizing Opportunities in Digital Economy and Sustainability  
2.12.  While the pandemic has brought disruptions, it has also thrown up many opportunities. 
Singapore hopes to work with Members in these new areas of growth so that we can collec tively 
emerge stronger from the  crisis. Allow me to highlight two areas which Singapore sees as the next 
frontier of economic recovery and growth.  
2.13.  First, the dig ital economy. Sing apore recognizes the importance of digitaliz ation. The growth 
of the digital economy has been hastened by the pandemic. Our goal is to transform our economy 
to be digital end -to-end. This includes:  
a) Actively reaching out and on boarding  small local companies, even food hawkers, to also be 
part of the digital economy;  
b) Digital izing each stage of the business process within firms by fully integrating front -end 
operations with back end, so that transactions are fully paperless and presence -less; and  
c) Ensuring that digital systems are inclusive and inter -operable across firms.  
2.14.  We are also interested to work with like -minded partners to create an open, trusted global 
digital commons to unlock more opportunities for all countries, large and small companies, and 
individuals alike.  
2.15.  To this end, Singapore has developed a network of Digital Economy Agreements (or DEAs) 
with countries such as Australia, Chile, and New Zealand to complement our efforts at the Joint 
Statement Initiative (JSI) on E -Commerce. Through our DEAs, we aim to help establish common 
frameworks, inter -operable standards  and rules for digital trade that would allow businesses to 
connect seamlessly with overseas partners. This includes promoting the use of electronic trade 
documents and cross -border e -payment and e -invoicing networks. Further, by facilitating the 
cross-border flow of data, which underpins the digital economy, in a trusted and secure manner, the 
DEAs seek to open up new possibilities to businesses and how they operate, be it in data analytics, 
providing insights on consumer trends and preferences to payroll processing.  
2.16.  Second, sustainability and the green economy. Climate change and environmental policies are 
increasingly shaping economic growth and trade. Sustainability must be mainstreamed into 
economic activities to achieve global carbon emission reduction s, while supporting prospects for new 
green activities. In particular, Singapore sees a need to develop new green capabilities such as green 
financing, carbon services and low carbon solutions. Earlier this year, we launched the Singapore WT/TPR/M/4 13 • Singapore  
 
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  Green Plan, which  sets out a Whole -of-Nation movement to advance Singapore's agenda on 
sustainable development with ambitious and concrete targets over the next 10 years.  
2.17.  As in the case of the digital economy, we are also exploring Green Economy Agreements (or 
GEAs) with l ike-minded partners. We believe that sustainable development and economic growth 
must go hand in hand and ensure that environmental protection is upheld, even as we achieve 
economic growth. Some issues that Singapore would be keen to address both in and ou tside of the 
GEAs include:  
a) Carbon trading and related services to provide quality and cost -effective ways to meet 
emissions reduction targets;  
b) Green financing to facilitate investments into green technologies, products and services; and  
c) Low carbon energy s olutions, such as hydrogen.  
2.18.  Climate change is a challenge that demands all Members, big or small, to work together. 
There is tremendous scope for us to learn from each other, share experiences, and test ideas through 
cooperative projects. Singapore is comm itted to play our part in the global fight against this 
generational challenge.  
Singapore's Commitment to the WTO  
2.19.  The rules -based multilateral trading system, as embodied in the WTO, is the cornerstone of 
our trade policy and we continue to play an active and constructive role at the WTO.  
2.20.  First, Singapore has, and will  continue to support efforts to strengthen the WTO. Singapore 
hosted the first Ministerial Conference (MC) in 1996. In fact, the current WTO logo was adapted from 
the logo originally created b y Singapore -based Su Yeang Design for the first MC. Over the years, 
Singapore has continued to contribute wherever and whenever we can by serving in WTO's bodies 
and collaborating with Members to strengthen the WTO as the cornerstone of the rules -based 
multilateral trading system. Given Singapore's commitment to maintain a two -tier binding dispute 
settlement mechanism, we became a founding participant of the Multi -Party Interim Appeal 
Arbitration Arrangement (or MPIA), which ensures that disputes at the app eal stage can continue to 
be adjudicated via arbitration amongst MPIA participants notwithstanding the ongoing Appellate 
Body impasse. However, we view this as a temporary arrangement which should not replace the 
restoration of the Appellate Body. Singapor e will continue to support all efforts aimed at restoring 
the full functioning of the Dispute Settlement Mechanism.  
2.21.  Second, Singa pore recogniz es the importance of ensuring that the WTO remains open and 
inclusive to all Members and stakeholders. Since 1995, we have collaborated with the WTO to deliver 
training and technical assistance on international trade issues through our Third Country Training 
Programmes. To date, Singapore and WTO have jointly conducted 45 Third Country Trainin g 
Programmes for over 900 government officials from the Asia -Pacific, Africa, and Latin America 
regions. Despite the COVID -19 restrictions this year, Singa pore and the WTO jointly organiz ed two 
virtual workshops on Food Supply Chains and Advanced Dispute S ettlement, with a third virtual 
dialogue in the pipeline that is scheduled for October 2021.  
2.22.  Third, we believe that the WTO should be relevant and equipped to respond to evolving global 
challenges, especially the relentless pace of digital transformation t hat is re -shaping the global 
economy and trade. In this context, Singapore plays an active role in the Joint Statement Initiatives 
(or JSIs), as co -convener of the JSI on E -Commerce alongside Australia and Japan.  
2.23.  I am pleased to announce that Singapore wil l join the JSI on Services Domestic Regulation. 
We have taken time to review our regime and are ready to actively participate in the discussions. 
We will be submitting our draft schedules shortly and look forward to working closely with 
participants to sub stantially conclude this initiative at MC12.  
2.24.  In addition to supporting efforts to strengthen the WTO, Singapore continues to pursue deeper 
economic integration and connectivity with key partners. These two prongs complement each other 
to strengthen the rul es-based multilateral trading system and help to grow global trade. At the onset WT/TPR/M/4 13 • Singapore  
 
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  of and throughout the pandemic, Singapore has strived to be a responsible member of the 
international community. We continued to maintain free flow of goods and services and d id not 
impose export controls. For example, we initiated, together with New Zealand, the Singapore -New 
Zealand Joint Ministerial Statement in March 2020 to affirm our shared commitment to ensure that 
supply chains remain open and connected for essential go ods. We are pleased that 10 additional 
Members subsequently joined us as co -sponsors. At the regional level, Singapore and other ASEAN 
Member States issued the MOU on Implementation of Non -Tariff Measures of Essential Goods under 
the Hanoi Plan of Action i n November 2020 as part of the regional response to the pandemic. 
Similarly, Singapore has strongly supported initiatives such as the COVAX Facility. We have also 
contributed to the COVAX Advance Market Commitment, to support affordable and equitable acces s 
to vaccines for low and lower -middle income economies.  
2.25.  We have also been deepening our bilateral and regional engagements with a view to 
complement the rules -based multilateral trading system. During the period under review, Singapore 
signed five new agr eements – namely, the Sri Lanka -Singapore FTA (SLSFTA), the Comprehensive 
and Progressive Agreement for  Trans -Pacific Partnership (CPTPP), the EU -Singapore FTA (EUS FTA), 
the UK -Singapore FTA (UKSFTA), and the ASEAN -led Regional Comprehensive Economic Partn ership 
(or RCEP).  
Conclusion  
2.26.  Throughout our history, Singapore has always been a place where goods, people, and ideas 
congregate. This remains our aspiration – to be a global node for technology, innovation, and 
enterprise – a "nerve centre" that adds value to the flow of capital, goods, services, and people. As 
a small and open economy, Singapore cannot afford to be closed off to the world. The global economy 
and the multilateral trading system are critical for our economic growth and improving the liv es of 
our people. We will continue to do our best and look forward to working alongside other Members 
to strengthen the WTO's role and relevance for the future.  
2.27.  In closing, allow me to reiterate my appreciation to Members for all your questions and active 
participation in Singapore's 8th Trade Policy Review.  Thank you.  
  WT/TPR/M/4 13 • Singapore  
 
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  3  STATEMENT BY THE DISCUSSANT  
Introduction  
3.1.  I am delighted to act as discussant in this 8th Trade Policy Review of Singapore. I would like 
to join in welcoming the delegation from Singapore, h eaded by Permanent Secretary of the Ministry 
of Trade and Industry, Mr Lee Chuan Teck,  as well as my good colleague, A mbassador Tan Hung 
Seng and his team here in Geneva.  
3.2.  Sir Winston Churchill is credited with the phrase that one should "Never let a good c risis go to 
waste". The point being that a crisis provides an opportunity to learn from failures and successes, 
to adjust our course of action, and to be better prepared for the future.  
3.3.  This Review covers an extraordinary period when the global economy was  shaken and is still 
reeling under pressure from the ongoing pandemic. In addition, the signs of the challenges related 
to climate change have become more frequent and alarming. This period has also seen increasing 
challenges for international cooperation in general and for the multilateral, rules -based trading 
system in particular – challenges that have been augmented by the pandemic.  
Macroeconomic trends  
3.4.  Let me start by highlighting a few points related to macroeconomic policies, which, on the 
background of the global shock caused by the pandemic, merits particular attention.  
3.5.  A first point to note is that Singapore was in a relatively good position to deal with the fall -out 
from the pandemic. This position was not the result of luck or divine intervention,  but rather the 
result of hard work and consistent policies over many years. As the Secretariat's report points out, 
Singapore's economy has long been characterized by solid growth, an inflation under control, very 
low unemployment, comfortable fiscal and monetary reserves, financial stability, and openness to 
international trade and investment.  
3.6.  This stability and fundamental soundness in macroeconomic policies has not only resulted in 
impressive improvements in people's living standards. It also provided t he government with ample 
policy space to address effectively the challenges related to the pandemic, including through fiscal 
measures.  
3.7.  As a consequence, Singapore has been able to prevent a more drastic trajectory, an d recovery 
seems to be on track  even if external risks persist. Both unemployment and inflation seem to be 
back at a normal level. And the current account surplus has been resilient throughout the period 
under review.  
3.8.  A second point to take note of is Singapore's focus on addressing lon ger-term challenges. 
Singapore has been successful in overcoming limitations related to the size of its territory and limited 
natural resources, while successfully leveraging its comparative advantages such as its strategic 
location. Today, Singapore is a regional and global hub for trade, transport, and finance.  
3.9.  Singapore's position also means exposure to trade tensions and volatility in international 
markets. In the short term, the further development of the pandemic and how this effects the global 
econom y, represents significant uncertainty. While openness to the outside world will continue to be 
fundamental to Singapore's prosperity, the risk factors must be acknowledged and addressed.  
3.10.  Looking ahead, Singapore faces challenges related to the labour  marke t, innovation, 
technological changes, as well as an ageing population. In this context, the ambitious agenda for 
economic transformation that Singapore has embarked upon should be acknowledged. The stated 
objective is to build a value -creating economy that  is open and connected to the world, by building 
skills and capabilities, and supporting innovation and digitalization. Singapore's plans for investing 
in climate -resilient infrastructure deserves mention as well, as these will benefit both current and 
future generations.  
3.11.  In other words, there are lessons to be learned from Singapore's example. Consistency and 
prudence in macroeconomic policies not only creates a solid foundation for economic growth and WT/TPR/M/4 13 • Singapore  
 
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  improved living conditions, but also a robust foundati on for addressing external shocks. Secondly, 
limitations and challenges can be overcome by strategic policy choices, including by leveraging 
strengths in an open exchange with the rest of the world.  
Trade and investment regime  
3.12.  Singapore is one of the most open economies of the world and has been able to benefit 
immensely from that openness, lifting the living standard of its population beyond the level of many 
developed economies.  
3.13.  Both the Government and Secretariat reports point to the fact that polic ies in relation to trade 
and investments remain largely unchanged. Whether we are talking about tariffs, customs 
procedures, import controls, export controls, technical barriers to trade, the investment regime, the 
framework for government procurement or t he IP regime, the fundamentals have remained 
unchanged during the review period, with any adjustments being just that. I have also noted the 
statement that the negative consequences of the pandemic have reinforced the commitment of 
Singapore to stay connec ted with and open to the world.  
3.14.  Given the fact that Singapore is deeply embedded in regional and global value chains, while 
still being a relatively small player, it is not surprising that Singapore is among the strongest 
defenders of the multilateral rule s-based trading system, while at the same time pursuing regional 
and plurilateral agreements that complement the multilateral system. In the WTO we have long 
benefit ed from Singapore's engagement and insig ht across the board of our work  in our regular 
bodies, as well as in multilateral and plurilateral processes.  
3.15.  Trying to find elements in Singapore's trade and investment policies that are worthy of a more 
critical light is actually quite challenging. Permit me, however, to touch upon a few issues that I 
believe merits some attention.  
3.16.  One of those elements is the fact that some 30% of all tariff lines are still unbound. I am of 
course aware of the fact that tariffs are applied at zero, except for a few product lines, but this is 
nevertheless an area where ad ditional predictability to traders could be achieved, in addition to being 
of systemic significance.  
3.17.  Another point I would like to comment on is the major role played by state -owned enterprises 
or government -linked corporations in Singapore. I mention this  because SOEs or GLCs are associated 
with non -market practices in some member economies, meaning that this is an issue that we may 
have to deal with in a more forceful way in this H ouse in the future. Now, in my view, ownership is 
not the main question, bu t how these corporations operate. If they operate on the basis of market 
principles, then the ownership structure is less relevant. But to understand how SOEs operate and 
to be able to conclude whether their activities are based on market principles or not , transparency 
is fundamental.  
3.18.  On my final point, I will have to deviate from my original manuscript. My intention was to 
encourage Singapore to join the Services Domestic Regulation Joint Statement Initiative.  I am very 
happy and pleased to hear  the recen tly announcement that you have decided to join the J SI on 
Services Domestic Regulation and you are, indeed, very welcome in this group of countries who now 
represent more than 85% of global trade in services.  
Concluding remarks  
3.19.  Stability is a word that com es to mind when describing Singapore, also as a general 
characterization of its approach to trade policy. Singapore's openness to trade and integration into 
the world economy has laid the foundation for steady growth and economic and social development, 
resulting in one of the highest living standards in the world. There are many good reasons to 
congratulate Singapore on its achievements. Nevertheless, in all countries there are room for 
improvements and adjustments. Constructive i nput and feed back from fel low M embers of the WTO 
can hopefully contribute positively in that regard. I wish Singapore a successful Trade Policy Review. 
Thank you.  
  WT/TPR/M/4 13 • Singapore  
 
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  4  STATEMENTS BY MEMBERS  
CANADA  
4.1.  Canada joins other WTO M embers in welcoming  Mr. Lee Chuan Teck  and the other members of 
the delegation of Singapore today . We are very pleased to participate in the eighth Trade Policy 
Review of Singapore. We thank the Singapore Government and the WTO Secretariat for their reports.  
4.2.  I think it is fair to say that Canada and Singapore share the objective of developing our 
knowledge -based economies and by preparing for the challenges of the future. We both recognize 
that supporting and contributing to the global multilateral system, enhancing regional trade 
cooperation,  and promoting an inclusive and sustainable trade policy will be key to navigating the 
post-pandemic economic landscape.  
4.3.  We would like to thank Singapore for its steadfast commitment to upholding the multilateral 
trading system and being a strong advocate  for maintaining open supply chains throughout the 
pandemic. The Joint Ministerial Statement on Ensuring Supply Chain Connectivity, spearheaded by 
Singapore and New Zealand, sends a strong signal of our commitment to ensure the continuity and 
interconnecti vity of supply chains both during the pandemic and during the  post-pandemic recovery  
period . We also appreciate Singapore’s strong engagement and support on strengthening the WTO 
including through its work within the Ottawa Group on WTO Reform, and active participation  and, in 
fact, leadership  in Joint Statement initiatives, particularly on e -commerce and  on investment 
facilitation for development, and  also on  efforts to promote the adoption of a declaration that would  
prohibit the use of export restriction s on foodstuffs purchased for non -commercial humanitarian 
purposes by the World Food Programme. We also welcome Singapore’s  engagement and  
endorsement of the Multi -Party Interim Appeal  Arbitration Arrangement (MPIA). Furthermore, we 
welcome the news that  Singapore will be joining the JSI on Services Domestic Regulation, and  we 
encourage Singapore  to endorse the Buenos Aires Declaration on Women and Trade.   
4.4.  In the period under review, Singapore has made significant strides in pursuing open and freer 
trade, for example with the entry into force of the EU -Singapore FTA, the conclusion of bilateral FTAs 
with both Sri Lanka and the United Kingdom, and plurilatera l agreements, including the CPTPP and 
the RCEP. We are  very proud to partner with Singapore under the umbrella of the CPTPP as Canada 
deepens its economic integration in the region, and as we work together on the accession of new 
members, including the Uni ted Kingdom.   
4.5.  During the period under review, Singapore had the foresight to both develop global digital 
infrastructure and implement initiatives to help small and medium -sized enterprises capitalize on 
digital technologies and pursue international opport unities for growth. With COVID -19 having 
transformed the way companies do business, these efforts will have positioned Singaporean 
companies well to weather the economic storm. The Digital Economy Agreements that Singapore is 
party to will help ensure a le vel playing field for international trade flow in global digital economies.  
4.6.  We also note the active role that Singapore plays in the Association of Southeast Asian Nations 
(ASEAN), and I would like to point out that, as a group, ASEAN ranks as Canada’s fi fth largest trading 
partner, and remains a top priority for the Government of Canada.  
4.7.  Singapore , it appears , like Canada, is committed to creating a more inclusive economy to 
ensure that the benefits of globalization and international trade are enjoyed by  all of our citizens. 
Singapore will note that we have asked a number of questions seeking to better understand 
Singapore’s experience in this regard .  
4.8.  We look forward to a constructive exchange of views on all aspects of Singapore’s trade regime 
and its m ulti-faceted economy. We do appreciate the responses from Singapore to our questions 
and wish the delegation of Singapore the utmost success during this Trade Policy R eview.  
UNITED  STATES  
4.9.  The United States welcomes Permanent Secretary, Mr . Lee Chuan Teck and all other memb ers 
of Singapore’s delegation. We look forward to today's discussion, in part because of our strong WT/TPR/M/4 13 • Singapore  
 
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  partnership with Singapore and the significant contributions Singapore has made  to the global 
trading system.  
4.10.  As the discussant noted, Singapore's importance as a trading nation surp asses its size and 
population. For the United States, Singapore is our 17th largest  goods trading partner, with 
USD 57.8 billion in two -way goods trade. Singapore is our 10th largest se rvices trading partner, with 
USD 35.9 billion in two -way services trade. Our bilateral FTA with Singapore, our first in Asia, has 
been in effect since 2004 and has led to a 116 % increase in our total two -way goods and services 
trade, significantly benefiting both our nat ions. The combined stock of our investment in each other 's 
country is USD 298.1 billion.  We also note that for more than two decades, Singapore overall has 
maintained exceptionally large trade surpluses in relation to its total economic output.  
4.11.  We commend Singapore's leadership on trade, particularly during the global pandemic. 
Singapore understands the importance of trade for resolving this century’s most pressing challen ges, 
including climate change. Over the past year, Singapore has worked with t rading partners on supply 
chain resiliency for medical goods such as personal protective equipment  and continues to serve as 
a co-convener of WTO discussions on rules for digital trade, which has grown exponentially since the 
conclusion of the U ruguay Roun d in the mid -1990s.  
4.12.  The United States warmly welcomes Singapore’s participation in  the Joint Statement Initiative 
on Services Domestic Regulation.  
4.13.  We are working with other members of the JSI to ensure that we achieve a strong substantive 
outcome on servic es domestic regulation by MC 12. 
4.14.  Recalling a recent statement of the APEC Group on Services that notes the benefits of this 
agreement and calls upon others to join, we hope that Singapore’s announcement today will 
encourage its regional neighbours  to also j oin. 
4.15.  Singapore has been an important partner in the WTO and we want to acknowledge the efforts 
of Ambassador Tan and his whole Mission here, in their leadership and vision as both chair and active 
participants across a wide range of committees and in the i mportant digital trade work. Singapore 
has been a partner in addressing longstanding problems that have undermined the negotiating arm 
of this Organization. In September 2019, Singapore announced that it would no longer seek S&D in 
current and  future WTO n egotiations. This act of leadership serves as an example to others who 
seek to support th e multilateral trading system. We are also pleased that Singapore has joined on 
as one of 18 co -sponsors of the proposal to enhance transparency and improve compliance  with 
notification requirements, recognizing that notification reform is essential if the WTO is to function 
as a viable forum for meaningful negotiations that are beneficial to all Members. We look forward to 
continuing to work with Singapore to advance t hat issue . 
4.16.  Singapore is also a supporter of a statement that recognizes the contribution of the Trade 
Facilitation Agreement to the pandemic response and a co -sponsor of the joint proposal to establish 
a work programme in the SPS Committee to help WTO Memb ers understand new and emerging 
issues in SPS. As we noted before, Singapore has also played a valuable role in seeking a solution 
for export restrictions facing purchases of foodstuffs for humanitarian purposes as Canada noted 
before. The United States fi nds itself in the rather unusual position of bringing very  little criticism to 
this TPR. In advance of this R eview, we provided a short list of questions to Singapore on several 
trade policy issues, including those related to bilateral and regional trade a greements, budget and 
taxation, environment, food labelling , intellectual property, and technical barriers to trade. We tha nk 
Singapore for its responses.  During the discussion today, we are also interested in learning more 
about Singapore’s ideas for a wo rker-centric trade policy.  
4.17.  We look forward to further cooperation with Singapore on all fronts – bilaterally, regionally, 
and here at the WTO.  Thank you and best wishes for a successful TPR.  
AUSTRALIA  
4.18.  Australia welcomes the opportunity to participate in Singapore’s Trade Policy Review. We have 
a longstanding, close and comprehensive bilateral relationship with Singapore, anchored in trust and 
economic cooperation. The upgraded Singapore -Australia Free T rade Agreement (SAFTA) (signed WT/TPR/M/4 13 • Singapore  
 
- 12 - 
 
  December 2017) forms the central pillar of our trade and economic relationship alongside the 
Comprehensive Strategic Partnership (CSP) which underpins the entirety of our bilateral relationship.  
4.19.  Singapore is a substantial bil ateral trading partner for Australia  — our sixth largest trade 
relationship overall and the sixth -largest source of foreign investment in Australia.  
4.20.  3Australia acknowledges Singapore’s commitment to an open global trade and investment 
regime and the impor tance it places on supporting and promoting free trade and open markets. The 
open, rules -based, multilateral trading system will be a critical component of global restoration and 
recovery as the world confronts and eventually transitions from the economic impact of the 
COVID -19 pandemic. Australia commends Singapore’s own economic recovery.  
4.21.  Australia and Singapore are working together as long -time supporters of the WTO and share 
a commitment to transparency and the maintenance and strengthening of the multi lateral trade 
system. We have worked together to advance many initiatives in the WTO aimed at liberalising and 
promoting global trade and its institutions. We commend Singapore’s role as co -convener, along 
with Australia and Japan, of the E -commerce Joint Statement Initiative (JSI) which is a crucial 
demonstration of the WTO’s responsiveness to modern trade realities and the effectiveness of the 
plurilateral negotiating model. In that light and noting the very considerable contribution of services 
to Singap ore’s domestic economy and global trade, we are delighted by your announcement 
Permanent Secretary of Singapore’s decision to join the Services Domestic Regulation JSI. The 
initiative is gathering momentum and Singapore’s decision today offers it even furt her strong 
impetus. We also value Singapore’s participation in the Multi -Party Interim Appeal Arbitration 
Arrangement as an example of its commitment to strengthening the multilateral trading system, 
and the positive engagement that Singapore is showing on  issues such as restoring the two -tiered 
dispute settlement system and concluding the fish subsidies negotiations.  
4.22.  Australia continues to welcome Singapore’s commitment to bilateral trade liberalisation. The 
Singapore -Australia Free Trade Agreement (SAFTA)  has been critical to the economic integration of 
our economies and continues to deliver real trade and investment outcomes, including professional 
services gains. Through the implementation of the Digital Economy Agreement (DEA), which 
upgraded the SAFTA E-Commerce Chapter, we are implementing strong digital trade rules and 
cooperation on emerging digital economy issues. Leveraging technological change and the trade 
opportunities it presents will make a valuable contribution to our countries’ economic reco veries 
from COVID -19. 
4.23.  Australia would also like to acknowledge Singapore’s ratification of the Regional 
Comprehensive Economic Partnership Agreement (RCEP) in April this year - a sign of Singapore’s 
continued progress towards regional trade liberalisation.  We also commend its commitment to the 
Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP) and its 
commitment to the upgrade of the ASEAN -Australia -New Zealand Free Trade Area (AANZFTA).  
4.24.  Australia would like to make specific menti on of Singapore’s Green Plan as a core strategy to 
address climate change. The Plan promotes the adoption of clean energy technologies that are 
scalable and commercially competitive. Increasing trade in these technologies is a key channel 
through which the  Plan will be realised. We are also pleased to be working with Singapore to 
negotiate a bilateral Green Economy Agreement (GEA), following on from our Low Emissions MOU. 
The GEA will complement the Green Plan and will be critically important in integrating  our two 
economies in ways that increase our ability to act on climate change, including by developing 
relevant trade, industrial capacity and infrastructure.  
4.25.  Australia is also pleased to be working with Singapore in the WTO on efforts to liberalise 
environmental goods and services trade to foster diverse and resilient low emissions technology and 
facilitate climate change emissions abatement at a global level.  
4.26.  Australia has submitted several written questions for the TPR and we appreciate Singapore's 
prompt responses. We commend your efforts wish you a successful conclusion to this review process.  
  WT/TPR/M/4 13 • Singapore  
 
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  MEXICO 
4.27.  Mexico extends warm greetings to the delegation of Singapore, led by Mr  Lee Chuan Teck, 
Permanent Secretary at the Ministry of Industry and Trade. I wou ld also like to thank 
Ambassador  Dagfinn Sørli (Norway) for his detailed analysis and the WTO Secretariat for their hard 
work in preparing his report.  
4.28.  I would also like to acknowledge Singapore's commitment to the multilateral trading system 
as reflected i n the outstanding work of Ambassador Hung Sen and his team in the work of the WTO.  
4.29.  At present, Singapore has one of Asia's highest per capita GDP, which it has achieved through 
sound and consistent public policies. This has resulted in per capita income mo re than doubling and 
living standards improving significantly over the last two decades. In 2020, Singapore ranked 
eleventh (out of 189 countries) in UNDP's Human Development Index.  
4.30.  Regarding management of the COVID -19 pandemic, Mexico commends Singapore f or 
implementing five programmes to support the economy, including: tax concessions on real estate 
and corporate income, rent exemptions, affordable financing, especially for small and medium sized 
enterprises (SMEs) inter alia, to mitigate the impact of th e 5.4% decline in GDP in 2020. In this 
regard, the authorities expect the economy to continue to recover gradually during the rest of 2021, 
albeit unevenly across sectors.  
4.31.  Singapore and Mexico have an important bilateral trade relationship, thanks to the 
Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP), whereby 88% of 
trade tariffs were eliminated upon entry into force of the Agreement. We hope that our trade and 
investment ties will be strengthened in the coming years to the be nefit of our consumers.  
4.32.  At the WTO, we value Singapore's leadership and commitment to strengthening the 
multilateral trading system, as co -coordinators with Japan and Australia, of the e -commerce 
negotiations, as well as its active participation in joint initiatives on investment facilitation and micro, 
small and medium -sized enterprises (MSMEs).  
4.33.  Mexico recognizes the efforts that Singapore has made in the area of the investment regime, 
by implementing a policy aimed at attracting foreign investment. However, we draw attention to the 
limitations on foreign ownership and the scope of activity and certain residency restrictions in sectors 
considered strategic and/or essential to national secu rity, such as broadcasting, national media, 
retail banking, legal and accounting services, ports and airports, and ownership of residential 
property.  
4.34.  Regarding Uruguay Round market access commitments, 30% of tariff lines remain unbound, 
and we are confiden t that Singapore will work on this issue in order to provide predictability for 
business operators.  
4.35.  Mexico also commends Singapore for the support it grants to businesses to adopt new 
technologies and invest in research and development (R&D), especially th e new Intellectual Property 
Development Incentive.  
4.36.  In the area of services, Singapore continues to have a strong financial sector with a high 
degree of internationalization. During the review period, it implemented a series of improvements 
to its legal fra mework for combating money laundering and financing of terrorism, as well as the 
introduction of simplifications in its banking licensing regime. We are convinced that with these 
measures, Singapore will continue to be an international leader and one of th e world's leading 
financial centres.  
4.37.  Mexico also recognizes and commends Singapore for providing one of the world's most robust 
protection systems for intellectual property rights. Singapore implemented new laws and regulations 
on patents, industrial desig ns, trademarks, geographical indications, copyright and dispute 
settlement. Mexico agrees with Singapore on the importance and benefits of intellectual property, 
especially to give innovators and businesses certainty about the scope of their rights.  WT/TPR/M/4 13 • Singapore  
 
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  4.38.  To con clude, we recognize the excellent work Singapore has done in the area of energy 
efficiency, although energy supply grew during the review period, starting in 2017 CO 2 emissions 
started to decrease in absolute terms, which could suggest a growing greening of the Singaporean 
economy in general and a possible decoupling trend between growth, which remained robust, and 
emissions.  
4.39.  Finally, we thank Singapore for the replies  provided to the questions posed by my delegation 
and wish it every success in this Review.  
REPUBLIC  OF KOREA  
4.40.  I would like to join other speakers in welcoming His Excellency, Mr. Lee Chuan Teck, 
Permanent Secretary in the Ministry of Trade and Industry and  his delegation to the 8th Trade Policy 
Review of Singapore. I also thank Ambassador Dagfinn Sørli for his role as a discussant and the 
Secretariat for its comprehensive and informative report.  
4.41.  Korea and Singapore have maintained a strong bilateral econom ic relationship with the Korea -
Singapore Free Trade Agreement  (FTA) at its center. Our bilateral FTA with Singapore, Korea’s 
second in the world, has been in effect since 2006 and has led to a 40% increase in our two -way 
trade, significantly benefiting bot h nations.  
4.42.  In 2020, Singapore was Korea’s eleventh(11th) largest trading partner with total bilateral 
merchandise trade reaching approximately 18 billion US dollars, and the eighth(8th) largest export 
market.   
4.43.  On investment, the two countries have contin ued to expand the size of mutual investment as 
well since the Korea -Singapore FTA. In particular, Korea’s investment bound for Singapore has 
increased almost 10 times over the last decade, with cumulative investment reaching USD 19 billion. 
Going forward, Korea has high hopes that this bilateral investment relationship will keep going.  
4.44.  Turning to Singapore’s trade policies and practices, Korea takes note that the economy of 
Singapore has performed well since its last Trade Policy Review except in 2020 when  COVID -19 
pandemic struck a severe blow, for example, with a remarkable average growth rate, low 
unemployment rate, and stable current account surplus.   
4.45.  All the good performance of the Singaporean economy can be attributed to its openness, a 
defining char acteristic. Korea commends Singapore’s active approach to trade liberalization, 
including its network of 26 FTAs, and new efforts on Digital Economy Agreements  (DEAs) and Green 
Economy Agreements  (GEAs) to complement the bilateral FTAs, not to mention its active 
participation in the WTO.  
4.46.  In particular, Korea would like to draw attention to the ongoing negotiation of DEAs: The two 
nations are currently discussing ways to improve collaboration between our SMEs in the digital 
economy. As strong supporters of t he multilateral trading system, and active participants in the WTO 
Joint Statement Initiative on E -commerce, we would like to find ways to make a greater contribution 
to this area.  
4.47.  Korea would also like to applaud Singapore for its constructive role in th e trade and 
environment discussions in the WTO. Like Korea, Singapore is an active proponent in trade of 
environmental goods and services  (EGS) liberalization. Together with Singapore and other 
participants, we look forward to the further development of th is issue and a meaningful outcome in 
the future.  
4.48.  Also, Korea would like to welcome Singapore’s decision to join the JSI on Services Domestic 
Regulation negotiation.  
4.49.  In advance of this review, Korea provided a short list of questions to Singapore and we t hank 
Singapore for its responses. During the discussion today, we are interested in learning more about 
Singapore’s bound duty commitments.  WT/TPR/M/4 13 • Singapore  
 
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  4.50.  As part of UR market access commitments, Singapore has bound almost 70% of its tariff lines. 
As the Secretariat’s r eport says, “the fact that some 30% of tariff lines remain unbound could impart 
some degree of unpredictability to trade operators.” In the 7th TPR in 2016, Singapore commented 
that it is taking steps to increase the bound duty commitments in various ways.  Korea would like to 
welcome Singapore’s further explanation on the prospect of increasing the binding coverage and 
reducing the gap between the bound and applied rates to enhance predictability.  
4.51.  In addition to that, Korea has submitted written questions on FDI restrictions, carbon tax 
regime, and the SMEs Go Digital programme. We look forward to the further constructive exchange.  
4.52.  Again,  we commend Singapore for its efforts to make the overall trading environment more 
open, transparent, and efficient. Kor ea is confident that the efforts put forth by Singapore will 
contribute to a successful MC12 in November.  
4.53.  Thank you for your attention and we wish Singapore a successful 8th TPR.  
MALAYSIA  ON BEHALF  OF ASEAN  
4.54.  It is a great pleasure to warmly welcome the delegation from Singapore led by Mr. Lee Chuan 
Teck, Permanent Secretary (Development) of the Ministry of Trade and Industry to their 8th Trade 
Policy Review.  
4.55.  We thank Government of Singapore and the WTO Secretariat for the comprehensive reports, 
and H.E. Ambassador Dagfinn Sørli of Norway for his role as discussant.  
4.56.  Singapore is a small and open economy that has been traditionally characterized by robust 
growth  underpinned by sound macroeconomic policies. It has one of the highest GDPs per capita in 
Asia bolstered by its commitment to keeping its markets open, promoting competition, and 
supporting businesses and workers particularly amidst a challenging economic  landscape brought 
about by the COVID -19 pandemic.  
4.57.  It has introduced a series of support measures to cushion the impact of the pandemic on its 
economy by committing a total of SGD 97.3 billion or 20.8% of its GDP to provide economic, social, 
and public hea lth support to businesses, workers, and households. It also worked closely with other 
ASEAN Member States (AMS) to maintain supply chain connectivity in order to tackle the disruptions 
caused by the pandemic.  
4.58.  As a founding Member of ASEAN, Singapore stron gly supports ASEAN’s goal of building a 
resilient, prosperous and rules -based ASEAN. Singapore has strong economic and trade relations 
with all ASEAN Member States. In 2020, Singapore’s exports to ASEAN Member States accounted 
for 25.1% of its total export s, while ASEAN accounted for 24.3% of Singapore’s imports in the same 
year. Riding on stronger regional economic integration through the ASEAN Economic Community, 
the Singaporean economy expanded at an average annual rate of 3.1% between 2016 and 2019. 
However, the economy contracted in 2020 due to the COVID -19 pandemic.  
4.59.  During Singapore’s ASEAN Chairmanship in 2018, Singapore worked closely with ASEAN 
Member States and external partners to advance ASEAN’s continuing journey towards deeper 
regional economic  integration by focusing on 21st century issues to ensure that ASEAN remains 
relevant to our partners, businesses, and citizens. It has facilitated the conclusion of the ASEAN 
Agreement on E -Commerce, the endorsement of the ASEAN Digital Integration Framew ork, the 
launch of the ASEAN Single Window, the signing of the Protocol to Implement the 10th Package of 
Commitments under the ASEAN Framework Agreement on Services (AFAS) in 2018 and the 
conclusion of the ASEAN Trade in Services negotiations, amongst othe rs. These milestones have set 
an important foundation for the next phase of ASEAN’s collective growth.  
4.60.  ASEAN has also taken prompt and decisive action to respond to the COVID -19 pandemic since 
2020 by adopting the Hanoi Plan of Action on Strengthen ing ASEA N Economic Cooperation and  
Supply Chain Connectivity (“Hanoi POA”) and by concluding the Memorandum of Understanding 
(MOU) on the Implementation of NTMs on Essential Goods. These concrete steps reflect Singapore’s 
and ASEAN’s commitment to systematically a ddress NTMs and maintain supply chain connectivity.  WT/TPR/M/4 13 • Singapore  
 
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  4.61.  Over the review period, Singapore has actively and constructively engaged in ongoing WTO 
negotiations and regular work, including the discussions on WTO reform. Our colleagues at the 
Permanent Mission in  Geneva, including Ambassador Tan Hung Seng, have also contributed to the 
WTO by chairing several WTO Councils and Committees over the review period.  
4.62.  Singapore, along with Australia and Japan, are co -conveners of the Joint Statement Initiative 
on E-Commerc e, which comprises over half of the WTO Membership and over 90% of world trade. 
We also note from the Secretariat report that Singapore has continued to place importance on the 
commitment to transparency which will help boost trade between Singapore and it s trading partners, 
including ASEAN.  
4.63.  Some ASEAN Member States have submitted written questions to Singapore and we would 
like to express our appreciation in advance for Singapore’s written responses.  
4.64.  We would also like to thank the delegation of Singapore for their constructive engagement, 
and we wish Singapore a successful eight Trade Policy Review.  
MALAYSIA  
4.65.  Allow me to join others in welcoming the delegation of Singapore, led by Mr. Lee Chuan Teck, 
Permanent Secretary (Development) of the Ministry of Trad e and Industry (MTI) of Singapore and 
the Singaporean colleagues in Geneva. We would also like to express our gratitude to the WTO 
Secretariat for the reports and to Ambassador Dagfinn Sørli for his invaluable insights, and to you 
Chair for facilitating th e meeting today.  
4.66.  Malaysia i s pleased to take part in this e ighth Trade Policy Review of Singapore.  
4.67.  Malaysia would like to commend Singapore for the success in steering their economy towards 
continued growth and ensuring financial stability. Nevertheless, S ingapore has not been spared from 
the health and economic challenges brought upon by the unprecedented COVID -19 under the review 
period. Malaysia would also like to laud Singapore for its commitment in ensuring an open market, 
promoting competition and sup porting businesses to combat the crisis, and continue contributing 
20.8% of Singapore’s GDP.  
4.68.  Singapore’s positioning as a global business hub has significantly helped the country's two -
way trade (both goods and services) to register strong growth. Singapo re is one of the world’s most 
prosperous nations, with a business -friendly regulatory environment and a very low unemployment 
rate.  
4.69.  Historically, Malaysia has enjoyed a strong partnership with Singapore, particularly in the 
economic sphere. In 2020, Singa pore was Malaysia’s 2nd largest trading partner, 2nd largest export 
destination and 2nd largest source of import. Although the total trade between Malaysia and 
Singapore in 2020 decreased by 5.8% to USD  51.48 billion, the two -way trade from January to 
June 2021 has already shown significant recovery, registering an increase of 30.1% to 
USD 30.54  billion as compared to USD  23.48 billion for the corresponding period in 2020. In the 
same period, the total exports increased by 30.9% to USD  19.95 billion as comp ared to 
USD 15.24  billion, while total imports increased by 28.5% to USD  10.59 billion as compared to 
USD 8.24 billion.  
4.70.  On investment, in 2020, Singapore was listed as the largest source of foreign investments 
with USD  37.21 billion (21.7% of Malaysia’s to tal FDI stock). Similarly, Singapore was listed as the 
top destination for investment by Malaysia, with Direct Investment Abroad (DIA) position valued at 
USD 26.87 billion (21.3% of Malaysia’s total DIA stock). In 2020, a total of 120 manufacturing 
investm ents from Malaysia, worth of approximately USD  2.13 billion and 9,080 employments were 
approved.  
4.71.  For this current review, Malaysia had submitted written questions on areas such as COV ID-19 
response, green policy, government procurement, MSMEs and investmen t. We would like to take 
this opportunity to thank the delegation of Singapore for the responses provided to our questions 
and we shall examine the responses with great interest.  WT/TPR/M/4 13 • Singapore  
 
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  4.72.  With that, we wish the delegation of Singapo re a productive and successful e ighth Trade Policy 
Review.  
UNITED  KINGDOM  
4.73.  Let me add my own personal welcome to Lee Chuan Teck and all his colleagues from Singapore 
who are with us here today. I would like to express our gratitude to the Government of Singapore 
as well as  to colleagues from the WTO Secretariat for their respective reports  in front of us today . 
And I would like to thank yo u, Chair, and Ambassador  Dagfinn Sørli as discussant, for facilitating – 
and indeed enrichi ng - this Trade Policy Review.  
4.74.  The UK and Singapore are like -minded partners with shared deep historical ties and excellent 
economic relations, as demonstrated by ou r Free Trade Agreement, which provides a platform to 
continue to grow trade and investment between our two countries.  
4.75.  Singapore was our largest trade and investment partner with ASEAN in 2020. And the UK is 
very honoured to be amongst Singapore’s top inve stment destinations in Europe.  
4.76.  In the WTO, too, we see Singapore as one of our most like -minded partners. And I believe 
there is a lot that all Members can learn from the wa y that Singapore works in this I nstitution as a 
Member that is always engaged and thoughtful, and which brings deep expertise as well as ideas for 
building bridges  between us . When I watch the Ambassador in action I am given some extra hope 
about our ability to make progress on the challenges we face. And let me just echo everybody  else 
in really warmly welcoming the announcement you made this morning in regard to the JSI in  Services 
Domestic Regulation. It is a very valuable step forward in our collective endeavours.  
4.77.  I’m pleased to say that the UK -Singapore relationship continues to go from strength to 
strength. While it has been less than a year since our FTA was signed, our bilateral relationship has 
continued to develop. In March this year, then UK Foreign Secretary Raab and Singapore Foreign 
Minister Balakrishnan agreed a joint poli tical statement that expands cooperation between our two 
countries for mutual prosperity and security. And then in June, our countries announced a pioneering 
UK-Singapore Financial Partnership, and also began negotiations on a Digital Economy Agreement  
(DEA). We hope that this DEA will enable us to work together as like -minded  trading partners, ready 
to embrace the extraordinary opportunities of the digital economy. Our joint aspiration is for that 
agreement to be a model for international digital trade rul es, and to form a strong basis for our 
ongoing cooperation in the WTO and in other multilateral fora in pursuing a common approach to 
global trade rules - for example, we think that the DEA will strengthen and complement the 
e-commerce Joint Statement Init iative negotiations that are currently underway  in this House .   
4.78.  My government has also prioritiz ed striking a ‘data sharing agreement’ with Singapore. The 
free flow of data between our two countries will underpin future innovation and the global digital 
economy, the use of everyday apps as well as cloud computing systems. It will allow businesses to 
trade, drive international investment, support law enforcement agencies tackling crime, as well as 
the delivery of critical public services and health  and scientific research. We look forward to 
concluding such an arrange ment with Singapore to capitaliz e upon and unlock the potential of our 
relationship on data.  
4.79.  We are, of course, also  pleased to have launched negotiations to accede to the Comprehensive 
and Progressive Trans -pacific  Partnership. We look forward to working with Singapore in their r ole 
as Chair of the Parties in 2022, to bring the UK’s accession to what we hope wi ll be a successful 
conclusion.  
4.80.  Turning to the detail of today’s TPR, I note that we have posed a rather large number of 
written question s to Singapore as part of this R eview, reflecting our strong interest in supporting 
Singapore’s continued economic prosperity. I  will, inspired by the style of Ambassador Hung Seng, 
touch on just three areas of particular interest today.   
4.81.  First, financial s ervices. Trade in financial services is a large part of the UK and Singapore’s 
bilateral trade, making up the second most impo rted and exported service between our two countries 
after other business services. The strength of trade in this sector is also demonstrated by the annual 
Joint Financial Dialogue that we hold between the UK and Singapore, which took place just a few WT/TPR/M/4 13 • Singapore  
 
- 18 - 
 
  month s ago in June this year. We  very much  support Singapore’s ongoing work to develop its digital 
financial services ecosystem. A number of our written questions are related to financial services, 
specifically in the digital space, and we thank Singapore for t heir responses.  
4.82.  Second, w e also take a keen interest in how Singapore is to approach the regulation of its 
state-owned enterprises, including how those SOEs access capital in the future. We believe that in 
some cases, state -owned enterprises have the poten tial to distort markets, trade and investment, 
and so  we think it is  important that open and fair competition exists between those state-owned and 
privately -owned businesses. We look forward to better understanding Singapore’s plans for 
managing the SOE se ctor in the future.   
4.83.  Third and f inally, we welcome Singapore’s commitment to addressing climate change as a 
policy priority and we welcome the strong commitment to upholding the Paris Agreement and to 
achieving net -zero emission targets, as well as Singap ore’s active participation in the work of the 
Trade and Environmental Susta inability Structured Dialogue. As one of the UK’s top policy priorities 
and in line with our Presidency of COP26, we are committed to supporting and working with our 
international p artners – not least Singapore - on this agenda and deliver the results that our Planet 
requires.   
4.84.  In closing, I would just like to reiterate my thanks to our colleagues from Singapore for their 
excellent engagement in this process and wish them a very hap py Trade Policy Review.  
PHILIPPINES  
4.85.  At the outset, the Philippines associates itself with the ASEAN statement delivered by 
Malaysia, highlighting Singapore’s strong economic and trade relations with the ASEAN Member 
States.  
4.86.  The Philippine delegation warm ly welcomes and congratulates the delegation of Singapore led 
by Mr. Lee Chuan  Teck, Permanent Secretary (Development) of the Ministry of Trade and Industry, 
and Ambassador T an Hung Seng of the Permanent Mission of Singapore to the WTO on their 8th 
Trade Policy Review. We would also like to thank Ambassador Dagfinn Sørli of Norway f or his 
insightful comments as discussant, and the WTO Secretariat for a comprehensive report.   
4.87.  The Philippines enjoys a longstanding bilateral relationship with Singapore since the 
establishment of our diplomatic relations in May 1969. For more than 50 ye ars, we have bolstered 
our bilateral ties through mutually beneficial cooperation in areas of economics, defen ce, information 
technology, environment, and cultural and people -to-people exchanges.  
4.88.  An estimated 200,000 Filipinos live and work in Singapore a nd actively contribute to its 
economy. Approximately 60% of which are professionals and skilled workers.  
4.89.  Singapore is also the Philippines’ 9th biggest tourism market worldwide and the 1st in ASEAN 
in terms of passenger arrivals in 2019.  
4.90.  The Philippines -Singapore Action Plan signed in December 1998 provides a comprehensive 
framework for bilateral cooperation between our two countries. Informal Consultations on the 
Philippines -Singapore Action Plan or ICPSAP are convened regularly as the primary bilateral 
mechanism by which the Philippines and Singapore review the implementation of the action plan. 
The 5th and latest round of the consultations were held on 14 July 2021 despite the COVID -19 
pandemic, which is a testament to the unstinting desire of the Phili ppines and Singapore to prevail 
over challenges and advance bilateral collaboration in the new normal.  
4.91.  In 2020, Singapore ranked as the Philippines’ 6th major trading partner worldwide and 1st in 
ASEAN with tot al bilateral trade valued at USD  9.40 billion . Given the economic disruptions brought 
about by the pandemic, Philippine exports to Singapore margin ally decreased by 1.49% from 
USD 3.83 billion in 2019 to USD 3.77 billion in 2020, while imports decreased by 15.56% from 
USD 6.66 billion in 2019 to USD 5.62 billion in 2020. Singapore also ranked as the Philippines 4th 
major source of foreign invest ments last year amounting to USD 201 million.  WT/TPR/M/4 13 • Singapore  
 
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  4.92.  Singapore is a small and open economy with high reliance on trade. Its two -way trade 
represents 320% of its GDP.  Thus, it supports and depends on an ope n, fair, transparent, and 
rules-based trading system. It also actively pursues regional integration and global cooperation 
through an extensive network of FTAs, which it considers complementary to and building blocks  for 
multilateralism. Among these FTAs, are the 7 agreements signed under the aegis of the ASEAN 
which include the recently signed largest FTA to  date – the Regional Comprehensive Economic 
Partnership or RCEP.  
4.93.  In response to the repercussions brought abou t by the COVID -19 pandemic, the Philippines 
notes Singapore’s main trade policy objective to maintain connectivity and openness to the world. 
We commend Singapore’s commitment to the multilateral trading system and for consistently 
supporting efforts to st rengthen the WTO and ensuring it remains relevant for the future. The 
Philippines acknowledges Singapore’s leadership role in the Joint Statement Initiative on 
E-Commerce and its active engagements in the joint statement initiatives on investment facilitat ion 
and on micro, small and medium enterprises, in the trade and environmental sustainability 
structured discussions, and in their announcement today of joining the Services Domestic Regulation 
JSI.   
4.94.  The Philippines also recognizes Singapore’s focus on ac celerating its transformation into an 
innovation -led economy as it aims to position itself as a Global -Asia node of technology, innovation, 
and enterprise, that is sustainable, resilient, and inclusive.   
4.95.  The Philippines has submitted advance written quest ions on the TPR reports and we thank the 
delegation of Singapore for their prompt replies.  
4.96.  In closing, the Philippines looks forward to further enhancing the mutually beneficial economic 
relations with Singapore in the bilateral, re gional, and multilatera l fora. We wish you a very 
successful Trade Policy Review.  
EUROPEAN  UNION  
4.97.  I would first like to welcome the delegation of Singapore  led by H.E. Mr. Lee Chuan Teck, 
Permanent Secretary, Ministry of Trade  and Industry. I would like to tha nk the WTO Secretariat and 
the d elegation of Singapore for their reports, which form the basis for our discussion today. My 
appreciation is extended to the d iscussant, H.E. Dagfinn Sørli (Ambassador of Norway) for getting 
us started today with his remarks.  
4.98.  The European Union warmly welcomes this opportunity to take a closer look at the trade 
practices of Singapore since the last Trade Policy Review in 2016.  
4.99.  Looking back at 2016, it feels as if we are looking at a different era. The fundamentals then 
were in  many ways the same as now. In 2016, just as today, the EU considered Singapore as a clear 
example of how trade and foreign investment can bring prosperity to a country. The decision taken 
by Singapore years ago to build its economic development strategy o n sound policies and an open 
and transparent trade and investment regime has given extremely good results. Foreign investment 
poured into the country and Singapore rapidly became a business and trade hub in the region.  
4.100.   However, as pointed out by Singapore in its TPR report “The review period (2017 -2021) was 
marked by an unprecedented health and economic crisis triggered by the COVID -19 pandemic”. In 
other words, the pandemic has changed everything. Singapore’s economy expanded between 2016 
and 2019 at an av erage annual rate of 3.1% but GDP contracted by 5.4% in 2020 as a result of the 
pandemic. Singapore, like most other countries in the world, has had to re -focus economic activity 
towards mitigating the impact of the pandemic on the economy and to plan for a post -pandemic 
recovery. The EU supports those efforts by Singapore, especially as the country continues to be very 
open to trade in both goods and services.  
4.101.   Another important factor that differs from 2016, from the EU point of view, is the Free Trade 
Agreement between the EU and Singapore, which entered into force on 21st November 2019. The 
EU and Singapore are close partners in a rapidly changing world. The Free Trade Agreement has 
brought us even closer.  WT/TPR/M/4 13 • Singapore  
 
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  4.102.   We are reinforcing collaboration in areas that are equally important to both of us, such as 
sustainability and climate change, which also have significant impact on trade. We have convened 
the first Trade and Sustainable Development Board under the EU -Singapore Free Trade Agreement, 
which gives us an o pportunity to reinforce joint efforts towards a resilient and sustainable post -
pandemic economic recovery.  
4.103.   To this end, both of us adopted new climate -oriented strategies: the European Green Deal 
is the EU’s broad roadmap for climate neutrality - just lik e the Green Plan 2030 is the guiding 
roadmap for Singapore’s efforts. Clearly, by working together and building on synergies we can have 
an even bigger impact at a global scale.  
4.104.   The EU and Singapore both are also strong supporters of multilateralism. We w ork jo intly in 
the World Trade Organiz ation and support its reform, so it can continue playing a pivotal role in 
developing global trade rules. We hope that we can count on Singapore’s continued engagement in 
ensuring that the WTO’s 12th Ministerial Confer ence delivers results that will restore the credibility 
of the Organi zation and provide it with the tools it needs to face today’s challenges.  
4.105.   In this regard, we welcome the decision announced this morning that Singapore is joining 
the Joint Statement Ini tiative on services domestic regulation. Taking this important decision 
involved significant coordination and consultation efforts. We trust that this step sets example for 
other Members who have not joined the JSI yet to follow suit.  
4.106.   We both joined the I nternational Platform on Sustainable Finance to support the objective of 
scaling up the mobilisation of private capital towards environmentally sustainable investments. 
Singapore and EU also support international solidarity in the fight against COVID -19 by  contributing 
to the COVAX mechanism aimed at rolling out vaccinations at a global scale.  
4.107.   It has been under the stewardship of Singapore, having held the role of ASEAN coordinator 
for relations with the EU over the past three years, that we were able to an nounce the elevation of 
relations between the EU and ASEAN to a strategic partnership in December 2020. This is truly 
indicative of a new chapter in the long standing  relationship between our two regional organisations 
in the spirit of shared values and mut ual cooperation. As partners in integration, the EU and ASEAN 
have many shared interests, from the immediate such as cooperation in overcoming the COVID -19 
crisis, including on vaccines and rebuilding our economies in a green and sustainable way, to the 
overarching objective of promoting effective multilateralism.  
4.108.   On behalf of the EU, I wish Singapore a very successful 8th Trade Policy Review.  
COSTA  RICA 
4.109.   First of all, I would like to welcome the delegation of Singapore, headed by Mr  Lee Chuan 
Teck, Permanen t Secretary, Ministry of Trade and Industry, and welcome Ambassador Tan Hung 
Seng and his team here in Geneva. I would like to thank the Secretariat for its report, as well as the 
discussant, Ambassador Sørli, for his valuable comments.  
4.110.   Costa Rica is pleas ed to participate in this Trade Policy Review. Singapore is a Member with 
which we share many views at the WTO and has demonstrated its commitment to the WTO and its 
reform process.  
4.111.   The services sector accounts for 70% of GDP and is the backbone of Singapo re's economy. 
This, coupled with the progress made at both the national and regional levels, in forums such as 
APEC or the regional Comprehensive Economic Partnership, in the development of disciplines on 
domestic regulation in services, make Singapore an ideal candidate to participate in the WTO's Joint 
Initiative on domestic regulation. Costa Rica welcomes the announcement this morning that 
Singapore is joining this initiative and congratulates it on this move. As the Coordinator of these 
negotiations, I am pleased to welcome you to you on board. Singapore's involvement in this initiative 
brings us ever closer to a successful outcome of the 12th Ministerial Conference, an objective shared 
by all participants.  
4.112.   Costa Rica sees in Singapore a partner with a t ransparent and open trade policy and 
recognizes its commitment to WTO commitments. Among other things, we appreciate Singapore's WT/TPR/M/4 13 • Singapore  
 
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  engagement and leadership in the Joint Initiative on e -commerce and its participation in other joint 
initiatives such as invest ment facilitation and micro, small and medium -sized enterprises (MSMEs), 
as well as in discussions on trade and health and trade and environmental sustainability. We also 
recognize Singapore's leadership in the proposal not to impose export prohibitions or  restrictions on 
food purchased for non -commercial humanitarian purposes by the World Food Programme.  
4.113.   International trade continues to play a key role as the main source of growth and has been 
a critical element in its development strategy. As noted in the  Secretariat Report, two -way trade in 
goods and services in the country accounts for 320% of its GDP.  
4.114.   Like the rest of the world, Singapore's economy was hit hard by COVID -19. Under these 
circumstances, Singapore has reiterated the importance it attaches t o maintaining an open trade 
regime, promoting competition, and supporting businesses in response to the pandemic. Solid 
growth of its economy, with moderate inflation and large fiscal and monetary reserves, placed 
Singapore in a solid position to address t his crisis and respond to it in a timely manner by allocating 
the resources needed for its recovery.  
4.115.   As small and open countries, we share Singapore's common view on the transformative role 
of investment and innovation in trade in goods and services in the  global economy. As part of the 
market diversification strategy and in order to promote trade relations, increasing investment and 
promoting cooperation, Costa Rica decided to strengthen its relationship with Singapore through a 
Free Trade Agreement that e ntered into force in July  2013. Since then, bilateral trade flows between 
the two countries have grown steadily. Exports grew at an average annual rate of 14.5% between 
2011 and 2020 and imports grew at a rate of 15.3%. These figures are encouraging, but w e 
recognize that there is still much room to strengthen this relationship through the potential of this 
Agreement and the complementarity of our economies.  
4.116.   Finally, Costa Rica would like to thank Singapore for its replies. We wish you every success 
this Tr ade Policy Review.  
OMAN  
4.117.   It is an hono ur and a pleasure to participate in the Trade Policy R eview of Singapore.  
4.118.   We offer our sincere congratulation to Mr. Lee Chuan  Teck, Permanent Secretary, for an 
excellent and comprehensive opening statement.  
4.119.    The Sultanate of Oman enjoys close relations with Singapore and both countries have 
excellent maritime, historical, and economic relations.   
4.120.   The free trade agreement between the Gulf Cooperation Countries (GCC) and Singapore 
which came into force in 2013 would lead to a further increase in the volume of the trade exchange 
between both parties.  
4.121.   Oman congratulates Singapore on its impressive achievements. Since  its previous Trade 
Policy Review in 2016 and between 2016 and 2019.  
4.122.   Singapore has made efforts to attract foreign direct investment by ensuring an enabling 
business environment in several areas. Singapore has also successfully followed the policy of 
diversification of its economy.  
4.123.   Singapore is faithfully adhering to the rules and disciplines of the WTO and is abiding by its 
commitments under the multilateral trade agreements. It staunchly supports and depend on an 
open, fair, transparent, and rules -based  trading system with the WTO at its core and will continue 
to actively participate in the work of the WTO, and support efforts to ensure that the WTO stays 
relevant and ready to meet the needs of the future economy.  
4.124.   To conclude, the Sultanate of Oman wish es Singapore a very successful Trade Policy R eview.  
  WT/TPR/M/4 13 • Singapore  
 
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  CHILE  
4.125.   We welcome the delegation of Singapore, led by Mr Lee Chuan Teck, Permanent Secretary, 
Ministry of Trade and Industry.  
4.126.   We also welcome all members of the Permanent Mission of Singapore, especially Ambassador 
Tan Hung Seng, with whom we have worked closely last time to advance common objectives within 
this organization.  
4.127.   We would also like to acknowledge the remarkable work done by both the Secretariat and 
Singapore in preparing the respective reports  and congratulate the discussant, the Permanent 
Representative of Norway, Ambassador Dagfinn Sørli.  
4.128.   Chile and Singapore are two economies open to the world that share a common vision in 
their integration strategy, promoters of free trade, and continually s eeking to coordinate on the 
major issues of the international agenda.  
4.129.   Economic and trade relations between Chile and Singapore take into account the nature of 
like minded countries and their close collaboration through various initiatives.  
4.130.   In 2005 we signe d the Economic Partnership Agreement (EPA), also known as the P4, which 
also includes Brunei Darussalam and New Zealand. The P4 was designed as a strategic alliance to 
address together the challenges associated with major markets and its dynamics, especial ly in Asia. 
This agreement transcends trade and includes a memorandum on labour cooperation and another 
on environmental cooperation, as well as understandings on cooperation in science and technology, 
patents and services linked to the digital economy.  
4.131.   The P4 Accession Clause, which reinforces the original intention to pursue further trade 
integration and liberalization in the Asia Pacific area, led to the expansion process known as Trans 
Pacific Partnership (TPP.) and then to the Comprehensive and Progres sive Trans Pacific Partnership.  
4.132.   Our economic trade ties are also regulated through the Pacific Alliance and the recently 
announced conclusion of negotiations between the Pacific Alliance and Singapore as a candidate 
Partner State. We hope to strengthen eco nomic cooperation in areas such as infrastructure, digital 
technology and innovation, energy and trade in food.  
4.133.   But both countries do not stop there. In June 2020, together with New Zealand, we signed 
up to the first Digital Economy Partnership Agreement ( DEPA), a pioneer of this kind in the world 
that was born out of our common interest in benefiting the smaller economies and providing more 
opportunities for our citizens, especially MSMEs. In this way, the agreement seeks to establish an 
amicable framework  for IT companies, promoting export of their products and services through the 
regulation of key pillars such as free flow of data and non discrimination of digital products, artificial 
intelligence, digital identity, privacy, etc.  
4.134.   At the level of the WTO,  the interests and visions of Chile and Singapore are similar, for 
example, in relation to the Trade Facilitation Agreement, services, domestic regulation, anti 
dumping, e commerce, and in particular we support a strong multilateral system based on 
transpa rent and non discriminatory rules that provide predictability for our entrepreneurs. In that 
vein, we work together with other Members to reform of this organization, including a permanent 
solution to the impasse with the Appellate Body.  
4.135.   In addition, Singa pore and Chile are active APEC members, where they seek greater regional 
economic integration through cooperation and sharing of good practices and by creating a free and 
open trade and investment regime. During our APEC year in 2019, Singapore enthusiasti cally 
supported our priorities: digital economy, integration, inclusive trade, in particular women and SMEs 
and sustainable growth.  
4.136.   Singapore remains among the most open and competitive economies in the world, through 
its strong commitment to free market a nd active pursuit of outward oriented economic policies and 
expanding international opportunities for locally established businesses.  WT/TPR/M/4 13 • Singapore  
 
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  4.137.   These policies, together with the acceleration of their transformation towards a future 
economy, guided by innovation and technology, are a source of inspiration for many other Members, 
including Chile.  
4.138.   In conclusion, for this Review, Chile has posed questions in the area of intellectual property, 
a fair and inclusive economy, SMEs and trade facilitation. We are grateful for the replies to these 
questions.  
4.139.   We wish Singapore a successful eighth Trade Policy Review.  
CHINA  
4.140.   China would like to extend our warm welcome  to the delegation of Singapore  led by Mr. Lee 
Chuan  Teck, the Permanent Secretary of Ministry of Trade and Industry, to the eighth Trade Policy 
Review. I would like to thank the discussant, Ambassador Sørli, for his insight ful remarks. My thanks 
also go  to the Secretariat for their har d work to prepare thi s exercise  with the high -qualified 
document.  
4.141.   China highly commends Singapore for its high -level openness of economy and pro -business 
environment. Singapore topped the rankings of both IMD’s report on World Competitiveness in 2020 
and World Economic Forum ( WEF)’s report on Global Competitiveness in 2019. Meanwhile, Singapore 
provides excellent global connectivity to serve the fast -growing markets of the Asia -Pacific region 
and beyond.  
4.142.   Singapore's open and transparent trade and investment regime helped it de monstrate strong 
economic resilience in the hit of COVID -19 pandemic. Based on the Secretariat report, Singapore 
experienced last year a 5.4% GDP contraction. But we are very pleased to see the quick recovery 
as according to its Ministry of Trade and Indus try, the second quarter of 2021 surprisingly recorded 
a 14.7% growth, higher than the previous forecast. China congratulates Singapore on its strong 
economic rebound.  
4.143.   Singapore’s contribution to the multilateral trading system is widely acknowledged and 
appreciated. The first Ministerial Confe rence of WTO was hosted by the G overnment of Singapore. 
Moreover, WTO’s first plurilateral trade agreement, the Information Technology Agreement was 
concluded in Singapore, and the negotiation of WTO’s first multilate ral trade agreement, the Trade 
Facilitation Agreement, was also initiated in Singapore. As a champion of the multilateral trading 
system, Singapore has been playing an active role in supporting the WTO's regular work in trade 
monitoring, dispute settlement , and capacity building.   
4.144.   We commend Singapore for co -convening the electronic commerce and actively participating 
in other JSIs such as Investment Facilitation for Development  and MSMEs . China would like to join 
others in expressing its warm welcome to S ingapore for joining  Services Domestic Regulation  JSI.  
4.145.   Singapore’s active role in the ongoing WTO discussions on issues like trade and health are 
also applaudable. In this regard, I would wish to place on record our deep appreciation for the 
constructive contribution of Ambassador T an Hung Seng and his team in Geneva in the ongoing work 
of the WTO.  
4.146.   In the context of regional integration and cooperation, China commends Singapore’s 
contribution in the areas of APEC initiatives, the upgrade of China -ASEAN Fr ee Trade Agreement and 
the creation of Regional Comprehensive Economic Partnership (RCEP). In A pril 2021, Singapore 
completed the official process for ratification of RCEP Agreement, becoming the first participating 
country of the world's largest Free Trad e Agreement.  
4.147.   China and Singapore share longstanding and substantive bilateral economic ties underpinned 
by strong trade and investment flows. Since 2013, China remained the largest trade partner of 
Singapore, accounting for 13.7% of total exports and 14.4 % of total imports in 2020, while 
Singapore remained China’s largest foreign investor. By the end of June 2021, Singapore’s 
cumulative investment in China totalled  USD 116 billion.  WT/TPR/M/4 13 • Singapore  
 
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  4.148.   On the other hand, China’s cumulative investment in Singapore also ranks the highest 
compared with its investment in other ASEAN countries, totalled  USD 70.87 billion by June 2021. In 
2020, FDI from China to Singapore hit a growth point of 75.1%, making Si ngapore the second 
largest destination for China’s new overseas investment.  
4.149.   Looking ahead, China is confident that our bilateral economic cooperation will be further 
enhanced under the Belt and Road Initiative.   
4.150.   China has submitted written questions in c onnection with this trade policy review, in areas 
such as export control, import licensing requirements, tax and non -tax incentive schemes etc. We 
greatly appreciate Singapore for their timely responses to our questions.  
4.151.   In conclusion, I would like to exp ress, once again, my appreciation to the delegation of 
Singapore and Ambassador T an Hung Seng for th eir hard work in preparing the R eview, and I wish 
them a very successful TPR.  
ICELAND  
4.152.   Iceland joins others in welcoming the distinguished de legation of Sing apore to their Trade 
Policy R eview. We also express appreciation to the WTO Secretariat and Singapore for the reports 
prepared, as well as to the discussant, H.E. Mr. Dagfinn Sørli, for his excellent framing of the issues 
for our discussion today.  
4.153.   Iceland welcomes the good cooperation that has characterized the longstanding running of 
the FTA between Singapore and the four EFTA countries, Iceland, Lichtenstein, Norway, and 
Switzerland, giving our citizens the opportunity to enjoy the economic benefits of su ch an 
agreement.   
4.154.   As with other countries, Singapore´s economy has received a severe blow by the COVID -19 
pandemic. After enjoying annual growth rate of 3.2% in the previous ye ars the economy contracted 
by 5.4% in 2020. Being one of the worst recessions s ince Singapore’s independence, as is stated in 
the report.  
4.155.   Iceland welcomes the various initiatives undertaken by Singapore seeking to mitigate the 
economic impact following the pandemic and its commitment to keeping markets open, supporting 
businesses and  worker at the same time promoting competition.  
4.156.   As the impact of this health crisis are still unfolding, new challenges arise related to trade 
and trade -related activities. It is now widely recogni zed that women are likely to be harder hit than 
men by trad e disruptions caused by the pandemic.  
4.157.   Following the Buenos Aires Declaratio n on women’s empowerment 2017, a group of WTO 
Member S tates established an Informal Working Group on Trade and Gender. Important tool in 
advancing women’s economic empowerment is s haring of best practices of respective experiences 
relating to policies and programs to encourage women's participation in national and international 
trade and thus promoting sustainable socioeconomic development. The trade policy review provides 
an excell ent opportunity to do that.  
4.158.   Iceland submitted advance written questions on the participation of women in the economy 
of Singapore. Iceland welcomes Singapore’s replies as - the answers will be useful as we gather best 
practices.  
4.159.   Iceland appreciates Singapore’s active engagement in WTO and their continued support for 
the multilateral trading system. We wish the delegation of Sin gapore every success for their Trade 
Policy R eview.  
BRAZIL  
4.160.   Let me start by welco ming the Singaporean delegation  headed by Mr Lee Chuan Teck, 
Permanent Secretary in the Ministry of Trade and Industry, and by thanking the Singaporean Mission WT/TPR/M/4 13 • Singapore  
 
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  in Geneva, and especially Ambassador Tan, for their efforts and contributions to this important 
exercise.  
4.161.   I would also like to ex press our sincere a ppreciation to the Singaporean G overnment and 
the WTO Secretariat for their reports, as well as to the discussant, Ambassador Dagfinn Sørli, for his 
insightful observations, and you, Chair, for your opening comments.  
4.162.   Brazil attaches sign ificant importance to trade policy reviews, especially to ensure greater 
transparency and predictability for trade stakeholders. This is demonstrated by the dozens of 
questions submitted to Singapore for the present meeting. The COVID -19 pandemic that we a re still 
facing and its impact on trade are additional elements that reinforce the relevance of this review.  
4.163.   Both the reports submitted by Singapore and the Secretariat confirm that Singapore's 
economic growth and high -level of human development provide a very emblematic case of the 
benefits of international trade. Singapore has a very strong external position, trades thrice the value 
of its GDP and is a renowned international financial hub, being the world`s third largest FDI recipient 
in 2019.  
4.164.   Singapore is  very well integrated into Asia’ s regional value chains. The number of trade 
agreements already concluded or under negotiation by the country, such as CPTPP and RCEP, is 
impressive.  
4.165.   The impacts of the pandemic on the world  and in particular on S ingapore’ s economy, which 
added to other exogenous shocks such as those provoked by trade tensions, demonstrate how 
important it is for us to maintain and reform a rules -based multilateral trading system. Since last 
year, after the outbreak of the COVID -19 pandemic, Singapore has been one of the leading voices 
in the call to maintain open trade and to moderate the adoption of measures to restrict exports.  
4.166.   Notwithstanding the drop in GDP recorded in 2020, which was more the rule than the 
exception in most co untries, and in spite also of the distinct impacts of the recession on different 
economic sectors, growth prospects for Singapore's economy in 2021 are positive. And trade will 
have an important role in the recovery.  
4.167.   Singapore is Brazil’ s main trade destin ation in ASEAN. Last year, despite the COVID -19 
pandemic, our exports to Singapore rose by more than one -quarter. In the first semester of 2021, 
considering all our trading partners, Singapore was the 8th main destination of our exports.  
4.168.   Our bilateral inve stment flows are just as significant. In 2019, Singapore was the third 
largest direct investor in Brazil. Its investments are spread in many sectors, such as shipyards, 
airports services, telecommunications, information technology and agribusiness. Brazil also 
maintains investments in Singapore in different sectors, such as aviation, oil and gas, mining and 
agribusiness.  
4.169.   Both our trade and investments flows are closely related and reinforce each other. 
Investments explain the presence of products such as pe troleum oils, vessels, and poultry, pork and 
bovine meat on our trade agenda.  
4.170.   It is in our interest to further strengthen our economic relationship with Singapore. For this 
reason, together with our other MERCOSUR partners, we have been negotiating a free trade 
agreement with Singapore since 2018.  
4.171.   In the WTO, Brazil and Singapore have been working together to uphold and reform the 
multilateral trading system. We are both members of the Ottawa Group and of the MPIA. Brazil is 
an active participant in the Joi nt Statement Initiative on E -Commerce, which is co -convened by 
Singapore. Singapore is the leading proponent of an exemption to the World Food Programme from 
the scope of export restrictions applied to food purchases by Members, whose negotiations have 
been facilitated by Brazil. We welcome Singapore’s announcement today on joining the JSI on service 
domestic regulation.  
4.172.   In this trade policy review, Brazil is very interested in understanding better Singaporean`s 
insertion in global and regional value chains , the already observed and expected benefits and WT/TPR/M/4 13 • Singapore  
 
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  impacts of trade agreements and initiatives it has been putting forward to cope with the COVID -19 
pandemic effects.  
4.173.   Brazil thanks Singapore for the written replies to our questions, which comprises some issu es 
I touched upon today, such as economic recovery, effects of trade tensions on Singapore’ s economy 
and 5G. They were forwarded to our capital for examination and follow -up. 
4.174.   We wish Singapore a successful Trade Policy R eview.  
THE SEPARATE  CUSTOMS  TERRITOR Y OF TAIWAN,  PENGHU,  KINMEN  AND  MATSU  
4.175.   On behalf of the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, I would 
first like to extend our warm welcome to the Singapore delegation led by His Excellency Permanent 
Secretary Lee Chuan Teck. I wou ld also like to thank the Secretariat for its comprehensive Report, 
and Ambassador Dagfinn Sørli of Norway too for his helpful observations and comments.  
4.176.   As mentioned in the r eports by Singapore and the Secretariat, the review period from 2017 
to 2021 has been seriously marked by the unprecedented health and economic crises caused by the 
COVID -19 pandemic. Despite its slight fall in the annual growth rate in 2020, Singapore has  now 
regained its previous upward momentum and recorded positive growth for the 1st Quarter of 2021.   
4.177.   We would also like to commend the Government of Singapore on its achievements in 
combating and containing the spread of COVID -19. In particular, we welco me the resolve shown by 
the Singapore Government to maintain its trade and investment regimes as free and open as possible 
during these difficult times. We are also pleased to learn that as part of its new economic 
transformation strategy, it still intende d to deepen and broaden links with the global supply and 
value chain.  
4.178.   Singapore’s free and open trade and investment regimes, along with its position as a critical 
and trusted participant in the global supply chain, are extremely important, not only with regard to 
our bilateral economic and trade relations, but also to our relations with the whole of Southeast Asia.  
4.179.   The reason our bilateral trade with Singapore has been able to weather the negative impact 
of the pandemic and maintain steady growth is main ly due to the solid foundation of our FTA with 
Singapore. This is a high -quality FTA covering all aspects of trade. Since taking effect in April 2014, 
our relationship has deepened significantly , and bilateral trade volumes are continuing to grow.  
4.180.   Singapo re has long been a pivotal station for our trade with its neighbouring countries in 
Southeast Asia, due in great part to its division of labour and complementarity with us as well as the 
fact that most of our businesses choose Singapore as a hub or operati onal centre for their trade or 
investment in the region.  
4.181.   On the multilateral trade front, we are pleased to see Singapore remaining as an active 
participant in, and strong supporter of, the multilateral trading system. Singapore has been active 
on almost all fronts in the campaign for the further liberalization and opening up of trade on a 
multilateral level. We are pleased that Singapore strongly supports efforts to reform the WTO by 
adopting innovative pathways, including the JSIs, in order to ensure it is fit-for-purpose in the 21st 
century. We greatly appreciate Singapore’s contribution to advancing the negotiations under JSIs 
on E-Commerce, and we especially welcome its announcement today to join the JSI on Service 
Domestic Regulation negotiation.    
4.182.   We wish Singapore a constructive and successful TPR, and we look forward to even closer 
and more mutually beneficial economic ties with Singapore in the future.  
THAILAND  
4.183.   At the outset, Thailand would like to associate itself with the ASEAN statement deliver ed by 
Malaysia . WT/TPR/M/4 13 • Singapore  
 
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  4.184.   It is our pleasure to participate in the eighth  Trade Policy Review of Singapore. We would 
like to extend our warmest welcome to the Singaporean delegation led by Permanent Secretary for 
Development of the Ministry of Trade and Industry Mr.  Lee Chuan Teck.  
4.185.   We would like to thank the TPRB Chair , Ambassador Dr  Athaliah Lesiba Molokomme  of 
Botswana , and the  discussant, Ambassador Mr. Dagfinn Sørli of Norway, for their insightful 
comments. We also thank the Government of Singapore and the WTO Secretariat for their useful 
and comprehensive reports.  
4.186.   Thailand and Singapore have enjoyed friendly diplomatic relationship for 56 years. As the 
two countries share a great deal o f similarities, not least in relation to geographical proximity, 
institution, economic, as well as culture, the goodwill between the two countries will, without a 
doubt, continue to grow and prosper both in the near and distant future.  
4.187.   Thailand commends Singapore for her solid and stable macroeconomic performance which 
is underpinned by sound macroeconomic policies and management. This has made Singapore one 
of the countries with the highest GDP per capita in Asia, the highest standard of living,  and the most 
competitive economy in the world.  
4.188.   The trade ties between Thailand and Singapore are exceptionally strong. In 2020, Singapore 
is Thailand’s 5th largest trading partner and 2nd among ASEAN, while Thailand is Singapore’s 9th 
largest trading part ner and 3rd among ASEAN. Total trade value between the two countries 
amounted to approximately USD 17 billion in 2020, an increase of 3.18% from 2019, and a yearly 
average increase of 3.69% since 2016, notwithstanding the COVID -19 pandemic. Trade between 
the two  countries is dominated by precious stones and jewellery, computers, parts, and accessories, 
refined oil, and electronic integrated circuits.   
4.189.   One of the most notable characteristics of Singapore is the high degree of openness to 
international trade , with two -way trade in goods and services representing 320% of GDP. In this 
regard, Thailand welcomes Singapore’s expansion of her network of free trade agreements which 
now stands at 27 FTAs with 65 different countries in total. We also appreciate Singap ore’s significant 
breakthroughs during her ASEAN chairmanship in 2018 that were indispensable in the conclusion of 
Regional Comprehensive Economic Partnership (RCEP) in 2019 which is probably the world’s largest 
regional trade agreement.  
4.190.   Thailand commends Singapore’s active role in the WTO as a strong supporter of the open 
and rule -based multilateral trading system. The country ratified the Trade Facilitation Agreement 
and is a party to the Information Technology Agreement. Singapore is a co -convener of Joi nt 
initiatives on e -commerce and participates in the joint initiatives on investment facilitation and on 
micro, small, and medium -sized enterprises. Moreover, thanks to Ambassador Tan Hung Seng’s 
great contribution, the country has co -sponsored several sta tements on trade and supply chain 
connectivity and has served as a bridge builder in the current trade and health debate.  
4.191.   As Singapore is highly open to international trade and investment, the country, has, 
therefore, been particularly hard hit by the COVI D-19 pandemic and the potential decline in world 
merchandise trade. This caused the country’s real GPD growth to decline at -5.4% in 2020. However, 
the country has been able to recover swiftly as the GDP growth rate in the second quarter of 2021 
amounted t o 14.7%, making the growth forecast in 2021 to be at an impressive rate of 6.0 -7.0 %.  
4.192.   Thailand is excited and welcomes Singapore’s various initiatives to transform the country 
into a green, innovation -led, and business -friendly economy that is ready to fac e the challenges of 
the future. Most notable initiatives that have caught our attention are Industry Transformation Maps, 
Bright Green Spark and creating Green Finance, and Green and Digital Economy Agreements. With 
these visionary economic policies, we ar e confident that the Singaporean economy will continue to 
withstand any challenge and crisis and emerge even stronger and more powerful.  
4.193.   In this review, Thailand submitted a set of questions. We take the opportunity to thank 
Singapore for her responses an d will certainly study them in detail with great interest.  
4.194.   Thailand would like to express our appreciation to Singapore for excellent cooperation in all 
aspects. In particular, we would like to thank Ambassador Tan Hung Seng and his team in Geneva WT/TPR/M/4 13 • Singapore  
 
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  for the generous and unwavering support to promote the interest and goodwill between our two 
missions in Geneva as well as his substantial contribution to the WTO so far. We look forward to 
further strengthening our partnership in all areas of mutual interest and we wish Singapore every 
success in its 8th Trade Policy Revi ew. 
INDIA  
4.195.   My delegation is very pleased to participate in the 8th Trade Policy Review of Singapore and 
we would like to extend a very warm welcome to the delegation of Singapore  led by Permanent 
Secretary , Ambassador  Lee Chuan Teck. M y delegation would like to commend  the Government of 
Singapore and the WTO Secretariat for the ir comprehensive report s and would  also like to thank the 
discussant , Ambassador Mr. Dagfinn Sørli , for his insightful  comments.  
4.196.   India and Singapore share a close and multi -faceted  partnership underpinned by  strong 
economic cultural and people -to-people linkages. The robust  bilateral ties  were elevated to a 
strategic  partnership in 2015 on the occasion of the fifthieth anniversary of the establishment of 
diplomatic relations between our two countries. Trade and economic cooperation is one of the key 
pillars of our expanding ties.  
4.197.   The Comprehensive Economic Cooperation A greement of 2005 provides an important 
frame work for promoting bilat eral trade and investment flows. B ilateral trade expanded up to the 
conclusi on of SICA from USD 6.7 billion  in 2004 -05 to reach USD trade 7.85 billion in 2018 -19. 
Singapore is India's six l argest trading  partner , with a share of 3.2 % of India's overall trade. In 
2020-21, the bilateral trade stood at nearly USD 22 billion.  
4.198.   Singapore is not only a foremost trading partner in the ASEAN  region. Singapore remains 
the largest source of FDI in India for the past few years. Our two -way inves tments were over 
USD 17 billion last year, despite the pandemic slowing things down. These  investment s were in 
diverse sectors , such as services sector, computer software and hardware, trading, 
telecommunications , and drugs and pharmaceuticals . 
4.199.   We cooperat e within the framework of the  India-ASEAN  Trade in Services and Investment 
Agreement which entered into force in July 2015. We are hopeful abo ut the potential for expanding  
our trade and economic ties with Singapore. Singapore's economy has performed well  since its last 
Trade Policy Review in 2016  marked by robust growth, low inflation and unemployment,  an ample 
system and monetary results, financial stability and openness to international trade and investm ent. 
4.200.   Singapore has one of the highest trade to GDP ratio s in the world , of around 320%, 
representing its strong position as a media transshipment hub and as one of the most liberal an d 
open trading regime s in the worl d. We have noted that Singapore’s trade  is underpinned by an 
expanding network of regional and bilateral free trade  agreements with its trading  partners , and the 
share o f trade with preferential partners is  over 9 5% for both  exports and imports.  
4.201.   Due to the COVID -19 pandemic , Singapore 's economy  too, faces challenges of potential 
slow-down. India understands the challenges surrounding  the economic recovery and  in maintaining 
a steady growth in the face of these uncertain times. In this context, we note Singapore's agenda 
for economic transformati on and setting the part of economic recovery. We would like to thank 
Singapore authorities for the replies and answers to the questions posed by  my delegation. These 
questions cover ed diverse areas including trade in goods, services, SPS and TBT -related  measures, 
trade facilitation , to name a few.  
4.202.   Finally, we welc ome Singapore's strong and long standing support to the  rules-based 
multilateral trading system . Singapore has been an active M ember and participant in the wor k across 
the WTO 's agenda. Both our countries have a share d interest in a strong and effective multilateral 
trading system , and we look forward to working with Singapore in ensuring balance d outcomes in 
the ongoing  negotiations , as well as in the regular work in various WTO bodies. We commend  
Singapore for the ir active and positive engagement , and wish the entire delegation of Singapore a 
very successful Trade Policy Review.  WT/TPR/M/4 13 • Singapore  
 
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  JAPAN  
4.203.   Let me first extend a warm welcome to this ei ghth TPR meeting to the distinguished 
delegation of  Singapore headed by Mr. Lee Chuan Teck, Permanent Secretary, Ministry of Trade and 
Industry. We sincerely appreciate the dedicated efforts made by Singapore and the WTO Secretariat 
to prepare the insi ghtful reports shared with the Members in advance of to day’s R eview. We are also 
grateful to the d iscussant, H.E. Mr. Dagfinn Sørli, Ambassador of Norway, for his insightful remarks.  
4.204.   Japan recognizes that Singapore has been proactively supporting the multilateral trading 
system in various ways. We commend Sing apore for taking initiatives and playing a significant role 
at the global level.  
4.205.   Singapore’s proposal on agriculture export prohibitions or restrictions relating to the World 
Food Programme is one of these outstanding Singaporean initiatives. We appreciate Singapore’s 
pioneering efforts to connect the WTO with humanitarian cooperation and address today’s significant 
new policy challenges.  
4.206.   Although the Secretariat’s report says that Singapore’s steady economic growth was hit by 
the negative impacts of the COVID -19 pandemic, we recognize that its economy has been gradually 
recovering as evidenced by the year -to-year GDP growth rate of 7.7% it  has achieved. We believe 
this is a result of Singapore’s continued pursuit of a free and open trade policy, which has enabled 
the country to enjoy the benefits of an unrestricted economic environment. We expect to see 
Singapore continuing to enjoy further  economic development while showing the world the benefits 
of championing free and open trade.  
4.207.   We welcome Singapore’s engagement as our strong partner in the effort to maintain and 
consolidate the multilateral trading system centred around the WTO. As one  of the co -conveners of 
the JSI on E -Commerce together with Japan and Australia, and as an active participant in plurilateral 
meetings such as the Trade and Environmental Sustainability Structured Discussions (TESSD), we 
commend Singapore’s contribution to  making new rules in response to the changing times under the 
umbrella of the WTO. In addition, Japan welcomes Singapore’s announcement for the participation 
of the Joint Statement Initiative on Services Domestic Regulations which, we believe, will give fu rther 
momentum to conclude the negotiations by MC12.  
4.208.   On the aspect of regional integration, since the last review in 2016, Singapore has signed 
seven new RTAs, including the CPTPP and the RCEP. As exemplified by its participation in these 
agreements, Singa pore has been contributing to regional liberalization. In addition, Singapore has 
also signed the ASEAN Agreement on Electronic Commerce. We commend Singapore’s contributions 
to promoting rule -based trade both within and beyond the ASEAN region.  
4.209.   We recogn ize that Singapore keeps its economy open as a trading hub. We believe the 
ratification of the Trade Facilitation Agreement (TFA) in 2015 will bolster this approach. We also look 
forward to seeing Singapore channelling the FDI it has long been receiving fr om many countries, 
including Japan, into continuing with this approach going forward. We commend Singapore’s 
leadership towards enhancing trade facilitation in the ASEAN region through means such as the 
ASEAN Single Window. Such efforts are invaluable for increasing FDI and creating a more attractive 
business environment.  
4.210.   With respect to domestic policy, as the report by the Secretariat points out, Singapore is 
proceeding with a plan for reducing reliance on foreign workers. The government has also been 
strengthening the regulations related to the acceptance of foreign workers in higher positions such 
as professional, managerial and executive positions. In addition, Singapore has been strengthening 
the regulations for intra -corporate transferees accompanied by their families. Japanese businesses 
are concerned that this measure discourages the movement of intra -corporate transferees, which 
may have a negative impact on FDI inflows into Singapore.  
4.211.   In conclusion, Japan appreciates Singapore’s efforts to proactiv ely support the multilateral 
trading system in spite of the uncertain situation due to the COVID -19 pandemic. Japan looks 
forward to continu ing close collaboration between our two countries and wishes Singapore a 
successful and productive TPR.  WT/TPR/M/4 13 • Singapore  
 
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  TURKEY  
4.212.   We ex tend a very warm welcome to the delegation of Singapore headed by Mr. Lee Chuan 
Teck, Permanent Secretary of the Ministry of Trade and Industry.  
4.213.   We would like to thank the Secretariat and the Government of Singapore for their detailed 
reports as well as di scussant Ambassador Dagfinn Sørli of Norway for his precious comments.  
4.214.   As stated in the reports, Singapore has remained a steady economy with solid growth, 
subdued inflation, low unemployment, ample fiscal and monetary reserves and financial stability 
since its previous review.  
4.215.   Singapore’s economy, which is bound to open and free trade, has been affected by the 
pandemic like many other countries. However, Singapore managed to mitigate negative effects of 
the pandemic by cash transfers and income support, t ax rebates and affordable financing for MSMEs 
through implementation of five budgets in 2020.  
4.216.   Another step taken by the Government to overcome the challenges arising from the global 
slowdown of merchandise trade is the economic transformation agenda. We b elieve that 
implementation of 23 Industry Transformation Maps will help to build value -creating economy and 
support innovation and digitalization.  
4.217.   Singapore is a strong supporter of the rules -based multilateral trading system. We commend 
Singapore for bein g among the first WTO Members to ratify the Trade Facilitation Agreement, 
implementing all of its provisions since its entry into force in 2017.  
4.218.   We are pleased to work together with Singapore regarding Joint Statement Initiatives on e -
commerce, investment facilitation and MSMEs. We are delighted to hear today its decision to join 
the JSI on services domestic regulation.  
4.219.   Considering Turkey’s endeavours to further expand the depth and scope of ties with Asia -
Pacific countries, Singapore stands out as a dynami c and capable actor in its region and as a reliable 
partner for Turkey.  
4.220.   We also value Singapore’s potential contributions to our “Asia Anew” initiative, which we 
launched in 2019 to deepen Turkey’s connections with South -East Asia in every field.  
4.221.   Singapore  is among the countries in the Asia -Pacific region, with which we have a trade 
surplus. For Turkey, Singapore exhibits a significant potential for enhancing cooperation in trade and 
investment. Our bilateral trade volume had surpassed USD 1 billion in 2019 . We expect it to gain 
further pace in the post -pandemic recovery period.  
4.222.   Turkey and Singapore are strategically located at the epicentre of vibrant markets. 
Therefore, we are working to tap into this potential and cooperate as gateways to new markets in 
our respective regions.  
4.223.   Free Trade Agreement between our countries, which entered into force in 2017, is the most 
comprehensive FTA Turkey has negotiated so far. We hope that this Agreement will boost the 
investment environment and create new cooperation a reas between our enterprises.  
4.224.   We welcome Singaporean investors’ interest in the Turkish market. The total value of the 
direct investments from Singapore is approximately USD 500 million and around 100 Singaporean 
companies operate in Turkey.  
4.225.   Considering Singapore’s progress in cyber security, high -technology, digitalization as well as 
innovation applications for smart cities, we are keen to cooperate in these emerging industries, we 
encourage Turkish and Singaporean companies to actively engage with each other and explore ways 
to collaborate.  
4.226.   Construction is another field that deserves special attention. We believe that Turkish and 
Singaporean investors can successfully cooperate and invest in projects in third countries.  WT/TPR/M/4 13 • Singapore  
 
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  4.227.   We also see a substantial potenti al in agricultural sector that both countries would benefit 
from. We wish to expand our cooperation with Singapore in agriproducts, not only in trade but also 
in investments.  
4.228.   In conclusion, we would like to take this opportunity to thank the delegation of  Singapore, 
Ambassador Tan Hung Seng and his team for the excellent preparation for this R eview, as well as 
their constructive contributions to WTO activities.  
4.229.   We wi sh Singapore a very successful T rade Policy R eview.  
BANGLADESH  
4.230.   At the outset, my delegation welcomes H.E Mr. Lee Chuan Teck, Permanent Secretary 
(Development) Ministry o f Trade and Industry (MTI) and head of d elegation for his introductory 
presentation at the 8th Trade Policy Review of Singapore. We also thank H.E. Mr . Dagfinn Sørli 
Ambassador and P ermanent Representative  of Norway for his insightful observations. Our sincere 
appreciations also go to the Government of Singapore and the WTO Secretariat for the 
comprehensive reports.  
4.231.   We are encouraged to see that solid g rowth, subdued inflation, low unemployment, ample 
fiscal and monetary reserves, financial stability, and openness to international trade and investment 
have always been hallmarks of Singapore’s economy. Its sound macroeconomic policies resulted in 
a substa ntial increase in living standards over the past two decades. As a friendly, Asian neighbour 
country, we take pride in the great strides and significant progress made by Singapore during review 
period. Its prud ent macro economic measures have resulted in im pressive economic growth with an 
average annual rate of 3.1% and remarkable improvement in almost all indices. Singapore is 
managing the COVID induced economic challenges quite efficiently through effective economic and 
fiscal management.  
4.232.   Bangladesh and S ingapore enjoy a friendly and mutually beneficial relationship ever since 
diplomatic relations between the two countries were established in 1972. Bangladesh views 
Singapore as an Asian Economic power and a key development model to emulate. The companies 
of Singapore are showing an increasing interest to inv est in, and doing business with  Bangladesh. 
Bangladeshi business community is also keen to enhance trade with Singapore. There are many 
areas which remain unexplored for our two countries to expand the h orizon of our mutual 
cooperation. In this context, Bangladesh particularly flags two issues from Government report 
(WT/TPR/G /473) Chapter l: Economic Environment:  
• From Sub -Chapter “Main Features of the Economy”, Does Singapore have any plan to extend 
more facilities to workforce from other countries working in Singapore?  
• From the chapter “Other Regional and Bilateral FTAs and Economic Partnerships” - Bangladesh 
imports USD 2.5 -3.5 billion worth goods from Singapore whereas our export figure stands at 
only USD 200 -300 million per annum to Singapore. Against the backdrop of this large trade 
deficit on our part, both countries need to explore ways to increase trade opportunities by taping 
the potenti al areas. We would be interested to hear the reflections of the Singapore delegation 
on how we can improve the trade gap between the two countries.  
4.233.   We sent the above two questions through the Secretariat earlier. We thank, in advance, the 
Singapore delegation for answering the questions.  
4.234.   To conclude, we wish the d elegation of Singapore a productive and successful TPR. My 
delegation will continue to work closely with the Singapore delegat ion, led by Ambassador H.E. 
Mr. Tan Hung Seng to strengthen multilateral trading system to our mutual benefit.   
INDONESIA  
4.235.   Indones ia would like to extend its warm welcome to Mr. Lee Chuan Teck – Permanent 
Secretary (Development), Ministry of Trade and Indus try of Singapore and the other m embers of 
the delegation to the Trade Policy Review (TPR) of Singapore. Indonesia wishes to thank  Singapore 
for the comprehensive Government report and its s tatement.  WT/TPR/M/4 13 • Singapore  
 
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  4.236.   Indonesia also would like to convey its appreciation to H.E. Mr. Dagfinn Sørli of Norway for 
his contribution as a discussant and extend its grateful to the Chair of Trade Policy Review Body, 
Ambassador Dr. Athaliah Lesiba Molokomme  of Botswana , as well as WTO Secretariat for putting 
their hard work in conducting this eighth  Trade Policy Review of Singapore by providing Members 
with insightful perspectives and comments.  
4.237.   Indonesia is pleas ed to acknowledge its relations with S ingapore that can be characteriz ed 
as one of the most trusted and major trading partners in the world, shown by both countries’ 
commitment that has been widely understood, to maintain stability and pursuing economic 
development in the region. Indonesia and Singapore have substantive and close cooperation across 
a wide range of sectors, including education, tourism, culture, defence and the environment.  
4.238.   Indonesia is of the view that Singapore provides a predictable and easiness in terms of doing 
business showed by latest annual ratings co ncerning Ease of Doing Business (EODB) published by 
the World Ba nk where Singapore is ranked 2 among 190 countries in 2020. Thus, Indonesia observes 
that Singapore demonstrates transparency in regulations that support commercial and trade 
environment.  
4.239.   With regards to trade performance between the two countries, Singapore became the 2nd 
largest importer  in Indonesia. Indonesia notes that Singapore enjoyed export value of 
USD 17,5 billion in 2019 and  USD 12,3 billion in 2020 to Indonesia from its varied prod ucts such as 
petroleum oils, gold, polymers of propylene, cyclic hydrocarbons and polymers of ethylene. On the 
other side, Indonesia recorded export value of USD 12,9 billion in 2019 and USD 10,6 billion in 2020 
to Singapore from its gold, petroleum gases,  electrical capacitors, crude petroleum oils and palm oil 
and its fractions. By taking into account the beneficiary cooperation between both countries, 
Indonesia remains experienced trade deficit of USD 4,6 billion in 2019 and USD 1,6 billion in 2020 
from Singapore.  
4.240.   In spite of these  circumstances, Indonesia would like to underline Singapore’s importance 
for the foreign direct investment (FDI). Singapore’s FDI in Indonesia has reached total value of 
USD 2,6 billion in the first quarter of 2021, which curre ntly spreading to more than 3.634 essential 
projects in Indonesia in the area of infrastructure development, tourism sector, health care, 
industrial sector, education and other technical assistance. In order to maintain good environment 
for trade and inves tment, Indonesia and Singapore are looking forward to creating  future business 
potential and to improve economic transformation, among others, with implementing bureaucracy 
simplification and minimizing barriers.  
4.241.   In terms of Singapore’s role in the WTO, In donesia takes note that Singapore is a strong 
supporter of multilateralism and it believes in the  benefits of an integrated global economic and 
trading system based on transparent and fair rule s. In the issue of WTO r eform, Singapore is one of 
the 121 Memb ers that support to launch the selection processes for the appointment of Appellate 
Body members and it continues to support efforts to refresh the WTO in meaningful ways, including 
through the WTO Joint Statement on E -Commerce initiative which aims to est ablish rules for the 
digital economy.  
4.242.   Singapore is a co -sponsor to three statements on trade and COVID -19 at the WTO. This 
includes the: (a) COVID -19 and the Multilateral Trading System by Ministers Responsible for the 
WTO; (b) Responding to the COVID -19 pandemic with Open and Predictable Trade in Agriculture 
and Food Products; and (c) Statement on Highlighting the Importance of Micro, Small and Medium -
sized Enterprises (MSMEs) in the Time of COVID -19. These statements seek to ensure that supply 
chains rema in open and connected amidst the COVID -19 pandemic.  
4.243.   In this special occasion of e ight Trade Policy Review of Singapore, Indonesia would like to 
seek clarification with regard to Singapore’s trade policies and measures, i.e. implementation of the 
Guidelines  for the Implementation of ASEAN Commitments on NTMs on Goods, utilization of 
Certificate of Origin under Rules of Origin provision, information on the Incentive Programme and 
its commitment to SCM Agreement, information on Technical Regulations and Confor mity 
Assessment Mechanism as well as information on the inclusion of MSMEs in the global value chain. 
These interests, for more details, have been reflected in our written questions and we will take a 
careful look for Singapore’s responses and will follow -up accordingly.  WT/TPR/M/4 13 • Singapore  
 
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  4.244.   Indonesia believes Trade Policy Review is important mechanism in the WTO for Indonesia 
and the rest of WTO Members to understand Singapore trade policies and measures which may have 
impact to trade. Nevertheless, as our closest neighbour an d fellow founding members of the 
Association of Southeast Asian Nations (ASEAN), Indonesia is confident that the two countries will 
share the “ASEAN Way” with the same vision of how to shape economic stability in the region.  
4.245.   To conclude our statement, we w ould like to reiterate our appreciation to the delegation of 
Singapore, Trade Policy Review Body (TPRB) and WTO Secretariat for their hard work. We wish 
Singapore a successful and f ruitful e ight Trade Policy Review and we wish everyone staying healthy.  
PANAMA 
4.246.   First of all, I wish to commend His Excellency Lee Chuan Teck, Ambassador Tan and the 
entire delegation of Singapore for their outstanding preparation. I also wish to salute 
Ambassador  Dagfinn Sørli, discussant for this eighth review, and the Secretari at for preparing the 
reports.  
4.247.   Panama attaches special attention to its relations with Singapore. At the bilateral level, we 
maintain important agreements in areas of common interest, which have strengthened our ties in 
recent years. We have a Free Trade Agreement, which entered into force on 24  July 2006.  
4.248.   For the period under review, Panama exported to Singapore bovine meat, swordfish, waste 
and scrap iron and steel. For the same period, we imported medicines for therapeutic use, food 
preparations of flour, tropical fruit juices, pacemakers, ophthalmological devices and through the 
Colón Free Zone we imported sulphonamides, nucleic acids and their salts, oxygen -function amino 
acids and cigars containing tobacco.  
4.249.   Panama's trade balance f or the period 2016 -2020 was in deficit. Since the entry into force 
of the Agreement, we have seen a positive trend in our trade. We can also highlight that Singapore, 
by 2019, maintains a Foreign Direct Investment of USD  515.8  million in our economy.  
4.250.   We we lcome Singapore's participation in WTO activities and its strong commitment to the 
multilateral trading system. During the review period, Singapore did not participate in any trade 
disputes under the WTO, either as a complainant or as a respondent. However , it participated 
actively in the dispute settlement mechanism as a third party and is also involved in the Multi -Party 
Interim Appeal Arbitration Arrangement.  
4.251.   Singapore is co -organizer of the initiative on the Joint Statement on e -commerce and is also 
involved in two other joint initiatives, namely on investment facilitation and micro, small and 
medium -sized enterprises (MSMEs.) and has been involved in Structured Discussions on Trade and 
Environmental Sustainability since December  2020.  
4.252.   Singapore is recog nized for its strong intellectual property protection and promotion. It is 
convinced that intangible assets such as intellectual property will increasingly boost economic 
growth. It is worth noting that the current Director General of WIPO is Singaporean.  
4.253.   In addition, Singapore is the proponent of a proposal on agricultural export prohibitions or 
restrictions in relation to the World Food Programme, which is still under discussion and which 
Panama supports.  
4.254.   The travel restrictions applied to deal with the C OVID -19 crisis, both domestically and 
abroad, along with declining external demand and supply chain disruptions, had a significant impact 
on Singapore's economic activity.  
4.255.   Against this backdrop, the Government launched a combination of unprecedented 
macroe conomic policies, including fiscal and monetary measures. The main purpose of the measures 
was to protect the lives and livelihoods of people, to save jobs and to preserve the capacity of 
businesses. This combination of macroeconomic policies contributed t o maintaining Singapore's 
productive capacity and in turn enabled it to set the right conditions for a reasonable recovery in 
2021.  WT/TPR/M/4 13 • Singapore  
 
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  4.256.   In addition, both Singapore and Panama ensure that global supply chains remain open and 
connected, and that Members comply w ith WTO obligations, including those related to transparency 
and notifications. To this end, Singapore co -sponsored a number of statements or submissions on 
trade and supply chain connectivity.  
4.257.   We remain attentive to the turn of the discussions during this  review and reiterate Panama's 
willingness to strengthen its cooperation ties with Singapore, with a view to promoting trade and 
investment between the two countries. We wish Singapore success in this eighth Trade Policy 
Review.  
MAURITIUS  
4.258.   The Mauritian del egation welcomes the hig h-level delegation led by Mr. Lee Chuan Teck, 
Permanent Secretary of the Ministry of Tr ade and Industry of Singapore. We congratulate Singapore 
and the Secretariat for their strong efforts to complete the 8th Trade Policy Review of Singapore in 
spite of the current global challenges.  
4.259.   We also extend our thanks to the discussant, H.E. Mr. Dagfinn Sørli of Norway for his insights 
on the report.  
4.260.   Mauritius and Singapore share a number of common characteristics, particularly in terms of 
our smallness, popu lation and economic structure. We both don’t have a lot of natural resources and 
we have to rely on our human resources for the creation of value in our economies.  
4.261.   The quality of your people , Permanent Secretary , has always been inspirati onal for Mauritius, 
from Ambassador Kesavapany to A mbassador Tan and Jayachandran.  We salute this.  
4.262.   Mauritius has always vi ewed Singapore as a role model.  A lot of our development policies 
have been tailored drawing on the achievements of Singapore and as a  result of this, Mauritius also 
shares a services -oriented economy that revolves around tourism, ICT, fi nancial services, among 
others.  Like you, we believe that bilateral and multilateral agreements ar e building blocks for a 
strong multilateral trading s ystem.  
4.263.   It is indeed gratifying to see the manner by which Singapore keeps innovating and pushing 
the boun daries in a number of sectors. Their 23 Industry Transformation project is indeed testament 
to the country’s constant evolution and adaptation process.  
4.264.   The pandemic has brought to the fore many of the weaknesses of Africa, especially with 
regards to the adoption of digital technologies to overcome the limi tations of social distancing. T his 
includes adopting e -commerce, work from home, distance le arning, and digitali zing government 
services, among other things.  
4.265.   As a leader in digitaliz ation and technology integration in society and economy, we believe 
that Singapore could facilitate and accelerate technology penetration in Africa, the more so as 
Singapore is positioning itself a s a global node of technology. We also note the activities undertaken 
within the emerging technologies programme in Singapore to co -found costs of trials and adoption 
of frontier technologies such as 5G.  
4.266.   Singapore, like Mauri tius has maintained a largely duty -free market access  and is very open 
to business. We would like to see Singapore companies invest in Africa, including Mauritius in 
emerging sectors such as biotechnology, renewable energy an d ocean economy, among others. I 
might also highlight, that Mauritius is constantly improving its regulatory framework and adopting 
new policies in the fields of the future, such as intellectual property, fintech, life sciences and creative 
industries.  
4.267.   We were very impressed by the man ner in which Singapore developed new modalities for 
the international response to trade restrictions during the pandemic.  
4.268.   We are also very impressed by the recovery of cargo volumes which had declin ed. It would 
be interesting to hear in greater detail how this was achieved as we continue to suffer from a severe 
drop in freight availability and escalating costs.  WT/TPR/M/4 13 • Singapore  
 
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  4.269.   Like Mauritius, we note that Singapore’s tourism sector has been affected due to global 
lockdowns and increased restrictions on the movement of peop le meant to curtail the spread of 
COVID. We are, however , hopeful that the sector will soon recover as Mauritius plans to open its 
frontiers on the 1st of October.  
4.270.   Turning to more WTO related issues . We are glad to note that Singapore is active on a 
number  of negotiation fronts, including t he Joint Statement Initiatives.  We know that Singapore is 
a strong proponent of the WTO multilateral system and we encourage the country to maintain its 
active p articipation to strengthen the Organiz ation, especiall y in light of the upcoming 12th Ministerial 
Conference.  
4.271.   With regards to the elimination of export restrictions for World Food Programme, Africa has 
collaborated fully in this effort to improve global food security.  
4.272.   With that I would like to conclude my statement  and I would like to wish Singapore a very 
successful Trade Policy Review.  
HONG  KONG,  CHINA  
4.273.   I would like to start by extending a warm welcome to the  Singaporean delegation led by 
Mr Lee Chuan  Teck, Permanent Secretary (Development) in Singapore’s M inistry of Trade and 
Industry. I would also like to thank Ambassador Dagfinn Sørli of Norway for sharing with us his 
insights as discussant, and the Secretariat for the comprehensive reports prepared for  this R eview.  
4.274.   Hong Kong, China and Singapore have long been enjoying harmonious bilatera l trade and 
economic relations.  Last year, Singapore was our fourth  largest trading partner in the world and first 
among the ten Member States of the Associ ation of Southeast Asian Nations (ASEAN) in merchandise 
trade. During the same period, we were Singapore’s second largest export market in the world.  
4.275.   Despite the global downturn brought about by the COVID -19 pandemic since last year, the 
total merchandise trade between Hong Kong and Singapore still recorded an increase of 3% in 2020, 
with value amounti ng to more than USD 48 billion.  We are also encouraged by the impressive surge 
of 32.5% year -on-year in bilateral trade in goods in the first half of 2021.  
4.276.   We are pleased to note that the ASEAN -Hong Kong, China Free Trade Agreement and the 
related Investment Agreement have entered into for ce in full since February 2021.  We appreciate 
Singapore’s effort in bringing the two agreements into force back in June 2019 , making Singapore 
among the first batch of ASEAN Member St ates ratifying both agreements.  We look forward to further 
strengthening our economic ties with Singapore by facilitating more flow of goods, services and 
investments.  
4.277.   Both Singapore and Hong Kong,  China are small and open economies and we share a lot of 
commonalit ies in terms of trade policies.  For example, we both attach great importance to free trade, 
and are staunch supporters of an open, transparent and rules -based trading system with the WTO 
at its core.  
4.278.   Hong Kong, China highly appreciates Singapore’s active and construc tive participation in the 
WTO. In particular, we wish to join others in welcoming Singapore's decision to join the Joint 
Statement Initiative on Services Domestic Regulation, to  which Hong Kong, China has been 
participating actively. We look forward to working closely with Singapore to further advance the 
work of the WTO.  
4.279.   Let me now turn to three specific topics in Singapore’s trade policies.  
4.280.   First, Singapore’s efforts to improve  trade fac ilitation have been impressive.  Singapore’s 
customs procedures are entirely digitali zed and carried out by its national single window, through 
which applications submitted are generally approved wit hin 10 minutes. Besides, Singapore has 
continued  to expand its customs cooperation with other economies.  During the reporting period, 
Singapore has signed Mutual Recognition Arrangements with Thaila nd, Australia and New Zealand. 
Together with the existing seven WTO Members (including Hong Kong, China),  Singapore now has 
made such arrangement with a total of 10 Members.  WT/TPR/M/4 13 • Singapore  
 
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  4.281.   Meanwhile, Singapore was also actively engaged in other trade facilitation initiatives within 
the ASEAN during the reporting period, including the ASEAN Trade Facilitation Framework, the 
ASEAN Single Window and the ASEAN Customs  Transit System Live Operation.  We welcome 
Singapore’s continued efforts in simplifying and modernising its customs procedures.  
4.282.   Second, services. We note that the services sector remains the backbone of Singapore’s  
economy, accounting for 70 % of GDP and 76% of employment.  Since 2018, Singapore has become 
a net exporter of services with a growing surplus reaching SGD 20.5 billion (about USD 15 billion) 
in 2020. We would encourage Singapore to continue supporting a pr edictable trading environment 
and minimi zing impediments to trade in services.  
4.283.   Last but not l east, investment facilitation. Singapore actively supports the Joint Statement 
Initiative on Investment Facilitation for Development (IFD) and co -sponsored the Jo int Ministerial 
Statements in Buenos Aires in  2017 and in Shanghai in 2019. We look forward to working closely 
with Singapore and other like -minded Members to further develop the framework on IFD, with a 
view to working towards a concrete outcome at MC12.  
4.284.   Hong Kong, China always treasures Singapore  as a valuable trading partner.  We look forward 
to developing stronger bilateral trade and economic relations as well as closer cooperation in the 
WTO o n issues of mutual interests. We thank Singapore for respond ing to our questions and wish it 
a productive and successful Trade Policy R eview.  
RUSSIAN  FEDERATION  
4.285.   Russia appreciates the opportunity to take part in the 5th TPR of Singapore and engage in a 
frank discussion on its trade policy. I would like to extend a warm welcome to the delegation of 
Singapore, thanking the Government and the WTO Secretariat for their comprehensive reports, as 
well as the discussant  for his thoughtful remarks.  
4.286.   Let me start by pointing out that trade and economic cooperation is  the highlight of Russia’s 
bilateral relations with Singapore. Specific focus is attached to fostering collaboration between our 
countries in the energy sector, transport, agro -industrial complex, information and communication 
technologies.  
4.287.   Unfortunately, our trade turnover in 2020 was heavily affected by the global econom ic 
downturn caused by the COVID -19 pandemic and decreased by 63% to about USD 2 billion (for 
comparison, in 2019 it amounted to USD 5.4 billion). At the same time, in the first quarter of 2021 
Russia's non -resource non -energy exports to Singapore demonstrated a modest recovery, growing 
by 16% (to USD 22 million).  
4.288.   We hope that the downward trend in trade between our countries will be reversed in the 
near future. The FTA on trade in goods bet ween the Eurasian Economic Union Members and 
Singapore, signed in 2019, should be instrumental in achieving this goal. We are also looking forward 
to finalizing negotiations on the bilateral FTA on trade in services between Russia and Singapore.  
4.289.   We note wi th appreciation that Singapore refrains from imposing unjustified trade barriers, 
maintaining one of the most open trade and investment regimes in the world. This allows major 
Russian oil and gas, innovative and high -tech companies (Gazprom Marketing and T rading, Lukoil 
Asia Pacific, Novatek Gas and Power Asia, Rosneft, Kaspersky Lab, IB Group) to expand their 
presence on the local market, mutually benefit ing our economies. Due to the efforts of the 
Government of Singapore to diversify food imports, first d eliveries of Russian confectionery, wine, 
honey, snacks, frozen chicken and vegetables began recently, with dairy products soon to follow. In 
addition, work continues on negotiating the terms of Russian -made poultry and pork imports.  
4.290.   On the multilateral le vel, Russia commends Singapore’s strong and consistent support for 
the WTO and the multilateral trading system. Singapore actively promotes trade liberalization and 
meaningfully participates in the WTO negotiations, including on the JSIs, while strictly ad hering to 
its obligations and demonstrating a commendable notifications record. Personal contributions of 
Ambassador Tan, committing his time and energy to sustaining multilateralism, including through 
chairing WTO bodies and involvement in other WTO work (like the preparation of the recent 
pandemic response compilation), can not be overestimated.  WT/TPR/M/4 13 • Singapore  
 
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  4.291.   In conclusion, I would like to wish Singapore a successful Trade Policy Review.  
BRUNEI  DARUSSALAM  
4.292.   Brunei Darussalam associates itself with the ASEAN statement deli vered by Malaysia. We 
would also like to express our warm welcome to Mr. Lee Chuan Teck and his team, and commend 
the Government of Singapore and the WTO Secretariat for their clear and comprehensive reports, 
respectively. We would also like to thank H.E. Ambassador Dagfinn Sørli of Norway for his insightful 
overview of both reports under discussion.  
4.293.   Brunei Darussalam and Singapore are more than fellow ASEAN Member States and 
neighbours, we are close friends and partners.  
4.294.   Although diplomatic relations were only officially established in 1984, bilateral ties have 
existed long before that and we have strong and close cooperation in areas of defence, tourism, 
health, aquaculture, education, finance, and trade and investment, a mong others.   
4.295.   We have, for example, a Currency Interchangeability Agreement, established in 1967, where 
the currency notes and coins i ssued by the other country are accepted and exchanged at par and 
without charge, into our own currency, by  our respectiv e monetary authorities. This promotes 
monetary cooperation and facilitates the ease of doing business between our two countries.  
4.296.   In September 2020, we also entered into a Reciprocal Green Lane to facilitate essential 
business and official travel for resid ents from both countries, which allowed for the safe resumption 
of cross -border movement, especially of business people, with the necessary safeguards in place to 
ensure that public  health concerns on both sides are addressed.  
4.297.   Singapore is one of Brunei’ s main trading partners and, despite its being  adversely affected 
during the pandemic, in 2020 it became our top trading partner accounting for 22.4% of Brunei’s 
total trade. Between 2016 to 2020, total two-way trade increased by 218% with exports from Br unei 
to Singapore incr easing by BND 1.492 billion and  imports by BND 1.043 billion . Our main exports to 
Singapore consist of mineral products, chemicals, metals and textiles, machinery, electrical and 
transport equipment and various manufactured articles, while imports from Singapore mainly 
comprise mineral products, machinery, electrical equipment, chemicals, foodstuff and beverages, 
live animals and animal products, vegetable products, plastics and rubber.  
4.298.   Over the last three years, we both also entered into a major free trade agreement, codifying 
our common values. The Regional Comprehensive Economic Partnership Agreement (RCEP) signed 
in 2020 accounts for 30% of global trade.   
4.299.   We also share the same belief in the need for an open and rules -based multil ateral trading 
system, as embodied by the WTO, and indeed Singapore has been an active and leading player in 
this august Organization, recently spearheading, for example, an important initiative exempting 
World Food  Programme food purchases for humanitarian purposes from export restrictions, which 
Brunei Darussalam strongly supports.   
4.300.   We would therefore like to commend the work of H.E. Ambassador Tan Hun Seng, and his 
team in the Permanent Mission, and wish them and Singapore a successful 8th Trade Policy Review.  
LAO PDR 
4.301.   At the outset, I would like to warmly welcome Singapore’s delegation led by H.E. Lee Chuan 
Teck, Permane nt Secretary, Ministry of Trade and Industry, to their 8th Trade Policy Review meeting, 
today.  
4.302.   Taking this opportunity, I would like to thank Singapore and the WTO’s Secretariat for the 
comprehensive briefings. And my thanks go to H.E. Ambassador Dagfinn Sørli of Norway for his role 
as discussant.  
4.303.   The Lao PDR associates itself with the ASEAN statement for the 8th Singapore’s Trade Policy 
Review delivered earlier by Malaysia . WT/TPR/M/4 13 • Singapore  
 
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  4.304.   The Lao PDR commends Singapore for the remarkable progress made in economic and tra de 
developments characterized by its sound macroeconomic policies coupled with keeping markets 
open, promoting competition and supporting businesses and workers through the COVID -19 crisis. 
More importantly, in the rapid disruption of ICT and changing patt erns of supply and demand, 
Singapore has focused on accelerating transformation into an innovation -led economy, powered by 
technology and ready to face the challenges of the future. As a result, Singapore's GDP growth has 
recorded an average annual rate of  3.2% for the period from 2016 to 2019. Singapore also topped 
the World Economic Forum's Global Competitiveness rankings in 2019, and INSEAD's Global Talent 
Competitiveness Index 2020 ranked Singapore top in the Asia -Pacific and third globally for talent 
competitiveness. The Economist Intelligence Unit's Business Environment Rankings forecasted for 
2020 to 2024 have also placed Singapore first in the world for doing business.  
4.305.   Singapore is not o nly the key trading partner of ASEAN, but it is also of the Lao PDR. On Lao 
PDR-Singapore bilateral trade relation, Singapore is the Lao PDR’s No. 17 largest trading partner 
with two -way trade amounted to USD 65.2 million in 2020 compared with USD 43.8 million in 2016, 
increased markedly by 48.6 %. Although the volume o f our bilateral trade is still not much, we can 
see the gradual upward trend year -by-year and we can tap further potentials.  
4.306.   On FDI, Singapore is the 10th largest investor in the Lao PDR with 83 projects and with the 
total value of USD 362.3 million.  
4.307.   On AS EAN Comprehensive Recovery Framework (ACRF) and Regional Comprehensive 
Economic Partnership (RCEP), the Lao PDR looks forward to closely working with Singapore and 
other ASEAN Member States as well as its Dialogue Partners to have them fully and effective realized.  
4.308.   The Lao PDR commends Singapore, especially Ambassador Hung Seng and his staff, for the 
strong supporter of the multilateral trading system and playing an important role in WTO’s 
negotiations and reform processes.  
4.309.   Taking this opportunity, I woul d like to thank Singapore for its invaluable support and 
cooperation extended to Laos in technical assistance and capacity building activities through 
Singapore -WTO Third Country Training Program (TCTP), Initiative fo r ASEAN Integration (IAI), 
Laos-Singapo re Technical Cooperation Center in Vientiane, Laos, among others. We hope that these 
support and cooperation in this regard will continue.  
4.310.   To conclude, I wish Singapore a great success in its 8th Trade Policy Review.  
BAHRAIN  ON BEHALF  OF THE GCC 
4.311.   We are de lighted to participate in the 8th Trade Policy Review of the Republic of Singa pore 
and would like to warmly welcome H.E. Mr. Lee Chuan  Teck, Permanent Secretary of Development 
at the Ministry of Trade and Industry in Singapore and H.E. Ambassador Tan Hung Seng, Permanent 
Representative of the Republic of Singapore to the World Trade Organization and the World 
Intellectual Property Organi zation, and wish them and thei r delegation a very successful R eview.  
4.312.   We would also like to thank the WTO Secretariat for their efforts in preparing the detailed 
report.  
4.313.   Singapore has always been an important partner of the states of the Gulf Cooperation 
Council, sharing a strong economic relationship. As developing nations, we share similar challenges 
and opportunities and have learned from each other through continuous co operation  over the past 
3 decades.  
4.314.   Coupled with the implementation of the GCC -Singap ore FTA, we foresee this strong economic 
relationship growing even further in the future.  
4.315.   We are therefore encouraged by the findings of the report , that Singapore’s rate of annu al 
economic growth averaged 3.1% per year during the p eriod under review, as w ell hav ing one of the 
highest GDPs per capita in Asia.  WT/TPR/M/4 13 • Singapore  
 
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  4.316.   We are also pleased that the report shows the various efforts undertaken by Singapore to 
embark on an economic transformation agenda in order to build a value -creating economy that is 
open and connecte d to the world through building skills and capabilities and supporting innovation 
and digitalization.  
4.317.   In closing, we would like to thank the discussant for his remarks and active discussion and 
the WTO Secretariat for their efforts in preparing the detailed report.  
ARGENTINA  
4.318.   Argentina welcomes the delegation of Singapore, led by HE Mr  Lee Chuan Teck, Perma nent 
Secretary, Ministry of Trade and Industry of Singapore.  
4.319.   We are grateful for the reports prepared by Singapore and the Secretariat, which provide a 
comprehensive overview of this Member's trade policies. We also thank Ambassador Sørli for his 
comments,  which have enabled us to deepen our understanding of Singapore's trade practices and 
the economic environment in which it is operating.  
4.320.   Singapore's trade policy reports reflect a strong, open, competitive and dynamic economy 
that confirm it as a global bu siness hub.  
4.321.   To achieve this, Singapore has implemented a long -term strategy involving a wide range of 
public policies designed to create a climate conducive to entrepreneurship and innovation, as well 
as a range of assistance and incentive programmes for b usinesses, including SMEs, which allow them 
to develop and compete in an increasingly demanding world, both in the production of high 
value -added goods and in the provision of increasingly sophisticated services.  
4.322.   In this context, Singapore's trade policies  play a central role by identifying and exploiting 
opportunities for the integration of businesses and creating a predictable trading environment.  
4.323.   As could be expected, an economy that was highly integrated in global trade flows of goods 
and services was n ot spared the shocks generated by the COVID -19 pandemic.  
4.324.   Indeed, the health crisis we are experiencing resulted in a contraction of the Singaporean 
economy of 5.4% and interrupted a cycle of economic growth between 2016 and 2019, averaging 
3.2% per year.  
4.325.   However, Singapore's fiscal soundness and macroeconomic stability have led to the 
implementation of both containment and stimulus measures, which are already yielding positive 
results. The IMF expects growth of 5.2% for Singapore in 2021 and a stabilization  of around 3.1% 
in 2022, depending on the recovery in the global economy.  
4.326.   On the bilateral level, Argentina is Singapore's sixth largest supplier among Latin American 
countries. In the last five years, Argentina has had a trade deficit in its trade balance . The peak of 
USD 264 million in bilateral trade during this period, recorded in 2019, plummeted in 2020 with a 
year-on-year decline of 41.5% of Argentinean exports and 60.1% of imports from Singapore. 
However, this trend started to reverse in the first ha lf of 2021, with an increase of 198% of 
Argentinean exports and a 20.3% increase in imports from Singapore over the same period of the 
previous year.  
4.327.   It should be mentioned that negotiations to open up the Singaporean market to Argentinean 
pork are underwa y. This is a top priority for my country. Following a virtual meeting between the 
technical teams last July, agreement was reached on the possibility of conducting virtual inspections 
of the establishments concerned, which could take place during the month  of November  2021.  
4.328.   Singapore is one of the clearest examples of a country that works responsibly and 
constructively in all areas of the WTO, through its active and competent Mission in Geneva led by 
Ambassador Tan, to strengthen the rules -based multilatera l trading system and, at the same time, 
seeks to complement this system with an extensive network of bilateral and plurilateral free trade 
agreements that currently account for over 85% of world trade.  WT/TPR/M/4 13 • Singapore  
 
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  4.329.   In this regard, we would like to emphasize that the cu rrent negotiating process between 
Singapore and MERCOSUR is one of the most active on the agenda of our regional bloc and Singapore 
is the first country of the Association of South -East Asian Nations (ASEAN.) with which we are 
negotiating.  
4.330.   Having exchanged  textual proposals for the various disciplines to be part of the Agreement 
in April  2019, and after months of inactivity due to the pandemic, talks resumed since the last half 
of 2020. During 2021, three virtual meetings of Chief Negotiators took place and  the second round 
of negotiations will take place next week, which will revive this scenario in all its disciplines, with a 
view to concluding the negotiations in 2022, as well as consensus on a roadmap to fulfil that 
objective.  
4.331.   Let me conclude by again th anking the distinguished delegation of Singapore, 
Ambassador  Sørli and the Secretariat for this new opportunity to exchange views on Singapore's 
trade policies.  
4.332.   We reaffirm the importance of this exercise in all its aspects and wish the Singaporean 
authori ties a successful conclusion to this Review.  
MYANMAR  
4.333.   Myanma r aligns itself with the ASEAN s tatement made by Malaysia.  
4.334.   My delegation would like to join oth ers in welcoming the Singapore d elegation led by Mr. Lee 
Chuan Teck, Permanent Secretary (Development)  of the Ministry of Trade and Industry and 
congratulate for their 8th Trade Policy Review Process.  
4.335.   Singapore and Myanmar have long standing  cooperation in numerous areas including trade, 
investment  and human resource development.  
4.336.   In bilateral trade relations, it can be observed that the trade volume is growing steadily in 
which Singapore is always in favour of Myanmar.  
4.337.   Singapore ranks as the 5th major export partner and the 2nd major import partner  of 
Myanmar for the Financial Year 2019 -2020.  
4.338.   Myanmar would like to appreciate Singapore for its initiatives to help developing members 
integrate into and benefit from Multilateral Trading System through technical assistance and capacity 
building activitie s such as Singapore -WTO Third Country Training Programme (TCTP). In addition, 
Myanmar would also like to express our gratitude and appreciation to Singapore for its continued 
support to Myanmar through Singapore Cooperation Programme under Initiative for A SEAN 
Integration.  
4.339.   Bilateral Investment Treaties contribute to enhancing investment in Singapore. During the 
period under review, Singapore concluded Bilateral Investment Agreements with 9 countries 
including Myanmar.  
4.340.   Singapore and Myanmar signed Bilateral Investment Treaty in 2019 and as of August 2021, 
Singapore is the top major investor in Myanmar constituting the 26.77% of Foreign Investment 
Projects in Myanmar.  
4.341.   Despite challenges of COVID -19, it is commendable tha t Singapore remains attractive 
investment destination for many global companies due to its adjusted macroeconomic policies in 
response to the pandemic as well as effective strategies to develop and maintain a business -friendly 
environment.  
4.342.   We believe that , with the current momentum of Singapore’s economic recovery, by staying 
open and connected to the world, Singapore will continue to actively contribute to the work of the 
WTO.  
4.343.   I wish Singapore every success in its 8th TPR process.  WT/TPR/M/4 13 • Singapore  
 
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  JAMAICA  
4.344.   Jamaica congr atulates Singapore on this its e ighth Trade Policy Review and extends a warm 
welcome to its distinguished delegation led by Mr. Lee Chuan Teck, Permanent Secretary for 
Development, in the Ministry of Trade and Industry. We thank Singapore for the report prese nted 
and further wish the delegation a successful review. Jamaica also registers its appreciation to our 
discussant, Ambassador Dagfinn Sørli of Norway for his balanced and insightful perspectives, as well 
as to you, Chair, and the Secretariat for the resp ective contributions to this exercise.  
4.345.   Jamaica and Singapore share a long history of friendship and cooperation, built on a mutual 
commitment to deepen the existing relations at the bilateral and multilateral levels.  
4.346.   We note positively  that during the peri od 2016 -2019, Singapore recorded robust economic 
growth, registering an average annual rate of 3.1%. Yet, in 2020, GDP contracted, which coincided 
with the onset of the COVID -19 pandemic. The pandemic resulted in an unprecedented global health 
and economic  crisis, which has significantly impacted the way in which we conduct business and our 
daily lives. For many countries, including small island states like Singapore, its impact has been 
devastating/severe. Hence, the Government’s commitment to keeping its markets open to trade, 
promoting competition, and supporting businesses and workers throughout this period of significant 
difficulties must be lauded.  
4.347.   We note further that, although the performance and economic outlook for different sectors 
continue to be  uneven, the authorities remain optimistic about future economic growth; GDP growth 
for 2021 is expected to be between 4.0% to 6.0%. This is largely attributable to the Government’s 
continued implementation of sound policy measures, particularly those that  support sectors with 
strong prospects for growth and job creation, as well as facilitate digitali zation and work automation.  
4.348.   Singapore’s persistent and/or focused efforts at maintaining a business -friendly 
environment, improving infrastructure, and expan ding human capital formulation has contributed to 
the substantial increase in its living standards. It has also boosted its ranking as a major global 
business hub. The country’s services sector continues to dominate; this is all a part of its successful 
long-term strategy to transform the country into a knowledge -based and innovation -driven economy 
fit for the future. Positive examples of this strategy are: (I) the establishment of the Future Economy 
Council and the Emerging Stronger Taskforce (EST), (II) m aintenance of a strong Intellectual 
Property (IP) regime; and (II) the devotion of financial resources for research, innovation, and 
enterprise. We encourage Singapore to continue these efforts going forward.  
4.349.   Like many developing countries, Jamaica is plea sed with the high priority that Singapore 
attaches to its participation in the rules -based multilateral trading system. As a mutual partner, 
Jamaica welcomes Singapore’s commitment to the strengthening of the multilateral trading system, 
with the WTO as it s core institution, and commends Singapore for its active participation in the WTO 
and in informal groupings of WTO Members, such as the Friends of the System. This is in recognition 
of the critical importance of trade to the full reali zation of the countr y’s economic growth and 
development objectives. Its continued support to other developing countries, including through the 
Singapore -WTO Third Country Training Programme (TCTO), should be further encouraged.  
4.350.   At the regional level, Singapore has been seekin g to expand its links and capabilities to 
support Asia’s growth, while forging strategic linkages to other key markets. We commend the 
Government’s post -pandemic efforts aimed at positioning the country as a safe destination through 
the strengthening of it s air, sea and land transport solutions.  
4.351.   Also commendable is the country’s pledge to meet its commitments under the Paris 
Agreement; we note that there is ongoing investment in low  carbon technologies, and action to 
review the country’s carbon tax to encou rage companies to become more carbon efficient.  
4.352.   In closing, Jamaica once more extends its best wishes to Singapore for a successful Trade 
Policy Review.  WT/TPR/M/4 13 • Singapore  
 
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  URUGUAY  
4.353.   Uruguay wishes to extend a warm welcome to the delegation of Singapore, led by the 
Permanent Se cretary of the Ministry of Trade and Industry, Mr  Lee Chuan Teck, on the occasion of 
the eighth Trade Policy Review. We thank Ambassador Sørli for his presentation and the Secretariat 
for its comprehensive report.  
4.354.   In 2020, the COVID -19 pandemic dealt a hea vy blow to the economies of WTO Members, 
and Singapore was no exception. However, we congratulate Singapore on the fiscal and monetary 
measures implemented between February and October  2020, and in particular on the provision of 
affordable financing, espec ially for small and medium sized enterprises, as well as incentives for the 
adoption of new technologies. We note the granting of numerous tax and non -tax incentives to help 
companies established in the country. Generally, these incentives have been design ed to encourage 
companies to expand production and investment, adopt new technologies and invest in R& D and 
training, or to support start -ups. We note that despite the health crisis, Singapore maintained its 
open markets, boosted competition and provided support to firms and workers during the crisis. 
Similarly, it has focused on accelerating its transformation into an economy driven by innovation 
and technology and prepared to meet the challenges of the future.  
4.355.   Singapore has long been at the forefront of trade facilitation initiatives. It is one of the first 
Members to ratify the Trade Facilitation Agreement and has implemented all its provisions since the 
entry into force of the Agreement in 2017. Singapore has also been involved in trade facilitation 
initiatives within ASEAN, including the implementation of the ASEAN Single Window as of 
December  2019.  
4.356.   Singapore and Uruguay agree on the high importance attributed to the WTO and its central 
role in the rules -based multilateral trading system, as well as the  need for meaningful outcomes at 
MC12. Similarly, both countries concur on the need to ensure that the WTO remains relevant in the 
future and is up to all challenges. We are also committed to working with other WTO Members to 
find a permanent solution to t he impasse with the Appellate Body.  
4.357.   Singapore ranked 58th as a destination for Uruguayan exports in 2020. The main Uruguayan 
exports were dairy products – milk, butter and dairy spreads, and non -cellular plastic sheets. 
Singapore was ranked 57th as a source of imports with a share of 0.09%, mainly for electrical 
appliances, electrical machines and primary batteries.  
4.358.   Our bilateral relationship is underpinned by legal instruments in the area of economic trade, 
such as the Memorandum of Understandin g on Trade and Investment Cooperation between 
MERCOSUR and Singapore and an Agreement on the Avoidance of Double Taxation in force since 
2017. Since 2018, we have been negotiating an agreement between MERCOSUR and Singapore, the 
first negotiation that the bloc has launched with an ASEAN member country. We support efforts to 
continue expanding our trade ties and deepening our relationship for the development of our 
countries.  
4.359.   In conclusion, we would like to reiterate our appreciation for this new exchange on  
Singapore's trade practices, while recognizing the team from its Mission in Geneva, led by 
Ambassador Tan Hung Seng, for his professionalism and active participation in the Organization, 
and to wish them a successful conclusion to this review.  
VIET  NAM 
4.360.   I would like to warmly welcome to the disti nguished d elegation of Singapore led by Mr Lee 
Chuan Teck, Permanent Secretary of the Ministry of Trade and Industry to the eighth Trade Policy 
Review of Singapore.  
4.361.   Viet Nam thanks Singapore and the WTO Secretaria t for their respective reports prepared 
for the purpose of this TPR.  
4.362.   We also would like to e xpress our appreciation to the d iscussant, His Excellency Ambassador 
Dagfinn Sørli of Norway for his remarks.  WT/TPR/M/4 13 • Singapore  
 
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  4.363.   We associate ourselves with the ASEAN statement made earlier by Malaysia.  
4.364.   We take note with pleasure that during the review period in question, Singapore continues 
to be a true champion for multilateralism, especially the multilateral trading system which benefits 
us all.  
4.365.   Singapore has demonstrated her lead ership with innovative ideas and solutions, and played 
a very constructive role at the WTO by chairing important WTO bodies in a professional manner, 
tabling viable proposals, and helping gather momentum for a number of initiatives to move the WTO 
forward.   
4.366.   Viet Nam applauds Singapore and is happy working with her in the efforts of shared interests, 
such as Fisheries Subsidies negotiations; the WTO Reform; the WTO Response to the COVID -19 
pandemic including the Joint Statement on Agriculture Export Prohibit ions or Restrictions relating to 
World Food Program; and the promotion of Micro, small and medium -sized enterprises.  
4.367.   As an important regional hub for global supply chains, Singapore maintains an open economy 
and trading regime with the focus on providing s ervices that support and complement other 
manufacturing economies in the region, including Viet Nam. Therefore, Singapore’s strong economic 
and trade growth supports the well -being  of our regional grouping – ASEAN.  
4.368.   We are pleased to note that from 2016 to  2019, the real GDP growth rate in Singapore was 
more than 3% per year, and the import and export turnover growth rate was around 7% per year.  
4.369.   Not only contributing significantly to ASEAN’s economic and trade growth, Singapore has 
also helped steering ASE AN towards deeper regional and global economic integration through the 
impressive project of ASEAN Economic Community with a great success.  
4.370.   In the context of the COVID -19 pandemic, Singapore plays a role model in the region on 
how to keep trade open while  effectively bringing the pandemic under control, working in solidarity 
with the region and the world.  
4.371.   Sharing the membership in ASEAN, APEC and the CPTPP Agreement, Singapore is not only 
Viet Nam’s geographically close neighbour , but also a significant tr ading partner.  
4.372.   Allow me to provide some impressive highlights about bilateral trade and investment 
relationship between Singapore and Viet Nam:  
4.373.   Regarding bilateral trade, we are pleased that Singapore has been a long standing  economic 
partner of Viet Nam.  Currently, Singapore is Viet Nam’s fourth  largest trading partner in ASEAN and 
tenth -largest trading partner in the world. In 2020, trade volume between Singapore and Viet Nam 
reached USD 6.7 billion. In the first 7 months of 2021, the total bi lateral tra de value reached 
USD 4.8 billion, up by 28.4% year -on-year. These numbers are a clear demonstration of our 
strengthening economic cooperation even during the pandemic.  
4.374.   In terms of investment, Singapore was the biggest foreign investor in Viet Nam in 2020 with 
a total investment of USD 9 billion, accounted fo r 31.5% of total foreign investment in Viet Nam.  
4.375.   The bilateral trade and investment relationship between Singapore and Viet Nam is now in 
the period of healthy and comprehensive development. We strongly believe that the two countries 
have many potential o pportunities to advance. Therefore, to further enhance bilateral trade, we 
would continue promoting and facilitating the connection of the two economies to make economic 
cooperation more effective and commensurate with the potentials of the two countries.  
4.376.   Lastly, on this occasion, I would like to express my appreciation to the Singapore’s Geneva -
based team led by His Excellency Ambassador T an Hung Seng who has been proactively contributing 
to the work of the WTO. Allow me to conclude my statement by wishin g Singapore a successful 
Trade Policy Review.  WT/TPR/M/4 13 • Singapore  
 
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  NEW  ZEALAND  
4.377.   New Zealand values our constructive trade and economic relationship with Singapore. 
Singapore has been an important trading and investment partner for New Zealand for many years. 
Singapore is curre ntly our 6th largest trading partner. We are both small trading nations that are 
dependent on an open multilateral trade environment for our w ell-being and prosperity. COVID -19 
has reinforced the importance of our relationship, including through our cooper ation to keep supply 
chains open and functioning. Our Comprehensive Economic Partnership reflects our close 
cooperation and shared vision.  
4.378.   New Zealand commends Singapore's ongoing active approach to trade liberalization, in 
particular its free trade agreem ent agenda and consistent ambition for high -quality and 
comprehensive outcomes, an ambition that New Zealand shares. We are pleased that the strategic 
vision we had for global and regional integration has been reali zed, first through the P4 Agreement 
with Chile and Brunei, and its expansion to the now eleven -member Comprehensive and Progressive 
Trans -Pacific Partnership (CPTPP). Since Singapore and New Zealand ratified the CPTPP in 2018, we 
have valued the strong relationship maintained between the two coun tries in the implementation of 
the high standards Agreement. New Zealand looks forward to ongoing engagement with Singapore 
as it takes on the role of CPTPP Chair in January 2022.  
4.379.   New Zealand and Singapore are both members of the ASEAN -Australia -New Zealan d Free 
Trade Agreement and most recently we signed the Regional Comprehensive Economic Partnership 
Agreement.  
4.380.   New Zealand welcomes our ongoing cooperation with Singapore and Chile on the Digital 
Economy Partnership Agreement (DEPA), which entered into for ce for both our countries this 
January. We are pleased by the interest that the Digital Economy Partnership Agreement has 
received so far and have strong ambitions that it can serve as pathfinder agreement that attracts 
others to join and a building block that informs the ambition of broader multilateral digital trade 
negotiations. New Zealand looks forward to working with Singapore on the implementation of the 
DEPA, including cooperation on the SME Dialogue, the electronic certification of agricultural pro ducts, 
and pilot initiatives on paperless trading. We welcome Singapore’s cooperation and constructive 
support during APEC 2021 and look forward to continuing to work with Singapore to advance 
common goals across the APEC agenda.  
4.381.   New Zealand values our coo peration with Singapore on global supply chains, including our 
initiation of a Joint Ministerial Statement in March 2020 which affirmed our shared commitment to 
maintaining open supply chains.  
4.382.   We welcome Singapore's ongoing commitment to the rules -based multilateral trading 
system. We both recogniz e the importance of a level playing field that allows all economies, 
regardless of their size, to compete fairly.  
SWITZERLAND  
4.383.   I would like to start by  extending a warm welcome to Sing apore’s delegation led by 
Permanent Secretary Lee Chuan Teck . I would also like to thank H.E. Ambassador Dagfinn Sørli 
(Norway) for his valuable observations as a discussant, and the Secretariat for its su bstantive 
contribu tion to this R eview.  
4.384.   It is a great pleasure for me to take the floor on this occasion, as Singapore is Switzerland's 
most important trade and investment partner within ASEAN and the fifth most important trading 
partner in the whole of Asia. Together with the other EFTA states, we have a Free Trade Agreement 
with Singapore since 2003.  
4.385.   Despite the challenge of the pandemic and its repercussion on the economy of Singapore, 
the country has always been a strong supporter of the open and rules -based multilatera l trading 
system, as embodied by the WTO. Repercussions brought about by pandemic have actually 
reinforced the importance of maintaining Singapore's connectivity and openness to the world. As we 
know, in 2020, more than half of merchandise exports (55%) we re re-exports. The main market 
and supplier is of course the Asia -Oceanian region, but trade flows indicate major partners outside WT/TPR/M/4 13 • Singapore  
 
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  the region, starting with the United States and the European Union. Likewise, foreign direct 
investment flows underline the i mportance of extra -regional partners, as much as they are indicative 
of Singapore’s business -friendly environment and attractive investment schemes.  
4.386.   As for the challenges ahead – namely a potential slowdown of the economy due to the 
pandemic in a context o f continued trade tensions involving major economies, as well as a rapidly 
ageing population – Singapore has not been waiting to embark on an economic transformation 
aiming at reinforcing its open and connected economy. Since 2014, the city -state has been 
consistently pushing ahead with the digitalization of its economy and has the ambition to become 
Asia's fintech hub. Key features of the trade policy of Singapore are building skills and capabilities, 
supporting innovation and digitalization, as well as co nstantly improving its business environment. 
As such, Singapore represents a role model as a very open economy and a trading hub with global 
reach.  
4.387.   I would like to take this opportunity to commend Singapore’s exemplarity as a Member of 
the WTO. As a strong supporter of the rules -based multilateral trad ing system, Singapore is the 
co-convener of the Joint Statement Initiative on E -Commerce, participates in the joint initiatives on 
investment facilitation and on micro, small, and medium -sized enterprise s, and takes part in the 
Trade and Environmental Sustainability Structured Discussions.  
4.388.   More recently, Singapore’s leadership to contribute to a multilateral solution at MC12 in the 
context of trade and health has been particularly appreciated. We hope th at those efforts will lead 
to a tangible result in the framework of the upcoming ministerial meeting. In such a challenging 
time, we do invite Singapore to pursue its valuable role and leading contribution to a strong 
multilateral trading system.  
4.389.   We thank  H.E. Ambassador Tan Hung Seng and the delegation of Singapore for their 
appreciated contribution to the work of the WTO. We wish Singapore constructive and fruitful 
exchanges within this Trade Policy R eview.  
QATAR  
4.390.   Qatar associate itself with the statement  delivered by the delegation of Bahrain on behalf of 
the GCC.  
4.391.   Allow me to start by  extending our warmest welcome  to H.E. Mr Lee Chuan Teck, Permanent 
Secretary for Development at the Ministry of Trade and Industry, H.E. Ambassador Tan Hung Seng, 
Permanent Representative of Singapore, and the rest of Singaporean delegation whose efforts are 
very a pparent in the Reports and the s tatement. We would like to thank you also, Madam Chair , as 
well as the Secret ariat, and the discussant , H.E. Ambassador Dagfinn Sørli, for his outstanding 
presentation.  
4.392.   We are pleased to attest that Qatar and Singapore share a robust economic relation, our 
both economies have similar characteristics and are highly dependent on trade. Our countries are 
strong partners with large trade and investment volumes.  
4.393.   For the period under review which was marked by an unprecedented health and economic 
crisis triggered by the COVID -19 pandemic, Qatar would like to applaud Singapore commitment to 
keeping its markets open, promoting competition, and  supporting businesses and workers 
throughout the crisis; Singapore has committed a considerable amount of its GDP in economic, social 
and health support.  
4.394.   Singapore's strategies to develop and maintain a business -friendly environment, strong rule 
of law, s killed and diverse workforce, advanced infrastructure, and a globally competitive ecosystem 
of financial and professional services, has placed it as a global business and trade hub, and allowed 
it to remain an attractive investment destination for many glo bal companies in a diverse range of 
sectors. Singapore topped many Global rankings in Competitiveness and for doing business.  
4.395.   Another brilliant aspect of recent developments in Singapore is its heavy inve stment in 
workforce development  as the SG  United Job s and Skills Package which was introduced in May 2020 
to create jobs and training opportunities for workers affected by the economic fall -out from the WT/TPR/M/4 13 • Singapore  
 
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  pandemic. Singapore has also launched in April 2017, the SMEs Go Digital programme that made 
going digita l simpler for SMEs.  
4.396.   Qatar would like to note also that Singapore has consistently supported efforts to strengthen 
the rules -based multilateral trading system and to ensure that the WTO remains relevant for the 
future.  
4.397.   Qatar and Singapore have participated in the Joint Statement Initiatives (JSIs) to address 
key emerging issues such as electronic commerce (E -Commerce). Singapore also participates 
actively in other JSIs, such as investment facilitation for development and micro, small, and medium 
enterprises.  Singapore is also actively involved in ong oing WTO discussions on forward -looking 
issues like trade and health, and trade and environmental sustainability.  
4.398.   Singapore also partnered with Qatar in the initiative that aimed at Prohibiting Export 
Restriction s Relating to Purchases m ade by the World Food Programme  despite challenging times.  
4.399.   In conclusion, we commend Singapore ’s role in the multilateral trading system , and we wish 
the Singaporean delegation every success for its 8th TPR.  
TAJIKISTAN  
4.400.   At the outset , I would like to join others to welcome Singapore delegation  led by 
H.E. Mr. Lee Chuan Teck, Permanent Secretary (Development), Ministry of Trade and Industry ( MTI) 
and extend our appreciation to the Singapore an delegation, to the d iscussant , H.E. Ambassador of 
Norway , and the Secretariat for the excellent exercise of the Trade Policy Review of Singapore.  
4.401.   Diplomatic relations with Singapore  were established in 19 95. The S tate visit of the Founder 
of Peace and National Unity, Leader of the Nation, President of the  Republic of Tajikistan, 
H.E Mr. Emomali Rahmon , to Singapore was held in 2010. During the visit , several agreements were 
signed that laid a solid foundat ion for mutually beneficial cooperation in various fields. A business 
forum was also held during the visit which was attended by the President of Tajikistan. The legal 
framewo rk of the two countries account s several interstate and intergovernmental agreeme nts. 
4.402.   This eighth Trade Policy Review of Singapore provides an excellent opportunity to improve 
our understanding of its trade and investment policies.  
4.403.   Singapore's economy has long been characterized by solid growth, low unemployment, 
financial stability, and openness to international trade and investment. Today , Singapore has one of 
the highest GDPs per capita in Asia (USD 59,819). Between 2016 and 2019, the Singaporean 
economy expanded at an average annual rate of 3.1%, driven mainly by domesti c consumption and, 
in some years, by net exports, while the contribution of gross investment was modest. In 2020, due 
to the COVID -19 pandemic , the GDP contracted by 5.4%.  
4.404.   As strong supporter of the rules -based multilateral trad ing system, Singapore is the  
co-convener of the JSI on e -commerce, participates in the joint initiatives on investment facilitation 
for development and on micro, small, and medium -sized enterprises, and takes part in the Trade 
and Environmental Sustainability Structured Discussions. Singapore is also a party to the ITA.  
4.405.   We are confident that Singapore will continue  to undertake further trade policy reforms to 
maintain an open WTO -consistent trade and investment regime to secure sustainable growth.  
4.406.   To conclude , the Republic of Tajikistan commends the hard work and strong commitment of 
Singapore and wishes a very successful and productive Trade Policy Review.  
COLOMBIA  
4.407.   Allow me first to present the apologies of the Ambassador of Colombia, HE  Santiago Wills, 
who ha s not been able to join us today due to his commitments as Chair of the fisheries negotiations.  
4.408.   We extend warm wishes to the delegation of Singapore, led by Mr  Lee Chuan Teck, 
Permanent Secretary for development at the Ministry of Trade and Industry (MTI.) , to Ambassador WT/TPR/M/4 13 • Singapore  
 
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  Tan Hung Seng, Permanent Representative to the WTO and WIPO of the Permanent Mission of the 
Republic of Singapore (and a good friend of this organization), and to Ms  Tan Lay Lin, Director, 
International Trade Cluster, Ministry of Trade and Industry of Singapore.  
4.409.   We appreciate the comprehensive analysis and comments submitted by the delegation, as 
well as the work of the Secretariat and the Singaporean authorities in the preparation of such 
comprehensive and detailed reports, which were prepa red in difficult times of the COVID -19 
pandemic, which is still affecting us today.  
4.410.   Colombia would like to emphasize that Singapore is composed of 60 islets, in fact the 
smallest country in South -East Asia and one of the smallest in the world. This has ear ned it the 
nickname among locals and foreigners of the small red dot.  
4.411.   Now, this small red dot is the highest standard in the modern world, with the attitude of a 
lion and the charm of a siren. In just 50 years, Singapura has achieved what the majority of c ountries 
in the world have not done in over two decades. With one of the best education systems, some of 
the cleanest water and safest streets in the world, the quality of life of this city -state is a matter of 
true admiration.  
4.412.   Exactly on the opposite side  of the planet is Colombia, with enough land to accommodate 
more than 1,000 small red dots in its diverse topography and densely populated cities. The Bogota 
Metropolitan Area (the capital) has more than two times the inhabitants of all of Singapore.  
4.413.   Colom bia and Singapore, although being literally at geographic antipodes, have many 
similarities, such as sharing two orchid species as their national flower, a diverse ethnography with 
at least four different cultures and languages in each country and, of cour se, their respective popular 
culinary products such as the versions of the famous chicken rice or nasi padang, which seems to 
be slightly akin to our bandeja paisa with fried egg on rice, but without the arepa.  
4.414.   At the bilateral trade level, Colombia's trad e balance in goods with Singapore maintained a 
surplus until last year, when our exports of mining and energy goods were severely affected by the 
pandemic. Overall trade amounted to USD  128 million. Colombia's exports to Singapore reached 
USD 18.3 million in 2020, of which USD  6.1 million was for non -mining energy goods. In the first 
half of 2021 alone, Colombia exported USD 31.6  million to Singapore.  
4.415.   Regarding services, in the first half of 2021, Colombian exports of services to Singapore 
totalled USD  29.2 million while Colombia's imports of services from Singapore reached 
USD 120 million in 2020.  
4.416.   In terms of investment, Singapore's cumulative investment in Colombia since 2002 amounts 
to USD  119.6  million. Singapore ranks fourth as a contributor from Asia.  
4.417.   There are a number of specific points that Colombia would like to highlight from the Review 
of Singapore.  
• First, the Secretariat and Government reports reflect Singapore's commitment to the 
multilateral trading system and its founding principles. As a free  and open economy, for 
example, it continues to participate actively in WTO negotiations, including working with all 
Members to liberalize their financial services commitments under the GATS.  
• Second, they demonstrate that Singapore supports the rules -based  multilateral trading 
system. Singapore is co -organizer of the initiative on the Joint Statement on e -commerce, 
participates in joint initiatives on investment facilitation and micro, small and medium -sized 
enterprises, and takes part in Structured Discuss ions on Trade and Environmental 
Sustainability. It is also a Party to the Information Technology Agreement.  
• Third, they show Singapore as a leader in integration by describing the negotiations 
concluded with a number of Members, including Colombia under th e Free Trade Agreement 
that we share with Peru, Mexico and Chile under the Pacific Alliance. This agreement 
represents the parties' commitment to ensuring greater economic integration and supporting 
rules-based multilateralism.  WT/TPR/M/4 13 • Singapore  
 
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  • Finally, Colombia welcomes t he fact that one of the main objectives of Singapore's trade 
policy is to increase its participation in international trade through export diversification, 
expanding international opportunities for locally established businesses, promote a 
predictable and fair trade environment, and minimize barriers to import and export flows by 
improving the country's business and trade environment.  
4.418.   Colombia submitted a number of questions, which, due to some small technical problems, 
have been sent today, for which we ap ologize. The questions relate to your investment regime, the 
economic transformation programme, support for expansion in international markets, regional 
agreements in force, 2019 ASEAN regulatory management systems, import charges, criteria in the 
Integrat ed Trade Facilitation System (Trade FIRST), inter alia. The responses will be analysed in 
detail with our authorities.  
4.419.   I would like to conclude by wishing Singapore and its delegation a successful conclusion of 
the Trade Policy Review process, which has ev olved positively despite the modified programme that 
had to be adopted. We extend warm greetings and reiterate our full support. While Colombia and 
Singapore are at antipodes, they have more things in common than we could have imagined. The 
true links betw een these two nations, despite all the differences, are in the pride of their citizens. 
That is why we congratulate them and say: Majulah Singapura.  
NEPAL  
4.420.   The d elegation of Nepal would like to extend warm welcome to the delegation of Singapore 
led by His Excellency Mr. Lee Chun Tek, Permanent Secretary of Ministry of Trade and Industry of 
Singapore and would like to extend sincere appreciation for his comprehensi ve presentation at the 
beginning of the meeting by highlighting major aspects of this TPR.   
4.421.   I wish to appreciate H.E. Mr Dagrinn S ørli, Ambassador of Norway , for his insightful 
deliberation as a discussant.  
4.422.   At the outset, my delegation commends the Gover nment of Singapore and the WTO 
Secretariat for comprehensive reports.  
4.423.   Both Trade Policy Review reports prepared separately by the WTO Secretariat and the 
Government of Si ngapore have demonstrated that the e conomy of Singapore is heading towards the 
path o f sustainable, innovation -led recovery from the COVID -19 pandemic.  
4.424.   Economic prosperity obtained by Singapore in the past decades has been the successful 
development and growth model to the developing countries including Nepal who aspire for the 
sustainabl e economic growth and development in twenty first century.     
4.425.   Nepal and Singapore have been enjoying cordial relation s since the establishment of bilateral 
relation s in 1969.  
4.426.   Both countries have been sharing common views in different platforms of interna tional 
cooperation.  
4.427.   Trade, tourism, investment, and economic cooperation remain major areas of bilateral 
cooperation and collaboration on the basis of mutual benefit.  
4.428.   Bilateral trade between the two countries has become an important means of deepening the  
relation at the people -to-people level.  
4.429.   The preliminary trade data reveals that Nepal exported total value of NPR 70 mil lion to 
Singapore while imported  from Singapore total value of NPR 4.17 billion resulting a huge negative 
trade balance for Nepal of a bout NPR 4.1 billion in the year 2020.  
4.430.   Main exporting products of Nepal to Singapore were red lentils, dog or cat foods, cotton 
trousers, carpet, Yarchagumba, paintings and woolen shawl , etc. whereas the main imports of Nepal 
from Singapore were concentra ted on non -alcoholic soft drinks, furnace oil, sauce and sauce WT/TPR/M/4 13 • Singapore  
 
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  preparations, methionine, computer server and network server, electro -medical instruments and 
appliances and copper scrap , among others.  
4.431.   Export of Nepal is decreasing and import from Singapore  is on the rise over the recent past 
years.  
4.432.   Such situation can be an opportunity for both countries to explore potential areas in trade, 
tourism, and investment for collaborating and partnering with a view to narrowing the trade gap in 
the days ahead.  
4.433.   My delegation would be happy to further engage with the delegation of Singapore to discuss 
possible areas of collaboration and cooperation for mutual benefit focusing on exploring possible 
ways to bridge the existing trade imbalance in the days to come.  
4.434.   Finally, my delegation wishes a successful conclusion of the eighth Trade Policy R eview of 
Singapore . 
EL SALVADOR  
4.435.   I would like to begin by extending greetings on behalf of El Salvador to the delegation of 
Singapore, led by the Permanent Secretary Lee of th e Ministry of Trade and Industry, and thanking 
Ambassador Sørli for his comments. I also extend warm greetings to Ambassador Tan and his team 
in Geneva.  
4.436.   El Salvador, a small country like Singapore, notes with admiration that the Singaporean 
economy grew at  an annual rate of 3.1% between 2016 and 2019, driven mainly by domestic 
consumption and in some years by net exports. As we have seen in all trade policy reviews conducted 
post-2020, the COVID -19 pandemic had a significant impact on the economic performan ce of the 
Members under review. Singapore has been no exception. Due to containment measures and travel 
restrictions applied to address the health crisis, coupled with shrinking external demand and 
interruptions in global value chains, Singapore's economy contracted by 5.4% in 2020. This 
contraction was mitigated by an investment of nearly 20% of GDP in fiscal and monetary measures 
that, inter alia, facilitated access to financing for small and medium sized enterprises, and boosted 
the adoption of new techn ologies.  
4.437.   This type of programme has been of particular interest to the San Salvador authorities, and 
in a discussion at the Aid for Trade stocktaking event in March this year, Singapore's Minister of 
State Low shared with her Salvadoran counterpart the Sin gapore strategy that includes sectoral 
transformation maps for a number of industrial sectors, which provides for the introduction of new 
technologies and training programmes, establishes frameworks for cooperation among relevant 
stakeholders and provides incentives for their adoption.  
4.438.   We have also noted with interest the economic transformation reform programme based on 
the 2017 recommendations of the Committee on the Economy of the Future. These 
recommendations promote growth and competitiveness in 23 eco nomic sectors (manufacturing and 
services), which account for around 80% of Singapore's GDP. Also, we note that these reforms have 
implemented a number of incentive programmes targeting individuals and businesses to promote 
automation and the adoption of n ew technologies, which enabled MSMEs during the pandemic to 
make the leap towards e -commerce.  
4.439.   The implementation of the ASEAN Single Window has been of particular interest to El 
Salvador, and form D, which acts as a combined declaration and certificate of origin and is 
transmitted electronically under the ASEAN agreement on trade in goods to other ASEAN member 
States. This practice is complemented by the ASEAN self -certification scheme, which allows 
exporters certified in all ASEAN Member States to self -declare their exports under ATIGA.  
4.440.   Bilateral trade between El Salvador and Singapore has been timid in recent years, but we 
believe that the economic recovery presents an opportunity to boost and grow trade ties.  
4.441.   In the multilateral context, we recognize Sing apore's contribution to the multilateral trading 
system and its active participation in the ongoing negotiations and the regular work of the WT/TPR/M/4 13 • Singapore  
 
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  Organization. In particular, we welcome the active engagement of Ambassador Tan in the 
e-commerce negotiations. We look forward to continuing to work together with Singapore and the 
rest of the membership to achieve a successful Ministerial Conference.  
4.442.   Lastly, I wish the delegation of Singapore every success in this exercise, which is part of the 
transparency exercises  essential to the functioning of the multilateral trading system.  
NIGERIA  
4.443.   We would like to congratulate  Singapore for their 8th Trade Policy R eview. I would like to 
extend our warm welcome to the entire delegation of Singapore, the head of th e delegation of 
Singapore, the Permanent S ecretary of the Ministry of Trade and I ndustry, Mr. Lee Chuan Teck , and 
also the Ambassador Mr. Tan Hung Seng here in Geneva for his effective contribution here at WTO. 
The report before us today reflects the excelle nt work of the Secretariat and the Government of 
Singapore. Both reports spelt out the key objectives of Singapore`s trade and economic policies and 
the progress made since the last review.  
4.444.   We note that over the last two decades the Singaporean economy has  witnessed an 
exponential increase in living stan dards with the highest GDP per c apita in Asia due to their 
impressive macroeconomic policies. We also observed that the main contributor to Singaporean GDP 
is the services sector which is very important in t he creation of employment and the distribution of 
income in an economy. We commend also the significant growth of the manufacturing industry of 
Singapore.  
4.445.   The economic declines experienced by the Singaporean economy in the year 2020 as a result 
of the pandemic and the sudden disruption of the supply and demand chain coupled with its 
devastating effect in the economy which saw a drop in the country’s balanced budget was an 
experience shared by most of the world`s economies during the year 2020. However, the country’ s 
monetary policies implemented in order to mitigate the effects of  the pandemic shows the country’ s 
ability to be resilient and responsive in the time of adversity. We expect a full economic recovery of 
the Singaporean economy soon as a result of the efficacy of their various economic policies.  
4.446.   Since the last Trade Policy R eview of Singapore, the country’ s openness to trade continues 
to be one of the most attractive features of their economy and has solidified their position as a 
trading hub. The country is commitment to ensuring the predictability of the multilateral trading 
system and this is evidenced in their speedy ratification of the trade facilitation agreement and their 
full implementation of the provision of the agreement since its entry i nto force in 2017. The huge 
inflow of FDIs in Singapore further emphasizes the importance of a country`s openness to trade in 
line with WTO principles.  
4.447.   We note from the Secretariat’ s report that the Singaporean economy may experience a 
potential decline in their exports of transport and travel services as a result of global travel 
restrictions and a potential slowdown of world merchandise trade.  
4.448.   Similarly, the predictions contained in the secretariats report of some foreseeable challenges 
to the Singaporean economy both in the short term and the long -term such as exposure to the 
volatility of financial markets, rapidly ag eing population and skill mismatches among other 
challenges cal ls for concern. However, the efforts made by Singapore to address these future 
challenges such as its launch of the economic transformation agenda to build a value -creating 
economy through various means including through the support of innovation will adeq uately address 
these challenges.  
4.449.   In conclusion, my delegation would continue to work closely with the Singapore and the rest 
of the Membership, to achieve a rules -based multilateral trading system that is responsive to the 
COVID -19 pandemic, future pandemi cs and the 21st century economic realities.  
4.450.   We congratulate the entire delegation for their engagement , and we wish Singapore a 
successful 8th Trade Policy Review exercise.  WT/TPR/M/4 13 • Singapore  
 
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  KINGDOM  OF SAUDI  ARABIA  
4.451.   The Kingdom of Saudi Arabia is very pleased to take part i n the eighth Trade Policy Review 
of Singapore and wishes to extend a very warm welcome to its distinguished delegation headed by 
H.E. Mr. Lee Chuan Teck, Permanent Secretary of the Ministry of Trade and Industry.  
4.452.   The Kingdom of Saudi Arabia wishes to than k Singapore and the Trade Policies Review 
Division of the WTO Secretariat for their detailed reports. We also thank  the discussant, 
H.E. Mr. Dagfinn Sørli from Norway for his perceptive introductory remarks.  
4.453.   The trade policy review repo rts of the Secretar iat and the G overnment of Singapore highlight 
the continuous progress of Singapore’s economy in the recent years in terms of GDP growth and 
trade expansion. Singapore's economic growth continued to be strong for most of the period under 
review and expanded  at an average annual rate of 3.1%, driven mainly by domestic consumption 
and net exports.  
4.454.   Nevertheless, despite this impressive economic growth, Singapore like the rest of the world 
economies has been facing the challenges caused by the COVID -19 pandemic . These challenges are 
being addressed through fiscal and monetary policies along with other stimulus measures to 
accelerate the economic recovery.  
4.455.   Open trade is clearly vital for Singapore as it continues its development and growth. 
Singapore is to be co mmended for its economic transformation agenda which aims at building an 
open value -creating economy through building skills and capabilities and supporting innovation and 
digitalization.  
4.456.   We also praise Singapore for establishing an open and free business  environment, a modern 
infrastructure and a strong financial system. Being one of the most competitive and business -friendly 
economies in the world, Singapore became a leading foreign direct investment recipient.  
4.457.   We commend Singapore for its trust in the multilateral trading system and for its active 
engagement in negotiations with a view to concluding preferential trade agreements to secure more 
favorable market access for its goods and services within and outside of Asia. The GCC -Singapore 
Free Trade Agr eement (GSFTA) is a milestone agreement in strengthening ties between Singapore 
and the GCC countries.  
4.458.   Saudi Arabia has  remarkable trade relations with Singapore. The value of two -ways trade 
between the two countries in 2020 exceeded USD 6.7 billion. The Saudi -Singapore Business Council 
(SSBC) which was established in 2006 remains very active in paving the way for closer economic 
ties, to strengthen trade cooperation and to enhance investment opportunities in the two countries.   
4.459.   In closing, Singapore is a n active Member of this O rganization and an active supporter of the 
multilateral trading system. The Kingdom of Saudi Arabia congratulates Singapore for its solid 
economic performance.  
4.460.   I wish the delegation of Singapore  a very s uccessful Trade Policy Review.  
JORDAN  
4.461.   I would like to start by extending a warm welcome to the Singapore delegation led by 
H.E. Mr. Lee Chuan  Teck, and to join other delegations in thanking them for the efforts exe rted in 
the preparation of the Trade Policy R eview.  
4.462.   Thanks also are extended to the WTO Secretariat for their excellent report and to the 
discussant , H.E. Mr. Dagfinn Sørli, Ambassado r of Norway, for his insightful remarks, and sure, for 
you Madam Chair.  
4.463.   I would like also  to welcome the opening statement delivered this morning by the Head of 
the Singapore an delegation and the detailed introductory remarks which show the positive 
develo pments in the Singapore economy, and the solid response to the COVID -19 pandemic, in 
addition to the Singapore's commitment to the multilateral trading system.  WT/TPR/M/4 13 • Singapore  
 
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  4.464.   Jordan noticed that the reports provide valuable information on Singapore’s policies for the 
period under review, that highlighted the country’s efforts to make the overall trading environment 
more open, transparent, and efficient. It is clearly noticed that the solid trade policy in the country 
made Singapore a strong supporter of the rules -based mu ltilateral trading system and accelerating 
the economy transformation into innovation -led economy, IP matters and placing its position as a 
key and trusted node in the global supply chains.  
4.465.   This policy has been translated in Singapore's vital role to respo nse to the pandemic through 
keep its borders and connectivity channels open to facilitate the efficient flow of goods, and its 
commitments to support the safe and efficient distribution of COVID -19 vaccines, and essential 
goods as well.  
4.466.   Singapore continues  its efforts in raising level of trade liberalization at regional and bilateral 
level. According to the report, t hree free trade agreements were completed during the period under 
review as Singapore sees bilateral and plurilateral free trade agreements as a practical way for 
complement multilateralism.  
4.467.   The relations between Jordan and Singapore have grown steadily over the past decades. 
Jordan and Singapore face similar challenges as countries with small populations and limited natural 
resources, this requi res adopting  effective policies to tackle the external challenges. Both countries 
seek to strengthen areas of bilateral cooperation including trade, investment, education, ICT and 
many other matters related to sustainable development. Further, there are al ways new horizons to 
explore and develop the bilateral relations especially after signing the FTA between the two countries 
that aims to strengthen economic relations and raise the level of trade exchange in goods and 
services.  
4.468.   Jordan appreciates its long standing relations with Singapore, and always looks forward to 
advancing cooperation in different areas of mutual interest. We would like to congratulate Singapore 
and the business society for their efforts and valuable contribution in the world trade hand  in hand 
with other trading partners.  
4.469.   Finally, w e would like to thank and congratulate the Permanent Representative of Singapore 
in Geneva and his team for their very constructive role in preserving and consolidating the 
multilateral trading system.  
4.470.   We w ish Singapore a fruitful and successful Trade Policy Review.  
SRI LANKA  
4.471.   My delegation welcomes the delegation of Singapore led by Hon. Mr. Lee Chuan Teck, 
Permanent Secretary of the Ministry of Trade and Industry and the rest of Singaporean delegation, 
for the eighth R eview of the trade policies and practices of Singapore.  
4.472.   We thank H.E. Mr. Dagfinn Sørli, the Ambassador of Norway , the discussant, for his report 
and insights, and the WTO Secretariat and the Government of Singapore for their comprehensive 
reports made available to the delegations in advance of this meeting.  
4.473.   My delegation acknowledges Singapore's trade policies, which focuses on four key priorities: 
navigating the post -pandemic economic landscape; supporting and contributing to the global 
multilateral trading system; enhancing regional and bilateral trade cooperation and promoting an 
inclusive and sustainable trade policy.   
4.474.   We acknowledge that Singapore is a strong supporter of the open and rules -based 
multilateral trading system and recently has been an author of proposals, including the proposal on 
agriculture export prohibitions or restrictions relating to the World Food Programme, which is still 
under discussion. We understand Singapore’s concerns in this area and presume that the food 
security concerns of other small developing countries were also at the center of its proposal, when 
it also participated in this joint statement with co -sponsor s representing 79 WTO Members. 
Singapore is also an active participant in Jo int Statement Initiatives as a c o-convener. We wish to 
recognize that all those initiatives and participation have projected at intensifying its commitments 
to the multilateral trading system.  WT/TPR/M/4 13 • Singapore  
 
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  4.475.   We also note that Singapore has not been involved in any of the trade disput es at the WTO 
either as complainant or respondent during the review period, which is a noteworthy development.   
4.476.   Singapore and Sri Lanka have a strong bilateral partnership underpinned by close people -
to-people linkages. 2020 was an important year for the two coun tries with the celebration of 50 
years of formal diplomatic ties. Many activities were organized to commemorate the 50 years of 
establishment of diplomatic relations including a commemorative product launch and issuing of two 
stamps especially desi gned for the occasion to depict the theme “Marine Conservation”, and 
showcase the restoration of Coral Ecosystem in Sri Lanka, and Mangroves in Singapore and reflects 
the shared interest and commitment of both countries in protecting the marine environment . In the 
past 50 years, the bilateral relationship has become multi -faceted, encompassing in key areas of 
trade and investment sector cooperation.  
4.477.   On bilateral trade, Singapore was the 21st export market for Sri Lanka and the 5th Import 
partner of Sri Lank a in 2020. Sri Lanka’s main exports to Singapore are mineral fuel and oils, 
alcoholic beverages, textiles, precious and semi -precious stones, Ceylon Tea, Sea food and ethnic 
products. Petroleum oil is the main import items from Singapore. New opportuniti es emerged for 
PPE products, e -commerce and agri -business sectors particularly for ethnic products due to the 
pandemic situation.  
4.478.   Foreign direct investment into Sri Lanka from Singapore was valued at USD 97 million  in 
2019, ranking at 5th largest FDI investo r in Sri Lanka and USD 43  million valued up to 
September  2020. Investments are mainly in the manufacturing a nd infrastructure development, 
export -oriented manufacturing, logistics, tourism and leisure infrastructure, and food p rocessing. 
There are approxim ately 100 Singaporean companies operating in Colombo. The Singaporean 
investors have reaped very favourable returns on their investments in Sri Lanka and they continue 
to do so.  
4.479.   Singapore considers that free trade agreements (FTAs) complement the rules -based 
multilateral trading system and provide to its exporters and investors numerous benefits. In line  
with that objective, Sri Lanka – Singapore Free Trade Agreement (S LSFTA) was signed on 
23 January  2018 and came into force on 1 May 2018, which is a milest one between the two 
countries. It is a modern and comprehensive free trade agreement for Sri Lanka, covering areas 
beyond trade in goods, such as trade in services, e -commerce, telecommunications, investments, 
intellectual p roperty a nd government p rocureme nt, which is aimed to promote economic growth and 
stability, create new employment opportunities and improve the general welfare and, to this end, 
reaffirming the commitment to promoting trade and investment liberalization. I was very pleased to 
be part of  the negotiating team which concluded this agreement and my involvement in finalizing 
the chapter on trade remedies of the FTA.  
4.480.   During the pandemic, Singapore provided assistance through numerous non -governmental 
organizations to support Sri Lanka’s respo nse to the COVID -19 pandemic by donating much needed 
medical equipment and supplies. These were extremely valuable and continue to be utilized.  
4.481.   COVID -19 has opened new opportunities for Singapore and Sri Lanka to collaborate. We 
believe that there are many  areas to be discovered to strengthen the bilateral relations between the 
two countries and we look forward to exploring those opportunities for further collaborations in the 
future, as Singapore’s efforts to diversify food imports are becoming practical a nd meaningful choices 
for its importers. As Singapore tries to diversify its food imports to remain as food secure as possible, 
Sri Lanka is exploring and seeking to capture new markets.  
4.482.   In concluding, my delegation appreciates Singapore highly valued cont ribution to the 
multilateral trade system and its active engagement in the negotiations. The dynamic role played 
by Ambassador Tan Hung Seng, Permanent Representative to the WTO and his team in Geneva in 
proactively engaging in ongoing activities of the WT O, is highly commendable.  
4.483.   We wish the Singaporean delegation a successful deliberation and productive outcomes on 
its Trade Policy Review.  
  WT/TPR/M/4 13 • Singapore  
 
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  5  REPLIES BY THE REPRESENTATIVE OF SINGAPORE  AND ADDITIONAL COMMENTS  
5.1.  Madam Chair,  let me first thank you and our discussant, Ambassador Sørli, for your thoughtful 
insights and comments. I would also like to express my appreciation to the 45 Members who spoke 
on Wednesday for your warm words and constructive suggestions.  
5.2.  Allow me to address some of the key points raised.  
Promoting Inclusive Growth  
5.3.  A number of Members commented on the importance of creating an inclusive economy. We 
cannot agree more. In recent years, we have seen a worrying erosion in support for globali zation, 
triggered in part by growing income and societal inequalities. This must be addressed. We believe 
that the answer does not lie in erecting national barriers, but in ensuring that the full spectrum of 
our societies can reap the benefits of globali zation and growth. Inclusive growth is therefore a key 
objective for Singapore. Our economic strategies seek to generate social mobility, raise real incomes, 
and improve living standards for all Singaporeans.  
5.4.  We pay particular attention to two groups: displace d workers and small and medium -sized 
enterprises (or SMEs). First, displaced workers. Singapore invests heavily in workforce development 
by reskilling and upskilling workers throughout their working life so that they can adapt to new 
technologies and seize  new opportunities. We have a tripartite partnership model, in which the 
Government collaborates with employers and labour unions to co -create solutions that uplift workers 
while improving the competitiveness of businesses.  
5.5.  Specifically for displaced worke rs, as well as those looking to switch careers or industries, we 
have implemented career conversion programmes such as the Professional Conversion Programmes 
and Place -and-Train programmes. There is also the Tech Immersion and Placement Programme that 
aims to convert non -ICT professionals into industry -ready professionals through a short but 
immersive training programme.  
5.6.  Second, we recogni ze the importance of small - and medium enterprises (or SMEs) to 
Singapore's economy. SMEs are at the heart of Singapore' s economy, employing two -thirds of our 
workforce and contributing to nearly half of our economy. SMEs need help in two key aspects: 
internationalisation and digitali zation. On the first, we have provided support and advice for them in 
tapping new markets. Singapore has also co -sponsored the Declaration on Micro, Small and Medium -
sized Enterprises (or MSMEs), which seeks to streamline domestic regulatory processes to facilitate 
trade and ease of access to information that contributes to promoting participati on of MSMEs in 
international trade.  
5.7.  On the latter, we have made digital inclusiveness a high priority. Within Singapore, we have 
put together schemes such as the SMEs Go Digital programme to help SMEs navigate the complexity 
of evolving technologies and su pport their digital transformation. During the pandemic, for example, 
we facilitated SMEs' efforts to adopt digital solutions that will ensure their business continuity. These 
included supporting SMEs to adopt remote working solutions, through the provisio n of laptop 
bundles, collaboration software, temperature screening solutions, and visitor management solutions.  
5.8.  At the WTO, Singapore is fully cognisant of the need to enhance digital inclusion among fellow 
WTO Members and to support digital capacity build ing in developing and least developing Members. 
It is with this in mind that my Ministry and the Monetary Authority of Singapore will be organi zing a 
virtual roundtable on the "Foundational Digital Infrastructure for Inclusive Economies"; this will be 
in October. We hope that this modest contribution will act as a catalyst by offering a platform for us 
to exchange views on how we can collaborate to develop key elements of foundational digital 
infrastructure, including digital identity, payments interoperabi lity, data exchange, and authorisation 
and consent. As the pandemic has demonstrated, digitali zation will play an increasingly important 
role in the "new normal" and post -pandemic recovery. We hope the roundtable discussions will allow 
participating Member s to share their experiences, their successes as well as the challenges they 
face. Hopefully, through such events, WTO Members can identify the key problems, crystallise 
concrete ideas and formulate effective policy action.  WT/TPR/M/4 13 • Singapore  
 
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  Promoting Women's Economic Empow erment  
5.9.  On Wednesday, several Members including Madam Chair encouraged Singapore to join the 
Bueno Aires Declaration on Trade and Women's Economic Empowerment.  
5.10.  Madam Chair and colleagues, the economic empowerment of women is a high priority and 
imperative f or Singapore. As a small city -state with no natural resources, Singapore must maximi ze 
our human economic potential. Hence, Singapore has made concerted efforts over the years to 
strengthen women's participation in the workforce. In fact, Singapore's women  employment rate is 
among the highest in the world, at about 73 % in 2020. We have also dedicated 2021, this year, as 
the "Year of Celebrating Singapore Women" to recogni ze the importance of our women's 
contributions. As my Prime Minister mentioned at the C losing Session of the Conversations on 
Singapore Women's Development, it is 60 years since the Women's Charter was passed, and an 
appropriate moment to review how far Singaporean women have come and also to commit ourselves 
to enabling Singapore women to p lay their fullest role in Singapore.  
5.11.  Following a series of nation -wide conversations, we will soon table a White Paper in 
Parliament, recommending ways to better support women and empower them to pursue their 
aspirations. Let me share two areas where we be lieve more progress could be made.  
a) First, we will step up efforts to ensure a more inclusive and equal workplace for women, 
especially in traditionally male -dominated sectors such as tech. We have been heartened by the 
pledges by corporations, including co mmitments to review maternity leave and parental leave 
policies, as well as ensure inclusion and diversity in workplace practices.  
b) Second, we want to increase greater women participation on the boards of publicly listed 
companies. Singapore has set the ta rgets of achieving 25 % by 2025 and 30 % by 2030.  
5.12.  I want to assure fellow WTO Members that Singapore will closely monitor the discussions on 
women's economic empowerment at WTO and other fora with strong interest.  
Singapore's Trade and Investment Regime  
5.13.  Let me turn now to some specific issues that Members have raised regarding our trade and 
investment regime.  
5.14.  First, on Singapore's bound duty commitments. I would like to point out that Singapore's 
applied tariffs are zero except for four tariff lines in two pr oduct categories. Since joining GATT in 
1973 and becoming a founding Member of the WTO in 1995, Singapore has not imposed new tariffs. 
We will take steps to increase our bound duty commitments through future market access 
negotiations, such as the possible  Environmental Goods Agreement negotiations.  
5.15.  Second, foreign direct investment (or FDI) restrictions. Singapore has an open and 
transparent investment regime with minimal restrictions. I will elaborate on four areas where such 
restrictions exist.  
a) In financ ial services, the Monetary Authority of Singapore has been liberali zing the retail 
banking sector to allow greater foreign bank participation through the Qualifying Full Banks (or 
QFBs) framework since 1999. Both the number of and level of access granted t o QFBs have 
expanded over the years. The continued evolution of Singapore's QFB framework is aimed at 
allowing QFBs to build a deeper presence and be better rooted in Singapore. Singapore will 
continue to pursue further liberali zation measures in a way tha t strengthens our banking sector 
while maintaining confidence and stability in the financial system. For example, MAS recently 
awarded 4 new digital bank licences in December 2020 – 2 digital full bank licences and 2 digital 
wholesale bank licences. This i s but a start, and more digital bank licences may be granted in 
the future.  
b) Singapore also has one of the most liberal regimes for the practice of foreign and international 
law and international arbitration in the region. We have also progressively opened up the 
practice of Singapore law in recent years through, for example, the Qualifying Foreign Law WT/TPR/M/4 13 • Singapore  
 
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  Practice licence and Joint Law Ventures. Registered foreign lawyers and foreign law practices 
can also hold up to one -third of equity interests in a Singapore  Law Practice.  
c) Accounting services. For accounting services, the barriers of entry into Singapore faced by 
foreign professionals today are low. The ownership and residency restrictions in place for public 
accountants and public accounting firms are necessary to preserve the professional standards 
and accountability of the audit industry.  
d) Finally, in the telecommunications sector, price regulation is only imposed on dominant 
licensees to prevent the abuse of market power and anti -competitive practices . The intent is to 
encourage competition, rather than to stifle it. Non -dominant licensees are not subject to such 
a regulation.  
5.16.  Third, state -owned enterprises or government -linked corporations have always operated on 
the basis of the free market. As Ambas sador Sørli observed on Wednesday, the ownership of 
enterprises is not the pivotal factor; rather, it is how they behave and operate. The Singapore 
Government maintains an arms -length relationship with its investment companies. We do not direct 
how each co mpany should manage its portfolio, nor do we get involved in individual investment 
decisions. Each investment company's Board and professional management team are responsible 
for these decisions and invests on a solely commercial basis.  
5.17.  Similarly, government -linked companies operate on a commercial basis. Many of these 
companies are publicly listed. All have to be accountable to their shareholders, which may include 
international institutional investors. They all exercise market discipline. Like all Singapore -based 
companies, they are subject to either the general competition law, or the relevant sectoral legislation 
pertaining to competition. They do not enjoy preferential access to any incentive schemes from the 
government.  
Conclusion  
5.18.  In conclusion,  allow me to once again express Singapore's deepest appreciation to Members' 
feedback. My sincere t hanks to you, Madam Chair, our d iscussant , Ambassador Sørli, the dedicated 
team of Secretariat staff, and Members for your active co ntribution in this  proces s. 
5.19.  Our 8th TPR has been an informative and affirmative experience for Singapore. I will conclude 
by underlining Singapore's strong and unwaverin g commitment to the WTO's rules -based 
multilateral trading system. Singapore will continue to work with Members to strengthen the WTO 
and enhance its relevance, and to pave the way for a successful MC12.  Thank you.  
DISCUSSANT  
5.20.  Thank you, Chair, for this opportunity to contribute to the conclusion of this Trade Policy 
Review of Singapore.  
5.21.  Listening to Member's stateme nts on Wednesday, certain phrases were heard frequently. We 
heard descriptions of Singapore as being a close partner, a like -minded partner, a friend, an 
example, and a role model. We heard characterizations like successful, constructive, sound, active, 
creative, visionary, impressive and inspirational. We heard verbs like commend, congratulate, 
salute, and appreciate. We heard about common interests, joint visions, common values, and even 
common food dishes. At one point I was wondering whether we should c onsider changing the name 
of the World Trade Organiz ation into Friends of Singapore.  
5.22.  On an occasion like this, a certain amount of diplomatic courtesy will of course have to be 
counted in. But listening more carefully to the statements, they went far beyon d diplomatic niceties. 
Delegates were specific about what they appreciated, commended, and saluted. The stable and 
prudent macroeconomic policies. The creativity of incentives to stimulate growth and transformation. 
The consistent openness to the outside w orld. The constructive and active engagement in the 
defence and strengthening of the rules -based multilateral trading system.  
5.23.  The extraordinary number of questions posed is also evidence of Member's sincere interest in 
what is going on in Singapore. It sho uld also be noted that a significant share of the questions posed WT/TPR/M/4 13 • Singapore  
 
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  were enquiries about information. Members are obviously eager to learn from Singapore's example 
and success by asking questions related to just about everything, from general economic polici es to 
details in programs for digitalization of micro, small and medium -sized enterprises, just to mention 
one example.  
5.24.  Let me quickly add that Members also have posed a good number of questions of a more 
critical nature. Without attempting to go through t he whole list, please permit me to make a couple 
of observations.  
5.25.  One cluster of questions relate to the many incentives and support schemes, some of them 
related to the pandemic response and some being part of the Economic Transformation Agenda. 
Behind th e many questions about the details of the various programs and measures, I sense that 
there may also be a hint of some concern among close partners about potential distortive effects in 
local and regional markets.  
5.26.  Another set of questions relate to Singapo re's ambitious pursuit of new trade agreements, 
and in particular the innovative Digital Economy Agreements and the Green Economy Agreements. 
Again, one may sense a certain undertone about potential negative effects for established 
agreements and trade rel ations.  
5.27.  Finally, I have noted some recurring issues that continue to attract atte ntion from Members, 
notably the  unbound tariffs, the government -linked corporations and remaining FDI restrictions, and 
I took good note of the substantive response from Perma nent Secretary Lee on these issues today.  
5.28.  Looking at the bigger picture, the review was carried out in a constructive spirit and positive 
atmosphere. Members engaged actively with pointed questions and relevant comments, and the 
delegation of Singapore has  responded with the same engagement and respect, and provided 
substantial answers to the many questions raised. I also took note of the wise words of Permanent 
Secretary Lee today about the fundamental importance of inclusiveness. Let me in this context re call 
that sustainability rests on three pillars – economic sustainability, environmental sustainability and 
social sustainability.  
5.29.  As I know that A mbassador Tan is an eager golfer, permit me to paraphrase the legendary 
Irish golfer Rory McIlroy who is cred ited with having said something to the effect that "With great 
success comes great responsibilities". Given Singapore's key position and role in regional and global 
value chains, it should be expected that Singapore's policies and practices related to trad e and 
investment will continue to be of great interest to other Members.  
5.30.  I would like to thank the delegation of Singapore, headed by Permanent Secretary Lee Chuan 
Teck, for their open and constructive attitude towards this exercise. I trust that the Gover nment of 
Singapore will make use of this review as an encouragement and inspiration to continue its stable 
path, where an open and predictable trade policy anchored in the rules -based multilateral trading 
system is an indispensable element.  
5.31.  Let me conclude  by congratulating the delegation of Singapore with a successful Trade Policy 
Review. Thank you.  
EUROPEAN  UNION  
5.32.  On behalf of the European U nion, I would first like to thank Singapore for the comprehensive 
overview presented on Wednesday on the main trade and economic developments since the last 
Trade Policy Review, and also for the statement this morning.  
5.33.  The European Union welcomes the insig hts this Review has provided into Singapore’s ongoing 
and planned policies and initiatives to handle post -pandemic recovery and to prepare the economy 
for the challenges of the 21st century.  
5.34.  The European Union appreciates the good cooperation with Singapor e under the Free Trade 
Agreement between the EU and Singapore, which is the first trade agreement between the EU and 
an ASEAN member State. In addition to providing increased market access and addressing non -tariff 
barriers, the EU -Singapore FTA has provis ions to address 21st century trade challenges and contains WT/TPR/M/4 13 • Singapore  
 
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  strong rules on trade and sustainable development, including the protection labo ur rights and the 
environment.  
5.35.  This Trade Policy Review clearly demonstrated that Singapore’s trade policy is widely 
considered as very open and appreciated, and that Singapore is a valued partner of many WTO 
Members. As Singapore now looks at ways of increasing its network of trade agreements and finding 
ways of cooperating on areas such as digital and green finance, th e European Union is happy to 
work with Singapore on those endeavo urs. 
5.36.  Finally, on behalf of the EU, I would like to thank Singapore for a very constructive and open 
participation in this exercise.  
UNITED  STATES  
5.37.  Thank you C hair and thank you to all other me mbers of Singapore’s delegation. We enjoyed 
yesterday’s discussion and reiterate our strong partnership with Singapore and the significant 
contributions Singapore has made  to the global trading system.  
5.38.  We again highlight Singapore's importance as a US trad ing partner and commend Singapore's 
leadership on trade, particularly during the global pandemic. It is clear, Singapore understands the 
importance of trade for resolving this century’s most pressing challenges, including climate change  
5.39.  We warmly welcome Singapore’s announcement on Wednesday which adds important 
momentum to the Joint Statement Initiative on domestic regulation of services and look forward to 
working closely with Singapore to achieve a successful outcome for MC12.  We again hope that 
Singap ore’s commitment will encourage others to consider joining this initiative.  
5.40.  We are confident that we can rely on Singapore’s steadfast engagement and commitment to 
Member -driven work here at the WTO to advance other common initiatives such as improving 
transparency through improved compliance with notification obligations, maximizing the trade 
facilitating benefits of the TFA, and supporting relevant discussions in the SPS Committee on new 
and emerging issues.  
5.41.  We look forward to further cooperation with S ingapore on all fronts – bilaterally, regionally, 
and here at the WTO and congratulations  on a successful TPR.  
  WT/TPR/M/4 13 • Singapore  
 
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  6  CONCLUDING REMARKS BY THE CHAIRPERSON  
6.1.  The eighth Trade Policy Review of Singapore has offered us a good opportunity to deepen our 
understanding of recent developments in its trade, economic, and investment policies, and the 
challenges it faces. This has been achieved despite the constraints posed by the COVID ‑19 pandemic 
on the preparation of the reports and on our deliberations. Our  discussions have clearly benefited 
from the participation of the Singaporean delegation, led by Mr. Lee Chuan Teck, Permanent 
Secretary (Development) at the Ministry of Trade and Industry.  
6.2.  I would like to thank Ambassador Tan Hung Seng, Permanent Represen tative of Singapore to 
the WTO, and his team for their work and cooperation in the preparation of this Review. My 
appreciation also goes to our discussant, Ambassador Dagfinn Sørli of Norway , for his insightful 
remarks, and to the delegations that took the  floor for their valuable contributions.  
6.3.  The large number of interventions made at this meeting (45) is a clear illustration of the strong 
interest in, and importance attached by Members to Singapore's trade and investment policies and 
practices and to the  active role it plays in the WTO.  
6.4.  Members commended Singapore on its positive economic performance during the years prior 
to the COVID ‑19 outbreak, which was underpinned by sound macroeconomic policies and a 
business -friendly environment. They appreciated the measures and financial resources put in place 
by the Government, amounting to some 20% of GDP, to overcome the adverse effects of the 
pandemic and set the economy on a strong recovery path in 2021. In its statement, Singapore 
announced that it had rece ntly upgraded its GDP growth forecast, which is now set at "6 to 7%" for 
2021, but that economic recovery would be uneven across -sectors.  
6.5.  Singapore was also lauded on its commitment to maintaining an open market, promoting 
competition, and supporting busin esses and workers throughout the difficult times of the pandemic.  
6.6.  Some Members encouraged Singapore to lift the few remaining foreign investment restrictions 
in certain services sectors.  
6.7.  Members noted Singapore's efforts to address structural constraints a nd long -term challenges, 
such as limited natural resources and an ageing population, and welcomed its economic 
transformation agenda aimed at building a value -creating economy that is open and connected to 
the world, and based on innovation and digitalizat ion. They encouraged Singapore to continue these 
reform efforts. Singapore's various initiatives to transform the country into a green economy and 
address climate change were also appreciated. Of particular interest to Members in this regard were 
Singapore 's carbon tax regime and the energy efficiency measures.  
6.8.  Members praised Singapore's steadfast commitment to the rules -based multilateral trading 
system and to maintaining open supply chains throughout the pandemic. Its contributions to ongoing 
negotiation s and WTO reform efforts were also praised.  
6.9.  Singapore's role in co -convening the Joint Statement Initiative on E -Commerce was 
acknowledged, as well as its participation in the joint initiatives on investment facilitation and on 
micro, small and medium -sized enterprises. In this context, Members welcomed the announcement 
made by Singapore that it would shortly join the Joint Statement Initiative on Services Domestic 
Regulation. Singapore's participation in the Multi -Party Interim Appeal Arbitration Arrangeme nt, and 
in the structured discussions on trade and environmental sustainability were also appreciated.  
6.10.  Members took note of Singapore's active economic integration agenda as witnessed by its 
network of 27 free trade agreements, which includes agreements wi th its ASEAN counterparts and 
other economic partners in various regional schemes. Members showed particular interest in having 
more information on the Digital Economy Agreements and the Green Economy Agreements recently 
negotiated by Singapore with some F TA partners.  
6.11.  Singapore indicated that it saw both the digital economy and the green economy as the next 
frontier of post -COVID‑19 economic recovery and growth, and that it was ready to work with 
like-minded  partners in these areas.  WT/TPR/M/4 13 • Singapore  
 
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  6.12.  Referring to specific trade policies, Members appreciated Singapore's full implementation of 
the Trade Facilitation Agreement upon its entry into force  in 2017, and its strong record in customs 
digitalization and other initiatives to facilitate trade. Members also acknowledged that Singapore's 
MFN tariffs are all zero -rated, except for two product categories. However, they noted that around 
30% of the ta riff lines remain unbound, and that bound rates range from 0% to 10%.  
6.13.  Some Members encouraged Singapore to increase the level of tariff bindings and reduce the 
gap between bound and applied rates. There were also questions regarding excise taxes on wines 
and spirits, import licensing formalities, standards and technical regulations (including the adoption 
of international standards) and SPS measures (such as labelling and marketing requirements for 
food and other products).  
6.14.  An area of considerable interest,  as indicated in Member's written questions, referred to 
Singapore's numerous tax and non -tax incentive programmes, including programmes to support 
overseas market expansion, granted to locally based companies, in particular SMEs. Members sought 
clarificat ion on several of these programmes and enquired about their status under the Agreement 
on Subsidies and Countervailing Measures. Questions were also raised regarding the participation of 
the government -linked companies in the economy; some Members highligh ted the importance of 
ensuring transparency in their management, and open and fair competition conditions in their 
operation vis -à-vis private companies.  
6.15.  From their written questions, it is clear that Members were particularly interested in the 
changes int roduced by Singapore to its intellectual property regime, including the amendment or 
promulgation of new laws on patents, industrial designs, geographical indications, border 
enforcement and dispute resolution, and the status of a draft bill on copyrights.  Members also sought 
information on Singapore's initiatives to promote commercialization of IP.  
6.16.  Noting that manufacturing remains a key pillar of the Singaporean economy, Members were 
keen to know more about the 23 industrial transformation maps and the se ven industrial strategies 
adopted by the Council on the Future Economy in 2017, notably regarding re skilling  and digitalization 
schemes.  
6.17.  Members acknowledged the fundamental role played by services in the Singaporean economy, 
which contributes 70% to GDP. They also acknowledged the country's position as an international 
trade, finance, and transportation hub, and commended Singapore on the openness of these sectors.  
6.18.  Regarding financial services, Members appreciated the reforms undertaken by Singapore t o 
simplify the banks' licensing regime, establish a digital financ ial ecosystem for fintech and 
e-payments, and develop green and sustainable finance. On telecommunications, Members 
expressed interest in the 5G developments, where Singapore is seen as a pi oneer.  
6.19.  Members were interested in the way Singapore addresses gender issues in its economic 
transformation agenda, in particular measures to support women workers and business owners.  
6.20.  Some Members enquired about future reforms of Singapore's policy regardi ng foreign 
workers, including with respect to the movement of intra -corporate transferees.  
6.21.  The above are some of the key issues that emerged from our discussion. I hope that the 
Singaporean delegation will consider and further reflect on these issues and o n the many 
constructive comments that it has received during this Review. Singapore received 525 written 
questions from 26 Members, and has already responded to most of them. Members look forward to 
receiving written answers to any outstanding or follow -up questions within a month, at which point 
the Review will be successfully concluded.  
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