RESTRICTED  
  
WT/TPR/G/413  
28 July 2021 
(21-5847) Page: 1/16 
Trade Policy Review Body   Original: English  
 
 
TRADE POLICY REVIEW  
REPORT BY  
SINGAPORE  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by 
Singapore  is attached.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the 
first session of the meeting of the Trade Policy Review Body on Singapore . WT/TPR/G/413 • Singapore  
 
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  Contents  
1   INTRODUCTION  ................................ ................................ ................................ .........  3 
2   RESPONDING TO THE COVID -19 PANDEMIC  ................................ ...............................  3 
3   ECONOMIC OUTLOOK AND NAVIGATING RECOVERY  ................................ ..................  8 
3.1   Transforming  the Singapore economy  ................................ ................................ ...........  9 
3.2   Strengthening our position as a critical node in the global value chain  ...............................  9 
3.3   Becoming a 'Bright Green Spark'  ................................ ................................ ................  10 
4   OPEN, FACILITATIVE AND INCLUSIVE TRADE INFRASTRUCTURE  .............................  11 
5   SUPPORTING A MULTILATERAL TRADING SYSTEM FIT FOR THE FUTURE  .................  12 
6   REGIONAL AND BILATERAL TRADE COOPERATION  ................................ ..................  13 
7   CONCLUSION ................................ ................................ ................................ ............  16 
 
 
  WT/TPR/G/413 • Singapore  
 
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  1  INTRODUCTION  
1.1.  This is Singapore 's eighth Trade Policy Review at the World Trade Organization (WTO). 
Singapore is a small and open economy, highly dependent on trade. The review period (2017 -21) 
was marked by an unprecedented health and economic crisis triggered by the COVID -19 pandemic. 
Amidst a challenging economic landscape, Singapore is committed to keeping our markets open, 
promoting competition and supporting businesses and workers  through the crisis.  
1.2.  With changes in technology, demand patterns and supply conditions in recent years, Singapore 
has focused on accelerating our transformation into an innovation -led economy, powered by 
technology, and ready to face the challenges of the future. Singapore aims to position itself as a 
Global -Asia node of technology, innovation and enterprise, that is sustainable, resilient and inclusive . 
1.3.  During the period under review, Singapore's trade policies focused on four key priorities: 
(i) navigatin g the post -pandemic economic landscape; (ii) supporting and contributing to the global 
multilateral trading system; (iii) enhancing regional and bilateral trade cooperation; and 
(iv) promoting an inclusive and sustainable trade policy.  
2  RESPONDING TO THE CO VID-19 PANDEMIC  
2.1.  The COVID -19 pandemic has caused severe disruptions to global economic activity. The impact 
on the Singapore economy has been broad and significant, affecting different sectors to varying 
degrees.  
2.2.  In 2020, the Singapore Government committed SGD 97.3 billion, or 20.8% of GDP in economic 
support (SGD  73.5 billion), social support (SGD 10 billion) and public health measures 
(SGD  13.8 billion) across five Budgets.  
2.3.  The first three Budgets1 focused on directing resources to the public health sector to contain 
the outbreak, and providing immediate financial relief to firms, workers and households affected by 
the sharp decline in revenues and income. For example, the Jobs Support Scheme aimed to protect  
jobs by providing wage support to employers which offset 25 to 75% of local employees' wages. 
From April to December  2020, SGD 22.6 billion was disbursed. The Monetary Authority of Singapore 
(MAS) also released a series of support packages which  included loan restructuring programmes, 
repayment moratoria, low -cost funding for government -assisted loans, and extensions of tenors 
for loans.  
2.4.  The fourth and fifth Budgets2 shifted the focus to supporting sectors with strong prospects for 
growth and jo b creation and facilitating structural changes such as digitalisation and work 
automation. Due to global travel restrictions, new modalities of internationali zation were developed 
to help firms maintain access to overseas markets, such as through e -commerc e platforms, virtual 
trade missions, and virtual trade fairs. Efforts by firms to internationali ze were also supported 
through grants such as the Market Readiness Assistance Grant, as well as through partners and 
channels such as GLOBALCONNECT@SBF (Singapo re Business Federation), an initiative which 
assists Singapore enterprises to internationalise and deepen their presence in other markets. 
Businesses could also tap on capability -building grants focusing on forging partnerships amongst 
local and internatio nal enterprises, enhancing business processes through digital solutions, and 
supporting businesses to upgrade and innovate.  
2.5.  Considering the global and domestic economic situations, and heightened uncertainties 
especially arising from the trajectory of the COVID -19 pandemic, the Ministry of Trade and Industry 
expects GDP growth for 2021 to come in at 4.0 to 6.0%. Performance and outlook for different 
economic sectors continue to be highly uneven. In this regard, the SGD 107 billion Emerging 
Stronger Budget a nnounced in February  2021 focused on continued support for businesses and 
individuals as well as accelerating structural adaptations to equip businesses and workers with deep 
and future -ready capabilities. For example, the Emerging Technology Programme was  introduced to 
 
1 The Unity Budget, announced 18 February 2020; Resilience Budget, announced 26  March  2020; and 
Solidarity Budget, announced 6 April 2020.  
2 The fourth budget was the Fortitude Budget, announced on 26 May 2020; and the fifth was announced 
in two Ministerial Statements on 17 August 2020 and  5 October 2020.  WT/TPR/G/413 • Singapore  
 
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  co-fund costs of trials and adoption of frontier technologies like 5G, Artificial Intelligence and trust 
technologies.  
Impact of COVID -19 on Singapore 's Economy and Trade  
2.6.  Trade contributes significantly to the Singapore economy. Over the per iod of 2016 -20, 
Singapore's total trade to gross domestic product (GDP) ratio averaged around 318%. External 
demand accounted for approximately 71% of total demand in the Singapore economy over the same 
period.  
Exhibit 2.1 Percentage Change in Total Demanda 
 2020  2021  
 I II III IV I 
Total Demand  2.6 -15.3 -7.1 -4.5 -2.2 
External Demand  4.0 -12.4 -5.0 -3.5 -1.3 
Total Domestic Demand  -0.8 -22.5 -12.5 -7.0 -4.6 
Consumption Expenditure  -0.3 -19.5 -6.7 -6.7 -3.9 
Public  7.2 19.8 15.8 9.6 6.7 
Private  -2.9 -29.4 -13.0 -11.3 -7.9 
Gross Fixed Capital Formation  1.5 -27.9 -23.0 -4.7 -5.7 
Changes in Inventories  -0.8 -0.4 -0.3 -0.8 -0.1 
a For inventories, this refers to the contribution to GDP growth.  
2.7.  In 2020, the Singapore economy contracted by 5.4%, the worst full -year recession since 
Singapore 's independence. This followed an average annual growth rate of 3.2% achieved over the 
period of 2016 -19. 
Exhibit 2.2  
Real GDP Growth, 2016 -2020  Exhibit 2.3  
Quarterly Real GDP Growth (Y -o-Y) 
 
2.8.  The sharp downturn in 2020 was a direct result of the economic fallout from t he COVID -19 
pandemic arising from the closure of most physical workplaces as well as fall in consumption. 
Additionally, international and domestic travel restrictions, along with the declin e in global demand, 
saw Singapore 's merchandise trade and services trade decrease. While air cargo volume saw a steep 
decline of almost 40% in April  and May  2020, volume has gradually recovered. However, the total 
air cargo volume handled in 2020 still represented a 23% decline as compared to that in  2019. 
In contrast, container throughput remained relatively unaffected, with an average throughput 
of 3.1 million TEUs per month throughout 2020.  
-6-4-20246
2016 2017 2018 2019 20203.3%4.5%
3.5%
1.3%
-5.4%
-15-10-505
I
2020II III IV I
20210.0%
-13.3%-5.8%1.3%
-2.4%WT/TPR/G/413 • Singapore  
 
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  Exhibit 2.4  
Growth in Merchandise Trade  Exhibit 2.5  
Growth in Services Trade  
 
Exhibit 2.6  
Changes in Container Throughput  
and Sea Cargo Handled  Exhibit 2.7  
Changes in Air Transport  
 
2.9.  The overall services sector contracted by 6.9% in 2020, in contrast to an average annual 
growth rate of 2.8% between 2016 and 2019. Particularly, aviation - and tourism -related sectors 
were adversely affected by global and domestic border restrictions, whic h led to a large drop in air 
passengers handled and visitor arrivals. Consumer -facing sectors were negatively affected by 
subdued consumer sentiments on account of weak labour market conditions, as well as capacity 
constraints (e.g.  in malls and restaurant s) arising from measures to limit the spread of COVID -19. 
As a result, the output of the retail trade and food & beverage services sectors fell by  16% and 
25% respectively in 2020, a reversal from their respective average annual growth rates of 0.5% and 
1.3% between 2016 and 2019.  
-20-1001020
2018 2019 2020Total merchandise trade
Total merchandise imports
Total merchandise exportsPer cent
-20-1001020
2018 2019 2020Total services trade
Total services imports
Total services exportsPer cent
-15-10-505
IV
2019I
2020II III IVContainer 
throughputPer cent
Sea cargo
-100-80-60-40-20020
IV
2019I
2020II III IVAir
passengers Aircraft landingsAir cargoPer centWT/TPR/G/413 • Singapore  
 
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  Exhibit 2.8  
GDP and Sectoral Growth Ratesin 2020  Exhibit 2.9  
Real Growth in Wholesale Trade  
 
 
Exhibit 2.10  
Real Growth in Retail Trade  Exhibit 2.11  
Real Growth in Accommodation  
 
 
Exhibit 2.12  
Real Growth in Food & Beverage  Exhibit 2.13  
Visitor Arrivals  
 
 
 
-35.9-28.7-25.4-25.1-16.0-15.1-14.2-9.7-8.9-5.4-2.42.15.07.3
-50 -40 -30 -20 -10 0 10 20ConstructionAccommodationTransportation & storageFood & beverageRetail tradeAdministrative & supportReal estateProfessional servicesOther services industriesOverall GDP growthWholesale tradeInformation & commsFinance & insuranceManufacturing
-8 -6 -4 -2 0 2 4 61Q214Q203Q202Q201Q20 -3.8%
-3.0%
-5.0%
1.8%
3.5%
-50 -40 -30 -20 -10 0 101Q214Q203Q202Q201Q20 -10.4%
-41.3%
-8.6%
-4.7%
1.4%
-60 -50 -40 -30 -20 -10 010 20 301Q214Q203Q202Q201Q20 -39.8%
-35.5%
-20.5%
-19.7%
19.0%
-60 -50 -40 -30 -20 -10 01Q214Q203Q202Q201Q20 -11.8%
-45.9%
-24.1%
-19.0%
-9.4%
-100-90-80-70-60-50-40
0123
I
2020II III IV I
2021YOY change 
(RHS)Million                                                           Per centWT/TPR/G/413 • Singapore  
 
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  2.10.   On the other hand, the performance of the manufacturing sector remained robust, with the 
sector expanding by 7.3% in 2020 compared to an average annual growth rate of 4.9% from  2016 
to 2019. This was mainly driven by the electronics and precision engineering clusters, which saw 
output climb due to buoyant demand for semiconductors from 5G markets, data centres and 
cloud  services, as well as semiconductor equipment. In contrast, the performance of the transpor t 
engineering cluster was weighed down by manpower disruptions and weak demand.  
Exhibit 2.14  
Real Growth in Manufacturing  
 Exhibit 2.15  
Clusters in Manufacturing Sector in 1Q21 
(Y-o-Y Change)  
 
2.11.   The construction sector shrank by 36% in 2020, significantly worse than the average annual 
growth rate of -1.0% from 2016 to 2019. The poor performance of the sector was on account of a 
30% decline in both public and private sector construction output due to pandemic -related stoppages 
of construction a ctivity and measures at construction worksites as well as labour shortages due to 
border restrictions.  
Exhibit 2.16  
Real Growth in Construction  
 Exhibit 2.17  
Contracts Awarded in 1Q21  
(Y-o-Y Change)  
 
2.12.   The economic downturn caused by the pandemic impacted the labour market in 2020. The 
annual average resident unemployment rate, which ranged between 2.9% and 3.1% from 2016 
to 2019, increased to 4.1% in 2020. Similarly, total employment, which grew at an average annual 
rate of 0.9% between December  2015 and December  2019, declined by 4.8% in 2020 . 
-5051015
1Q20 2Q20 3Q20 4Q20 1Q218.3%
-0.4%11.0%10.3% 10.7%
-40 -20 0 20 40  Transport engineering  General manufacturing  Biomedical
manufacturing  Chemicals  Precision engineering  Electronics 28.1% 
12.2%
7.0%
-0.9%
-20.8%-1.9%
industries 
-70-60-50-40-30-20-100
1Q20 2Q20 3Q20 4Q20 1Q21-0.3%
-65.6%-52.5%-27.4%-22.7%
-80 -60 -40 -20 0 20 40IndustrialCivil engineeringCommercialInstitutional & othersResidential 22.8% 
-15.2%
-22.2%
-43.9%-27.6%WT/TPR/G/413 • Singapore  
 
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  Exhibit 2.18  
Unemployment Rates  
(Seasonally Adjusted)  Exhibit 2.19  
Changes in Retrenchments  
 
Macroeconomic Policies  
2.13.   During the period under review, Singapore's macroeconomic policies were adjusted in view of 
prevailing economic conditions. Specifically, for 2020, in response to the COVID -19 pandemic, 
Singapore 's monetary, financial, fiscal and regulatory policies were eased to provide timely and 
targeted support.  
2.14.   Singapore's fiscal policy was expansionary, focusing on targeted measures for macroeconomic 
stability, economic growth, and redistribution to promote social equity, fiscal sustainability and 
microeconomic efficiency. In 2020, fiscal policy was the most expansionary on record for Singap ore 
and played a key role in mitigating the impact of the recession. Notably, in line with the pace and 
breadth of economic recovery, policy focus shifted from broad emergency assistance to targeted 
fiscal policies and financial relief to support post -pandemic priorities.  
2.15.   Singapore's exchange rate centred monetary policy seeks to ensure price stability over the 
medium term as a basis for sustainable economic growth. Monetary policy settings between 2016 -20 
were characteri zed by four distinct phases, in line  with the changing macroeconomic environment. 
In 2016 -17, the MAS kept monetary policy accommodative, via a zero per cent rate of appreciation 
in the Singapore dollar nominal effective exchange rate (S$NEER) policy band in light of the subdued 
outlook for growth and inflation. By early 2018, prospects for core inflation had turned around, and 
upward pressures on inflation were building with the emergence of a positive output gap. In turn, 
the MAS tightened monetary policy, increasing the rate of appreciatio n of the S$NEER policy band 
twice during the year. In October  2019, the  MAS shifted to an eased monetary policy stance, through 
a slight reduction in the slope of the S$NEER policy band. This was in view of the effects of US -China 
trade tensions on global growth, and consequently domestic core inflation.  
2.16.   In Q1 2020, the S$NEER depreciated within the then -prevailing policy band to a level slightly 
below the mid -point. Subsequently in April 2020, the MAS set the S$NEER policy band on a zero per 
cent appreciat ion path to prevent sharper drops in output, wages and prices. This accommodative 
monetary policy stance complemented the strongly expansionary fiscal policy. In keeping the 
S$NEER on a stable path, it also helped to underpin confidence in the Singapore ec onomy during 
the crisis. At the same time, the MAS provided increased liquidity to the domestic financial system 
through its money market operations. With core inflation expected to remain well -below its 
long-term average, the MAS will continue to maintain an accommodative monetary policy stance for 
some time.  
3  ECONOMIC OUTLOOK AND NAVIGATING RECOVERY  
3.1.  Singapore 's positioning as a global business hub is borne of its strategies to develop and 
maintain a business -friendly environment, strong rule of law , skilled and diverse workforce, 
advanced infrastructure, and a globally competitive ecosystem of financial and professional services. 
012345
Mar
2020Jun Sep Dec Mar
2021Overall Resident CitizenPer cent
0246810
I
2020II III IV I
2021ManufacturingServices
ConstructionPer cent
TotalWT/TPR/G/413 • Singapore  
 
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  Despite the uncertainties brought about by the COVID -19 pandemic, the above factors have allowed 
Singapore to remain an a ttractive investment destination for many global companies in a diverse 
range of sectors. Singapore 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.  
3.1  Transforming  the Singapore economy  
3.2.  In recent years, Singapore 's focus has been on accelerating our transformation into an 
innovation -led economy, powered by technology and ready to face the challenges of the future. This 
is even more imperative today, amidst changing times and the urgency of pandemic recovery.  
3.3.  National strategy to develop a knowledge -based and innovation -driven economy and 
society . Research, Innovation and Enterprise (RIE) are cornerstones of Singapore 's broader national 
strategy to develop a knowledge -based innovation -driven economy and society. Building on the 
RIE2015 and RIE2020 plans, RIE2025 supports strengthening capabilities in strategic and emerging 
areas (e.g. climate change, food resilience, human potential) and key technologies (e.g. artificial 
intelligence  (AI), cyb ersecurity). SGD 3.75 billion, or 15% of the budget, has been set  aside as 
'White Space ' for greater agility in responding to emergent priorities and breakthroughs.  
3.4.  Building an economy fit for the future . In 2017, the Future Economy Council (FEC) was 
established to (i) grow an economy that is vibrant, open, and connected to the world, and where 
trade associations and chambers (TACs), unions, enterprises, and individuals come together to 
harness opportuniti es; (ii) strengthen our enterprises through industry -specific transformation 
approaches to help them grow, innovate, and scale -up; and (iii) help Singaporeans to acquire and 
utilise deep skills, so as to pursue quality jobs opportunities in the future econ omy, and facilitate 
the building of a resilient and flexible workforce. The FEC comprises members from diverse 
backgrounds, including the government, businesses, TACs, unions, institutes of higher learning, and 
training institutes. Notably, the FEC spearhe aded the launch of 23  Industry Transformation Maps 
(ITMs), which are road maps to drive transformation of 23  sectors, covering about 80% of the 
Singapore economy. Each ITM consists of a  holistic growth and competitiveness plan comprising 
strategies in key pillars such as: productivity, jobs and skills, innovation, and trade and 
internationali zation.  
3.5.  Responding to new realities in a changed world . As part of the FEC 's work, the Emerging 
Stronger Taskforce (EST) was set up in May  2020 to identify systemic shi fts arising from the 
COVID -19 pandemic; assess the impact of these shifts on the Singapore economy, and how they 
translate into challenges and opportunities; and provide recommendations on how Singapore should 
refresh, reimagine, or reset its economic stra tegies, to stay economically resilient and build new 
sources of dynamism in the post -pandemic world. Tapping on the collective experience and strength 
of industry stakeholders, the EST piloted a new model of private -public partnership – the Singapore 
Toget her Alliances for Action (AfAs). The AfAs serve as pathfinders for new and creative ideas and 
seek to deliver minimum viable products to validate new business ideas, models, and solutions in 
areas such as sustainability, robotics, and safe visitor experien ces. In May 2021, the EST presented 
its vision and recommendations3 for Singapore to build a Virtually Unlimited Singapore that offers 
limitless opportunities for our nation, businesses and people. The recommendations  will be 
incorporated into the work of  the FEC.  
3.2  Strengthening our position as a critical node in the global value chain  
3.6.  The COVID -19 pandemic has changed travel patterns, increased the volatility of supply chain 
networks, and accelerated digitali zation in different markets. It has also heighte ned emphasis on 
resilience as companies and countries review their operations. Post -pandemic, Singapore 's economic 
 
3 The EST proposed five key recommendations: (i) creating new virtual frontiers, (ii) seiz ing growth 
opportunities from sustainability, (iii) enabling global champions, and growing an agile and strong Singapore 
core, (iv) institutionalising the Singapore Together Alliances for Action model, a novel form of private -public 
partnership, and (v) st rengthening international partnerships, especially with Southeast Asia.  WT/TPR/G/413 • Singapore  
 
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  priorities lie in deepening and broadening links and capabilities to build up our role at the heart of 
Asia's growth, while forging connectivity with other key markets.  
3.7.  Position Singapore as a key and trusted node in global supply chains . Global supply 
chains were disrupted as a result of border and movement control during the COVID -19 pandemic. 
These had implications on pandemic respo nse and economic recovery. Throughout the pandemic, 
Singapore has continued to keep its borders and connectivity channels open to facilitate the efficient 
flow of goods, including through facilitating crew change for ships in a safe manner.  In March  2020, 
Singapore and New Zealand initiated a Joint Ministerial Statement to affirm our shared commitment 
to maintaining open supply chains amidst the pandemic, which has since been joined by ten  other 
countries. Singapore has also committed to the timely and effi cient distribution of COVID -19 
vaccines. To this end, Singapore has partnered leading vaccine manufacturers to establish local 
facilities to produce vaccines and therapeutics, which are capable of reaching the regional and global 
markets .4 Beyond supporti ng the critical supply chains during the pandemic, Singapore remains 
committed to further strengthen its trade and physical connectivity to help businesses build resilient, 
agile and sustainable supply chains.  
3.8.  Rebuilding and growing physical connectivity i n travel and trade . Singapore is 
committed to working with other countries and regions, and through multilateral forums, to reopen 
borders safely and gradually, ensuring our processes and infrastructure meet public health 
requirements to safely handle air travellers, and to position Singapore as a safe destination. In 
facilitating recovery and growth in trade, Singapore will continue to strengthen its air, sea and land 
transport solutions, to provide businesses with efficient connectivity to better cope wit h a more 
challenging transportation and logistics environment globally.  
3.9.  Strengthening digital capabilities to improve productivity and resilience . Digitali zation 
makes the exchange of goods and services more efficient, opens up new possibilities, and 
strengthens Singapore 's value proposition as a trading node. In this regard, initiatives such as the 
AfA on Supply Chain Digitalisation5, refreshing the ITMs in the Advanced Manufacturing and 
Trade  (AMT) and Connectivity Clusters, and Digital Economy Agreement s have been undertaken to 
enhance access to new markets and opportunities for businesses. In February  2021, 
Singapore 's Electronic Transactions Act was enhanced to adopt the United Nations Commission on 
International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR). This 
facilitates the use of electronic transferable instruments such as Bills of Lading, enabling trade 
including the shipping, finance and legal sectors to benefit from faster transactions, cost savings, 
and lowere d fraud risks.  
3.10.   Leveraging innovation capabilities to tap on new opportunities . The Global Innovation 
Index ranked Singapore as the world 's eighth most -innovative economy in 2020, and top in Asia for 
the past seven years. A strong Intellectual Property (IP)  regime and translation of IP to commercial 
outcomes have been essential to support Singapore 's innovation -driven economy and the growth of 
industry and commerce.  To increase and expedite translation of public sector IP and R&D outputs 
towards private sect or commercialisation outcomes and increased value creation, Singapore rolled 
out the National IP Protocol in 2018 , which sets out clear principles and guidelines for the 
management and commercialisation of IP generated from publicly -funded R&D. In addition , 
Singapore seeks to maintain a vibrant open innovation ecosystem where the public and private 
sectors can co -develop challenges based on identified pain points or new opportunities, and tap on 
resources such as the Open Innovation Network and the Startup SG Network, which respectively 
aggregate relevant challenges and startups in Singapore.  
3.3  Becoming a 'Bright Green Spark ' 
3.11.   As a small island city -state, Singapore has limited natural resources to generate alternative 
energy. Nonetheless, we will meet our commitments under the Paris  Agreement and aspire to 
 
4 Thermo Fisher will be establishing a Fill -and-Finish facility in Singapore by 2022. BioNTech, which 
partnered with Pfizer to develop the world's first COVID -19 mRNA vaccine, will est ablish a fully integrated 
mRNA manufacturing facility by around 2023.  
5 The AfA on Supply Chain Digitalisation brought together private and public sector stakeholders to pilot 
a common data infrastructure (CDI) which will enable trusted and secure data sha ring between industry 
players, to drive efficiency, productivity and resilience through information flows across the ecosystem through 
augmenting existing data sharing systems and platforms.  WT/TPR/G/413 • Singapore  
 
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  achieve net -zero emissions as soon as viable in the second half of the century. To achieve this, 
we are investing in low -carbon technologies, tapping on renewable energy at home and from the 
region and el ectrifying our vehicles. We are also developing Singapore into a carbon trading and 
services hub for the region, and reviewing our carbon tax to encourage companies to become more 
carbon efficient.  
3.12.   Creating a green finance ecosystem . Under the Green Economy pillar of the Singapore 
Green Plan 20306, Singapore seeks to grow as a leading centre for green finance in Asia. The Green 
Finance Action Plan was developed by the MAS in  2019 to (i) strengthen the financial sector 's 
resilience to  environmental risks, (ii) develop green finance solutions, (iii) build knowledge and 
capabilities, (iv) support green FinTech innovation and (v) enhance data and disclosures. Some 
initiatives include a USD  2 billion Green Investment Programme to place fun ds with asset managers 
committed to deepen green finance activities and capabilities in Singapore, and Project Greenprint, 
a technology platform aimed at promoting a green financial ecosystem through mobili zing capital, 
monitoring commitment and measuring impact of green and sustainable projects.  
3.13.   Towards a zero waste nation.  Under the Sustainable Living pillar of the Green  Plan, 
Singapore hopes to encourage a greener citizenry that consumes and wastes less. The inaugural 
Zero Waste Masterplan launched in 20 19 maps out Singapore 's key strategies to build a sustainable, 
resource -efficient and climate -resilient nation. This includes adopting a circular economy approach 
to waste and resource management practices and shifting towards more sustainable production a nd 
consumption. The plan supports businesses in turning "trash to treasure " – namely, to recycle or 
transform waste into useful inputs for production. Notably, JTC  Corporation, the government agency 
which champions industrial development, is working with c ompanies on Jurong Island7 to build a 
more sustainable Jurong Island.  
4  OPEN, FACILITATIVE AND INCLUSIVE TRADE INFRASTRUCTURE  
4.1.  Singapore aims to have a fair and inclusive economy that uplifts all businesses, workers and 
Singaporeans with the gains from globa lization and trade.  
4.2.  Singapore has invested heavily in workforce development. For instance, the SGUnited Jobs and 
Skills Package was introduced in May  2020 to create jobs and training opportunities for workers 
affected by the economic fall -out from the pand emic, and has since helped nearly 76,000 people to 
find new jobs. Workforce transformation and productivity grants were also introduced to help 
Singaporeans tap on cross -border remote work opportunities.  
Helping SMEs adapt to the digital economy  
4.3.  Small and medium enterprises (SMEs) are at the heart of Singapore 's economy, employing 
two-thirds of the workforce and contributing to nearly half of GDP. With digital technology 
transforming every sector of Singapore 's economy, Singapore supported its SMEs to capitali ze on 
digital technologies to thrive and seize growth opportunities.  
4.4.  Launched in April 2017, the SMEs Go Digital programme by the Infocomm Media Development 
Authority (IMDA) made going digital simpler for SMEs, with more than 63,000 adopting digita l 
solutions from the programme as of March  2021. As part of the programme, sector -specific Industry 
Digital Plans, which are aligned with their respective ITMs, have provided SMEs with a step -by-step 
guide on digital solutions and relevant employee trainin g at different stages of their growth. In 
June 2020, the programme was expanded to include Grow Digital, which helps businesses participate 
in Business -to-Business (B2B) and Business -to-Consumer (B2C) e -commerce platforms to sell 
overseas without a need fo r in-market physical presence.  
 
6 Launched in 2021, the Singapore Green Plan 2030 is a whole -of-nation movement to advance the 
national agenda on sustainable development. The Green Plan charts ambitious and concrete targets over the 
next ten years, which will strengthen ongoing efforts towards achieving UN's 2030 Sustainable Development 
Agenda and Sin gapore's commitments under the Paris Agreement. It also positions Singapore to achieve its 
long-term net -zero emissions aspirations as soon as viable.  
7 Jurong Island is the cornerstone of Singapore's energy and chemicals industry and home to a vibrant 
portfolio of more than 100 leading global petroleum, petrochemical and specialty chemical companies.  WT/TPR/G/413 • Singapore  
 
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  4.5.  The Association of Banks in Singapore, in close partnership with MAS, launched PayNow 
Corporate in August 2018, further extending the capabilities of PayNow.8 PayNow Corporate enables 
SMEs to not only accept real -time accoun t-to-account payments with low to no fees using only a 
proxy identifier with their Unique  Entity Number (UEN), but also facilitates seamless vendor -supplier 
payments across the supplier value chain. Registrations for PayNow Corporate have more than 
doubled  since end -2019 to around 250,000 businesses today. As of April  2021, more than 80% of 
residents and businesses are on PayNow; PayNow transaction value has crossed SGD 6 billion since  
March  2021, almost triple the transaction volume from the same period th e previous year.  
4.6.  To develop a global digital infrastructure for seamless trade and digital business services 
connectivity between SMEs, businesses and ecosystems worldwide, MAS and IMDA launched  
Business sans Borders (BSB). BSB leverages on machine learnin g to seamlessly integrate trade 
discovery, financing and key business services across regions, enabling SMEs ' access to available 
financing/financial services and logistics support to complete trades. BSB was operationali zed as 
Proxtera in late 2020 and ha s rapidly grown to connect with numerous SME ecosystems and 
B2B platforms in ASEAN, South Asia and Africa. More specifically, in the financial services sector, 
the MAS -supported API9 Exchange (APIX) is the world 's first cross -border, open -architecture 
platform which enables financial institutions and FinTech firms to (i)  connect to one another through 
an international marketplace; (ii) conduct collaborative experiments in a bespoke sandbox amongst 
financial industry participants; and (iii) drive adoption o f APIs for digital transformation and financial 
inclusion across the Asia -Pacific.  
Enabling secure and reliable transactions with citizens and businesses  
4.7.  Singapore 's broader national digital identity infrastructure has enabled greater online 
convenience and security in transactions between government agencies, citizens and businesses. 
Since  2016, businesses and other entities in Singapore have conducted online transactions with 
government agencies using Corppass, a corporate digital identity t o access digital services based on 
the rights and roles that are assigned by  their company.  
4.8.  To provide more convenience for users when transacting with government agencies online,  
Myinfo was launched in 2016 to minimi ze the need to repeatedly provide and v erify the same 
personal information. From 2017, locally registered businesses could increase business efficiency 
by integrating Myinfo into their own online services; and in 2019, Myinfo Business was launched, 
expanding on Myinfo to encompass government -verified entity data, such as corporate profile, 
financial performance and ownership information.  
4.9.  Government -to-Business (G2B) services have also been enhanced through the GoBusiness 
portal, which consolidates and streamlines e -services and information for businesses. The portal was 
launched in 2019 to improve the ease of doing business and increase discoverability of G2B services 
in Singapore. E -services on the portal include: receiving guidance on starting a business, identifying 
and applyi ng for the required licenses and permits across various agencies, and receiving guidance 
on government assistance across the government landscape (i.e. grants, toolkits and programmes, 
tax incentives, etc.), based on the business ' needs.  
5  SUPPORTING A MULTI LATERAL TRADING SYSTEM FIT FOR THE FUTURE  
5.1.  As a small and open economy with high reliance on trade, Singapore 's trade policy is anchored 
in the rules -based multilateral trading system as embodied by the World Trade Organization (WTO). 
As a founding Member, Singapore has consistently supported efforts to strengthen the WTO and 
ensure that it remains relevant for the future.  
5.2.  Singapore strongly supports efforts to reform the WTO, including adoption of innovative  
pathways to ensure it is fit -for-purpose in the 2 1st century. In this regard, Singapore supports 
 
8 PayNow is a peer -to-peer funds transfer service launched in 2017 that enables retail customers of 
participating banks and eligible Non -Bank Financial Instit utions to send and receive Singapore Dollar funds 
instantly from one participating entity to another through FAST (Fast and Secure Transfer) by using their 
mobile number, Singapore NRIC/FIN, or Virtual Payment Address (VPA). It is provided free to retail c ustomers 
and is available 24/7, every day of the year.  
9 An API, or Application Programming Interface, is a software intermediary that allows two applications 
to talk to each other.  WT/TPR/G/413 • Singapore  
 
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  the Joint Statement Initiatives (JSIs) as a means to address key emerging issues such as electronic 
commerce (E -Commerce), and trade and environmental sustainability. Hence, Singapore, together 
with Australia  and Japan, co -convenes the JSI on E -Commerce, which aims to develop new rules on 
trade -related aspects of E -Commerce that will help to contribute towards maintaining the WTO 's 
relevance in the face of rapid digital transformation. Singapore also participa tes actively in 
other  JSIs, such as investment facilitation for development (IFD) and micro -, small -, and medium 
enterprises (MSMEs). Singapore is also actively involved in ongoing WTO discussions on 
forward -looking issues like trade and health, and trade and environmental sustainability.  
5.3.  Singapore participates actively in informal groupings that are committed to strengthening the 
WTO and steering discussions to support systemic interests and achieve pragmatic outcomes. 
Singapore has participated acti vely in the 14 -Member  Ottawa Group, as well as other groupings 
such as the Friends of the System.  
5.4.  Singapore is committed to supporting the WTO 's regular work in trade monitoring, dispute 
settlement, and capacity building. During the review period, Singapor e has stepped up third -party 
participation in disputes and expressed serious concerns over the impasse on appointments to the 
Appellate Body (AB). Singapore has also partnered with several WTO Members to establish the 
Multi-Party Interim Appeal -Arbitration  Arrangement (MPIA). Until the AB is re -constituted, the MPIA 
will ensure that participating WTO Members will continue to benefit from an appeals stage in WTO 
dispute settlements. We remain committed to working with other WTO Members to find a permanent 
solution to the AB impasse.  
5.5.  Singapore is committed to helping developing Members integrate into and benefit from the 
multilateral trading system through technical assistance and capacity building activities. Under the 
Singapore -WTO Third Country Training Pro gramme (TCTP), Singapore has collaborated closely with 
the WTO Secretariat to organi ze a variety of programmes for developing Members in the 
Asia-Pacific  region. These include the WTO -Singapore Trade Policy Dialogue, which brings together 
senior trade offi cials for strategic discussions ahead of Ministerial Conferences, short trade policy 
courses, and courses on specific issues of interest, such as trade in services, food supply chains and 
dispute settlement. To date, Singapore and the WTO have jointly cond ucted 43 courses for over 
900 officials.  
6  REGIONAL AND BILATERAL TRADE COOPERATION  
6.1.  Singapore sees bilateral and plurilateral Free Trade Agreements (FTAs) as a practical way for 
like-minded parties to work towards a more ambitious level of trade liberali zation, and therefore 
complement multilateralism. In total, Singapore has 26  FTAs that represent over 85% of global GDP. 
However, current trade rules and policies do not adequately address the needs of the future 
economy - specifically  for the digital economy and the green economy. Therefore, Singapore has 
also sought to drive ambitious agreements in these two areas with like -minded and progressive 
countries. These agreements can forge the pathway for new multilateral agreements at the WTO.  
Digital Economy  Agre ements   
6.2.  Digital Economy Agreements (DEAs) anchor Singapore 's engagement with like -minded 
partners in wide -ranging and critical aspects of the digital economy. Complementing 
Singapore 's network of FTAs, DEAs aim to establish international rules, set benchmarks and align 
standards that will enable or enhance digital trade, particularly in the newer digital issues (such as 
e-invoicing, e -payments, artificial intelligence governance and ethics and digital identities) that have 
not yet been addressed in o ur existing FTAs.  
6.3.  Singapore has concluded two DEAs: (i) the Digital Economy Partnership Agreement (DEPA) 
between Singapore, Chile and New Zealand, and (ii) the Singapore -Australia Digital Economy 
Agreement  (SADEA). The DEAs establish a framework for collab oration in digital trade issues, 
promote interoperability between different regimes and address emerging trade policy issues 
brought about by  digitalisation. They are also supplemented with tangible projects undertaken 
by different government agencies. For  example, the SADEA includes seven Memoranda of 
Understanding to operationali ze some of the rules in the SADEA by  identifying or mapping 
collaboration projects, specifically in the areas of Artificial Intelligence, Data Innovation, Digital 
Identities, Pers onal Information Protection, E -invoicing, Trade Facilitation and E -certification on WT/TPR/G/413 • Singapore  
 
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  Agricultural Commodities. The DEPA also contains projects on National Single Window linkage, 
e-invoicing, and an international connectivity system. Singapore is currently n egotiating its 
third DEA with Korea and hopes to conclude further agreements with other like -minded economies 
in future.  
Green Economy Agreements  
6.4.  Singapore is also exploring Green Economy Agreements (GEAs) with like -minded trading 
partners, that seek to (i ) facilitate trade and investment in  environmental goods and services, 
(ii) strengthen environmental governance, and (iii) enhance capacity to address climate change. 
Some areas of cooperation could include carbon trading, green financing and clean energy solutions.  
Association of  Southeast Asian Nations  
6.5.  Singapore is an active member of the Association of Southeast Asian Nations (ASEAN). During 
Singapore 's ASEAN Chairmanship in 2018, several initiatives were completed to boost 
ASEAN 's attractiveness as a b usiness and investment destination, namely: (i) the ASEAN Single 
Window through which ASEAN Member States (AMS) are able to exchange trade documents 
electronically; (ii)  the ASEAN -wide Self  Certification Scheme, which saves time and costs for 
businesses; and (iii)  the ASEAN Agreement on E -Commerce, ASEAN Trade in Services Agreement 
and enhancements to the ASEAN Comprehensive Investment Agreement which boosted digital 
connectivity, improved market access in ASEAN 's growing services sector and re duced investment 
impediments.  
6.6.  During the period under review, ASEAN also accomplished the following initiatives to advance 
the vision of an ASEAN Economic Community (AEC)10, amongst others: (i) the ASEAN Customs 
Transit System which will allow businesses t o transport goods overland more freely, across borders, 
via a single customs formality and transport journey, amongst participating AMS; (ii)  Mutual 
Recognition Arrangements to eliminate duplicative testing and reduce time to market costs; 
(iii) initiative s to realise an eventual single 'ASEAN Digital Economy ' which will include a regional 
e-commerce ecosystem; and (iv) the ASEAN Comprehensive Recovery Framework (ACRF) which will 
identify existing vulnerabilities and seize opportunities that have arisen fro m the COVID -19 
pandemic for the region to emerge stronger and more resilient.  
6.7.  ASEAN concluded the ASEAN -Hong Kong, China Free Trade Area (AHKFTA) as well as upgraded 
two other FTAs, namely: (i) the ASEAN -China Free Trade Area (ACFTA); and (ii) the ASEAN -Japan 
Comprehensive Economic Partnership (AJCEP).  
6.8.  Regional Comprehensive Economic Partnership . The Regional Comprehensive Economic 
Partnership (RCEP) is a modern, comprehensive, high -quality, and mutually beneficial ASEAN -led 
economic partnership bet ween the 10  AMS, Australia, China, Japan, Republic of Korea and 
New Zealand. The RCEP, signed on 15 November 2020, is the largest FTA to -date, comprising 
approximately 30% of global GDP and close to a third of the world 's population. It  builds on existing 
bilateral ASEAN agreements with its FTA Partners , providing a single rulebook and enhanced trade 
facilitation measures to help businesses take advantage of the regional value chains. The  RCEP also 
covers new areas such as electronic commerce,  competition policy, intellectual property and 
government procurement. On  9 April 2021, Singapore became the first RCEP Participating Country 
to ratify the RCEP. The RCEP is targeted for entry into force on 1 January 2022, 60 days after at 
least six AMS an d three ASEAN FTA Partners ratify the Agreement.  
Asia-Pacific Economic Cooperation  
6.9.  As a founding economy, Singapore plays an active role at the Asia -Pacific Economic 
Co-operation  (APEC), and has contributed to APEC 's initiatives to advance regional economi c 
integration by providing leadership and targeted capacity building in the areas of trade facilitation, 
supply chain connectivity and regulatory reform. Singapore is working with the other 20  APEC 
economies on the Implementation Plan for the Putrajaya Vis ion 2040. Singapore has also contributed 
 
10 The AEC aims to create a single market and production base that facilita tes the free flow of trade and 
investment in the region. Notably, a Singaporean, Mr Satvinder Singh, was appointed as the 
deputy  secretary -general for the AEC as part of the ASEAN Secretariat in March 2021. His appointment will be 
for a period of three yea rs. WT/TPR/G/413 • Singapore  
 
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  actively to conversations on APEC 's agenda following the Bogor Goals, including the vision of a 
Free Trade Area of the Asia Pacific (FTAAP). Following the APEC Ministers Responsible for 
Trade  (MRT) Meeting on 5 June  2021 and in line with the consensus MRT Joint Statement, Singapore 
is committed to work with other APEC economies to: (i) supporting the safe and efficient distribution 
of COVID -19 vaccines and essential goods, (ii) advance the work on environmental goods  and 
services, and (iii) facilitate safe travel within the Asia Pacific region, amongst others.  
Other Regional and Bilateral FTAs and Economic Partnerships  
6.10.   During the period under review, Singapore concluded three regional and bilateral FTAs and 
economic p artnerships, namely: (i) the Sri Lanka -Singapore FTA (SLSFTA); (ii) the Comprehensive 
and Progressive Agreement for Trans -Pacific Partnership (CPTPP); and (iii) the 
United  Kingdom -Singapore FTA (UKSFTA).  
6.11.   The SLSFTA was signed on 23 January 2018 and entered  into force on 1  May 2018. It is a 
modern and comprehensive free trade agreement covering areas such as Trade in Services, 
E-Commerce, Telecommunications, Investments, Intellectual Property and Government 
Procurement.  
6.12.   The CPTPP was signed on 8 March 2018 a nd entered into force on 30  December  2018, 
following ratification by six Parties, including Singapore. It was signed between 11 APEC members: 
Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore 
and Viet  Nam. T he CPTPP is a comprehensive, high -standard regional FTA which addresses non -tariff 
barriers to trade through updated rules in technical standards, sanitary and phytosanitary measures, 
services and investment; and tackles trade issues relevant to the 21st century economy by 
establishing enforceable rules in areas such as E -Commerce and IP. The CPTPP has an open and 
inclusive architecture and welcomes economies which are able and willing to subscribe to its high 
standards to join the Agreement. This will furt her the vision of CPTPP to promote deeper economic 
integration of the region and beyond. Following the formal request by the United Kingdom to accede 
to the CPTPP, the CPTPP Commission made a decision on 2  June 2021 to commence the 
United  Kingdom 's accessi on process.  
6.13.   The UKSFTA was signed on 10 December 2020 and entered into force on 11  February  2021. 
Notably, this was the first FTA between the United Kingdom and an ASEAN Member State. The 
UKSFTA removes unnecessary technical barriers to trade (TBT) for Sin gapore and United Kingdom 
exporters, going beyond the requirements of the WTO 's TBT Agreement and Sanitary and 
Phytosanitary Measures (SPS) Agreement. The Government Procurement chapter includes rules on 
transparency and non -discrimination that also go bey ond the WTO 's Agreement on Government 
Procurement.  
6.14.   In addition, two FTAs entered into force in the same period, namely: (i)  the 
European  Union -Singapore FTA (EUSFTA); and (ii) the Turkey -Singapore FTA (TRSFTA). Singapore 
sees these regional and bilateral agreements as building blocks towards broader regional and 
multilateral trade liberalisation. Singapore also updated and upgraded four FTAs, namely: (i)  the 
Agreement between New Zealand and Singapore on a Closer Economic Partnership (ANZSCEP); 
(ii) the Singapore -Australia FTA (SAFTA); (iii) the United States -Singapore FTA (USSFTA); and 
(iv) the India -Singapore Comprehensive Economic Cooperation Agreement (CECA). Singapore has 
also substantially concluded negotiations for the Pacific Alliance -Singapore FTA (PASFTA) and 
launched negotiations for a Eurasian Economic Union -Singapore FTA (EAEU) and 
MERCOSUR -Singapore FTA (MSFTA).  
Bilateral Investment Treaties  
6.15.   Bilateral Investment Treaties (BITs) enhance Singapore's attractiveness as an investment 
destination and ensure greater protection for investors and their investments overseas. Nine  BITs 
were concluded with Iran, Indonesia, Kazakhstan, Kenya, Mozambique, Myanmar, Nigeria, Qatar 
and Rwanda in the period under review. The BITs with Indonesia, Iran, M yanmar, Qatar  and Rwanda 
also entered into force during this period. Negotiations for new BITs are ongoing with Ghana and 
Morocco.  WT/TPR/G/413 • Singapore  
 
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  7  CONCLUSION  
7.1.  COVID -19 has changed the world irrevocably. In navigating the "new normal " and working on 
post-pandemic recovery, Singapore will continue to support our businesses and workers, preserve 
jobs and prepare for the future by staying open and connected to the world as well as strengthening 
our connectivity and position as a hub for goods, data, talent, businesses and techn ology.  
7.2.  As a small and open economy, free trade is Singapore 's lifeblood and has undergirded our 
economic growth and prosperity. In this regard, we staunchly support and depend on an open, fair, 
transparent and rules -based trading system with the WTO at its  core. At the same time, Singapore 
actively pursues further regional integration and global cooperation through an extensive network 
of free trade agreements that can serve as building blocks for multilateralism. We 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.  
 
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