WORLD TRADE  
ORGANIZATION   
WT/TPR/M/267 
8 October 2012 
 (12-5447) 
Trade Policy Review Body 
24 and 26 July 2012  
 
 
 
TRADE POLICY REVIEW 
 
SINGAPORE 
 
Record of the Meeting 
 
Chairperson:  H.E. Mr. Eduardo Muñoz Gómez (Colombia) 
 
  Page 
 
I. INTRODUCTORY REMARKS BY THE CHAIRPERSON 3 
II. OPENING STATEMENT BY THE REPRESENTATIVE OF SINGAPORE  5 
III. STATEMENT BY THE DISCUSSANT 8 
IV. STATEMENTS BY MEMBERS 12 V. REPLIES BY THE REPRESENTATIVE OF SINGAPORE AND ADDITIONAL 
COMMENTS  39 
VI. CONCLUDING REMARKS BY THE CHAIRPERSON 44 
 
 
Note:   Advance written questions by WTO Me mbers and the replies provided by Singapore are 
reproduced in document WT/TPR/M/267/Add.1 and will be available online at:  
http://www.wto.org/english/tr atop_e/tpr_e/tp_rep_e.htm.    WT/TPR/M/267 
 Page 3 
 
 
  I. INTRODUCTORY REMARKS BY THE CHAIRPERSON 
1. The sixth Trade Policy Review of Singapore was held on 24 and 26 July 2012.  
The Chairperson H.E. Mr. Eduardo Muñoz Gómez (C olombia) welcomed the delegation of Singapore 
headed by H.E. Mrs. Ow Foong Pheng, Permanent Secretary for Trade and Industry of the Ministry of Trade and Industry, and the discussant, H.E. Mr. John Adank (New Zealand). 
2. The Chairperson recalled the purpose of the Trad e Policy Reviews and the main elements of 
the procedures for the meeting.  The report by Si ngapore was contained in document WT/TPR/G/267 
and that of the WTO Secretariat in WT/TPR/S/267. 
3. Questions by the following delegations had been  submitted in writing at least two weeks in 
advance and had been transmitted to the delega tion of Singapore: Brunei Darussalam;  the United 
States;  Switzerland;  the Republic of Korea;  Ch inese Taipei;  Canada;  New Zealand;  Australia;  
Mexico;  Costa Rica;  Hong Kong, China;  India;   the European Union;  Japan;  China;  the 
Dominican Republic;  South Africa;  Pakistan;  a nd Thailand.  The following delegations submitted 
written questions after the two-weeks deadline:  Chile ;  Turkey;  Philippines;  Brazil;  and Colombia.  
4. The Chairperson noted that the reports prepar ed for this meeting by Singapore and the 
Secretariat noted that although Singapore's economy w as hit hard by the global financial crisis, it had 
recovered fairly quickly and the cr isis had not affected this country 's belief in free and open trade.  
The economic recovery was due mainly to a counte rcyclical fiscal stimulus, monetary easing, strong 
economic fundamentals, and labour market flexibility. 
5. Nonetheless, Singapore was facing new challenges,  as well as opportunities, due to the global 
financial crisis, and its global competitiveness was being challenged by low-cost economies 
particularly in Asia.  An ambitious productivity dr ive had therefore been envisaged for the next few 
years.  Attention was drawn to the role of the National Productivity and Continuing Education Council, which had selected 16 key sectors of the economy to receive cross-cutting support.  He noted that it would be interesting for all Members if the delegation of Singapore could elaborate on the 
measures that were being implemented as part of this strategy to enhance productivity. 
6. Both the previous review and the current report,  however, referred to the significant wage gap 
between various sectors of Singapore's population.   The Government of Singapore had been 
developing programmes to tackle this challenge.  It would be useful if Singapore could provide 
Members with more information on this strategy. 
7. Overall, this Review provided an opportunity to exchange views on matters of interest to all 
Members.  In his view, these included: 
 State ownership remains substantial in key sectors of the economy, such as in 
electricity, telecommunications, transport, and ports.  The State also controls a high 
percentage of land for both industrial use and public housing.  Members would 
appreciate learning more about the authorities' approach to State ownership vis-à-vis  
private sector participation in the economy. 
 Singapore is a major recipient of foreign dir ect investment.  However, foreigners are 
restricted from participating in a few sectors, including broadcasting/news media, 
legal services, and retail banking.  Delega tions would like to know the reasons for 
maintaining such restrictions and whet her there are any plans to lift them. 
 Singapore levies tariffs on only six tariff lines.  Nonetheless, around 30% of 
Singapore's tariff lines are unbound, with bound rates ranging from zero to 10%.  Questions may be asked on how to ensure predictability of a trade regime where WT/TPR/M/267 
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  some 30% of tariff lines are unbound and there is a considerable gap between applied 
and bound rates. 
 A number of areas are still exempt from competition rules such as activities, 
agreements, and statutory bodies or entities acting on behalf of the Government.  
Perhaps Singapore might elaborate on whether it plans to broaden the scope of its 
competition legislation given the high leve l of State participation in the economy. 
8. Singapore's services commitments under its various  preferential agreements went beyond its 
GATS schedule/offer.  It would be interesting to  know if Singapore was considering matching such 
preferential commitments at the multilateral level.  WT/TPR/M/267 
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  II. OPENING STATEMENT BY THE REPR ESENTATIVE OF SINGAPORE  
9. The period since Singapore's last TPR four years ago has been challenging.  The global 
financial crisis was far reaching and its consequences are still unfolding. Let me first give a brief 
overview of what we did in response to the crisis , before turning to the fundamental principles of 
Singapore's trade and economic policies,  which have remained unchanged. 
10. Singapore's economy is highly dependent on trade.   External demand supports an estimated 
60% of our GDP in value-added terms, and 50% of  total employment.  It was therefore no surprise 
that Singapore was hit hard by the effects of the global economic crisis.  We  were one of the first 
Asian economies to slip into recession in the third quarter of 2008. In the first quarter of 2009, our 
economy contracted by nearly 9%.  Singapore's total trade fell by nearly 28% in the first quarter of 
2009, and continued to fall by an average of 24% in the following two quarters, as our externally-
oriented sectors of manufacturing, wholesale trade, a nd transportation, experienced the full impact of 
the global slowdown.  
11. We responded swiftly with countercyclical measures. First, Singapore introduced fiscal 
measures to help Singapore-based companies gain acces s to credit, retain workers, and upgrade their 
skills to prepare for the economic upturn when it com es. We were fortunate to have the resources to 
respond to the immediate needs of our households  and businesses during the downturn, without 
having to compromise our focus on long-term init iatives, because we had built up a nest egg of 
reserves over the years.   
12. Second, Singapore's monetary policy responses we re deliberately graduated, underpinned by 
the objective of promoting price stability over th e medium term. This ensured that the Singapore 
dollar remained an anchor of stability duri ng the period of heightened uncertainty. 
13. Throughout all this, Singapore maintained our ope n trade regime. We were acutely aware that 
in this day and age, no individual economy possesses all the factors of production to be able to 
competitively manufacture a complete product.  Trade restrictions would have adversely affected our 
position within the global value chain and reduced ou r export competitiveness by raising the cost of 
intermediate goods for our manufacturers.  
14. We are grateful for the important role played  by the WTO during this period.  Singapore was 
able to work with other WTO Members to advo cate that Members keep markets open and respect 
their WTO obligations. The WTO's role in mon itoring trade policies introduced by governments 
during the global economic crisis help ed to guard against tit-for-tat pr otectionism that could have led 
to a downward spiral of the global economy, and deepened the downturn. 
15. Trade-led growth supported our recovery. By the first quarter of 2010, Singapore's economy 
had recovered output lost during the crisis.  Our eco nomy grew by almost 15% in 2010 and nearly 5% 
in 2011. Total trade rebounded sharply and expa nded by nearly 21% and 8% in 2010 and 2011 
respectively. As a result of the strong economic r ecovery, Singapore's unemployment rate, which had 
averaged around 2.9% in the past decade, dec lined to a 14-year low of 2% in 2011.   
16. Today, Singapore is in the fortunate position of having topped the World Bank's Ease of 
Doing Business  rankings for the past six years.  In the World Economic Forum's Global Enabling 
Trade Report 2012 , we were ranked first in terms of havi ng the most open economy for international 
trade and investment. 
17. Although Singapore has recovered from the financ ial crisis, we are not yet out of the woods. 
The global economic environment remains uncertain. We  also face a number of domestic challenges.  
For example, we are not immune to the increasi ng income inequality faced by countries around the WT/TPR/M/267 
Page 6  
 
  world. We are working hard to counter this trend. To  this end, we are investing in worker training to 
upgrade their skills so as to enhance their employab ility and enable them to seize job opportunities 
that emerge in the market. We also need to improve  our labour productivity. To achieve this, we have 
established work groups comprising representatives from Government agencies, unions and the private sector to study and develop strategies to raise productivity in 16 sectors, which together 
account for about 55% of Singapore's GDP and 60% of employment.  
18. However, even in the face of these challeng es, we have found no reason to change the 
fundamental principles of Singapore's trade and econom ic policies.  These are:  firstly, to keep 
markets open and to promote competition and inn ovation; secondly, to continue to deepen our 
integration with the rest of the world; and thirdly,  to ensure a stable macr o-economic environment that 
supports trade and investment. 
19. We continue to strengthen our Intellectual Property Rights (IPR) framework, to encourage 
innovative investments and activities, while bala ncing the interests of consumers and other 
stakeholders with that of IP rights owners.  Sinc e our last TPR in 2008, pate nt and trademark filings 
by Singapore-based entities, which is an indicator for innovation, have increased by 30% and 7% 
respectively.  We also continue to take seriously the need to ensure the e ffective enforcement of our 
2004 Competition Act.  Since the establishment of the Competition Commission of Singapore (CCS) 
in 2005, the agency has looked in to more than 140 competition cases and has issued six infringement 
decisions.   
20. We also remain firmly committed to integrati on with the rest of the world through deeper 
links.  Our foremost trade priority remains the WTO's multilateral trade system. Our pursuit of FTAs, 
RTAs, and other economic cooperation activities with tr ading partners is based on our firm belief that 
these complement the objectives of the multilateral trad ing system and are all building blocks for one 
another.  Singapore is active in regional fora such as ASEAN and APEC, where we work with other 
Members to achieve greater economic integration in  the region, to spur the same at the multilateral 
level. Our participation in the Trans-Pacific Part nership (TPP) Agreement w ith 8 (and soon to be 10) 
other Asia Pacific economies, and in building a wider regional trade agreement under the ASEAN 
Framework on Regional Comprehens ive Economic Partnership, ar e envisioned to be potential 
pathways towards a Free Trade Area of the Asia Pacific (FTAAP).   
21. We balance our priorities of market openness w ith high standards for consumer safety. The 
safety of our people is vital and our standards and re gulations are geared towards their protection. At 
the same time, we remain committe d to our international obligations, including those embodied in the 
WTO agreements. Our formulation and implemen tation of regulations, including TBT and SPS 
standards and measures, are in keeping with achieving that balance.   
22. Last but not least, our trade and investment regime will continue to be underpinned by sound 
macro-economic policies. Our commitment to fiscal  sustainability has boosted business confidence in 
our long-term stability, and gives businesses a strong reason to continue opera ting and investing in 
Singapore.  Our monetary policy is aimed at keeping infl ation low and stable over the medium term. 
Singapore has adopted the policy of a modest a nd gradual appreciation of the Trade-weighted 
Singapore Dollar since April 2010, while making su re that the currency value is aligned with 
underlying fundamentals.  This moderates domes tic inflationary pressures by lowering imported 
inflation and dampening business costs. 
23. 
Singapore's trade policies and practices are guided by the premise that the market place plays 
a central role in the economy. The objective of any government involvement is not to suppress or 
supplant markets; but rather to support and sustain them. Government policies are developed with the 
free market in mind, to achieve growth, developm ent and social objectives. We do not believe in  WT/TPR/M/267 
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  shielding our companies, as they need to be trul y competitive, both regionally,  and globally, in order 
to survive. 
24. To conclude, we thank Members for all their qu estions.  We are pleased with the engagement 
from Members as this shows their interest in us and the growth in our economic relationships. We 
appreciate the value of the TPR, and welcome the improvements Members seek to make to the 
process itself.  We found, for instance, that the revised question and answer timelines allowed for 
more thorough preparations.  We are grateful for Members' support shown through this process and 
the candid and helpful views expressed. We acknowledge  that there are always areas in which we can 
improve and will give due consideration to the feed back Members give.  Singapore will continue to 
work with all Members here, in the common goal of upholding, strengthening, and contributing to the 
multilateral trading system.  WT/TPR/M/267 
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  III. STATEMENT BY THE DISCUSSANT (H.E. MR. JOHN ADANK (NEW ZEALAND)) 
25. Singapore's last Review took place in July 2008.   As we have just heard from the Singapore 
delegation, the four years since then have cl early been extremely challenging given the global 
financial crisis.  Today's discussion therefore giv es us an opportunity to consider how Singapore 
responded to the crisis and the trad e and economic policies it has employed in the Review period.  But 
before we get into the specifics of the last four years, it's useful to first set the scene by reminding 
ourselves of the key features of Singapore's trade and economic profile that have brought it to where it 
is today. 
26. The basics of the "Singaporean Economic Mi racle" and what has become known as "the 
Singapore Model" are of course well known.  And it is fair to say that the economic development 
story that Singapore represents is nothing short of breath-taking.  At the time of independence in 1965 
Singapore had few physical resources and a small domestic market.  In the decades that followed, Singapore determinedly and very successfully pursued a policy aimed at attracting the broadest range 
of multi-national enterprises, over 3000 of which have over the years invested to create jobs, markets, 
and technological know-how.  With a strategic geogr aphical location which makes it a key and natural 
transhipment port (the 18
th largest exporter of oil in the world even though it produces none of its 
own), allied with strong business, intellectual prope rty protections and regulatory practices, a skilled 
workforce and a favourable tax regime aimed at encouraging foreign investment, it has built its 
prosperity. 
27. All of this has resulted in Singapore today having  the highest trade to GDP ratio in the world, 
averaging around 400% in the last reporting period.  This city state ranks as the world 14th largest 
exporter and 15th largest importer.  As a result of its strong participation in global and regional supply 
chains we also see an extremely high import c ontent reflected in Singapore's exports, which has 
increased in recent years to over 50%.  All of th is accomplished with an unemployment level of 
only 2%.   Singapore, acco rdingly, provides an extremely str ong demonstration of the positive link 
between trade and jobs, and a very clear illustration of  the crucial role that imports play in generating 
exports. 
28. Singapore's trade and investment regime is wi dely commended as one of the most open in the 
world to foreign trade and investment.  And as has been noted this year ag ain been judged in the 
World Economic Forum Global Enabling Trade repor t as the easiest country in the world to do 
business, and also ranked by the WEF after Switzer land as the second most competitive country in the 
world. 
29. While I note the reasons that Singapore gives for not planning to propose any formal change 
from its developing country status, it remains one of  the wealthiest countries in the world based on 
GDP.  We have seen Singapore's GDP increase from  $35,000 at the time of the last TPR to over 
$50,000 at the current time, comparable to the very  top band of developed countries, with more 
millionaire households per capita than any other country  in the world.  It also enjoys an extremely 
high rating in terms of quality of life surveys.  So , some stunning statistics that provide the context for 
today's discussion.  And the last four years from 2007-11 have also seen Singapore's GDP grow on average by nearly 6% a year. But at the same time, it has by no means been plain sailing for Singapore during this time. 
30. Singapore's high degree of openness – is sometimes represented as the most globalised 
country in the world - means that it remains particular ly vulnerable to external shocks.  So when the 
global financial crisis hit, it hit hard.  As highlight ed in the Secretariat report in 2009 it experienced its 
biggest decline in 20 years, a loss of 9% of GDP,  with non-oil domestic exports falling by close to 
30%.  WT/TPR/M/267 
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  31. The Singaporean authorities responded quickly  to these developments.  This included a 
significant $20 billion Resilience Package funded through past government surpluses that had 
facilitated the build-up of significant reserves. This allowed for the provision of employment 
subsidies incentivising worker-retention as well as improving access to credit for businesses.  Assisted 
by a boost in consumer demand from China and corpor ate IT investment from the U.S. this generated 
a swift recovery that was in fact much quicker than those following the 1997-98 Asian crisis or the 
2001 dotcom crash.   
32. But what is also very apparent, is that at no time was Singapore's response to the crisis to 
restrict trade and investment.  For a country so dependent on global value chains, and with a very strong interest in ensuring that its neighbours and tr ading partners also maintained opened trade, any 
move in this direction would clearly have been c ounterproductive.  It is clear from the questions that 
members have posed that there is great interest in  knowing more about some of the details of the 
measures adopted by Singapore in response to the crisis. 
33. While the recovery from the financial crisis has been swift, the trade-dependent Singapore 
economy remains extremely vulnerable to global cond itions, as highlighted earlier this month with the 
news that the economy shrank 1.1% in the April to J une quarter.  It would be interesting to hear more 
from the Singaporean delegation about this latest news and any additional measures that they may 
plan to employ to complement  those currently in place. 
34. This leads me directly on to key theme that flows from the story of Singapore's response to 
the financial crisis – the fact that in the period ahead maintaining competitiveness will clearly be a key 
focus.   The government has recognised that as a result of competition from lower cost producers in 
the region and Singapore's rising labour costs there is a need to move from labour-intensive 
manufacturing to higher-value added capital intens ive industries.  And I note that the Singapore 
Economic Strategies Committee has emphasised the n eed to focus on productivity expansion rather 
than growing the foreign labour force further.  So  notwithstanding its 2% unemployment rate, given 
the geographical and infra-structural limitations of its city-State, increasing labour supply from 
outside Singapore (currently around a third of the workforce) is no longer seen as the appropriate 
means to grow the economy.  In addition to a focus on worker training, this has seen a strong 
emphasis on increased R and D spending, with the ai m of increasing expenditure here to 3.5% of GDP 
compared to 3% which was the aim at the time of the last review, and an emphasis on 16 key sectors of the economy in which productivity increases will be pursued.   
35. In the February budget speech the government not ed that current labour productivity remains 
30% lower than the level in United States, and 40 % lower than Switzerland, and set a target of 
improving productivity by 2-3% a year in order to close this gap in the next decade.  On the face of it, 
this looks like quite a considerable challenge.  It would be interesting to hear further comment from 
Singapore on this key issue.  
36. In addition to productivity increases being sou ght in manufacturing, it's also clear that 
maintaining and further increasing Singapore's im portance as a key global and regional hub for 
transport and financial services remain priorities in the period ahead. 
37. Turning to trade policies in general, it's fair to say  that this is an area where the overall picture 
depicted in the Secretariat report remains extremel y positive.  Despite the financial crisis Singapore 
remained true to its longstanding commitment to op en policies on trade and investment.  Over the 
same period Singapore has also built up further expe rience with the evolution of the implementation 
of its overall Competition regime, a measure which was widely welcomed at the time of the last 
Review.   WT/TPR/M/267 
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  38. That said, Singapore's practice in terms of app lied trade policies when compared to its legal 
commitments in the WTO still sees a significant gap in some cases. In this way Singapore is very 
similar to most other WTO members.  In the area of services, members have raised questions about 
Singapore's plans for liberalisation of remaining sectors.   In the area of tariffs we see that Singapore's 
applied MFN tariff is zero apart from six alcoholic be verage lines.  In agriculture, 90% of Singapore's 
food needs are imported, and with the exception of th e six alcoholic beverage lines mentioned earlier, 
Singapore maintains zero tariffs on all food imports , indicating that it sees ready and diversified 
access to food from global sources as a key part of its food security strategy. At the same time I note that in this Review as in earlier reviews memb ers have raised questions about whether Singapore 
plans to take any action to bind the 30% of tariff lines that remain unbound, with Singapore advising 
again that it will give consideration to further improvements here in the context of the ongoing DDA 
negotiations. 
39. There have been no specific trade concerns ra ised in the relevant WTO Committees over the 
last four years in regard to either SPS or TB T measures. Nor have there been any contingency 
measures applied during the period under review, duri ng which Singapore has actively participated in 
the DDA negotiations advancing proposals for reforms of WTO rules in these areas. 
40. The open regime applied by Singapore here h as been further complemented by a range of 
specific measures aimed at facilitating trade.  Memb ers are clearly interested in learning more about 
Singapore's experiences in the trade facilitation areas where it is seen as a world leader, and I note 
here that Singapore has offered in recent discussions to share its experience in this regard with other 
countries wishing to implement similar measures.  
41. Singapore has also indicated that it maintains no specific subsidies and therefore has a nil 
notification under the Subsidies Agreement.  This appears to be on the basis that none of Singapore's 
financial contributions are specific to any particul ar industry, and therefore non-notifiable.  At the 
same time, Singapore provides an extensive range  of financial incentives to businesses aimed at 
encouraging business operations and investment in Singapore as well as beyond Singapore.  Some of 
the questions that Members have raised here are I think directed at clarifying the nature of these 
incentive schemes as well as some export finance related measures and how they may relate to relevant WTO disciplines.  It would be interesti ng to hear whether Singapore expects any change in 
the area of financial incentives, away from its broa d industry wide approach , to measures that are 
specifically targeted to certain industries? 
42. There have also been significant developmen ts in Singapore's participation in FTA 
negotiations in the period of the review and it woul d be interesting to get Singapore's further sense of 
how they see the relationship between their FTA co mmitments and multilateral liberalisation evolving 
in future. 
43. Finally, one key feature of the Singaporean economy that the Secretariat report highlights, as 
was the case in past Reviews, and as mentioned in your  introduction today Chair, is the extent of state 
ownership across the economy. While Singapore is recognised as a highly developed market-based 
economy the state owns firms that manage signi ficant assets such as the sovereign wealth fund 
Temasek, which has a current portfolio value of around $S193 billion, equal to around 60% of GDP.   
44. The report also highlights the important role that 65 statutory boards, as well as statutory 
board companies established by them, perform.  I not e here that a full list of these statutory board 
companies was not made available to the Secretariat so it was not possible to consider their impact on 
the economy. It would be useful to have further comment from Singapore on this aspect, including on 
the criteria used to determine cases where public po licy functions are not cons idered appropriate for 
outsourcing to the private sector.  Given the role play ed by the state in the economy it is not surprising 
that Members have a number of questions rela ted to government procurement procedures.   WT/TPR/M/267 
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  45. More generally, we might ask to what extent  are there any concerns that the significant 
government involvement in the economy crowds out th e private sector from taking a greater role?  Is 
the state "stake" in the economy likely to change in the period ahead or is this likely to be a fairly 
constant feature of the Singapore Model? 
46. In conclusion, these are the main themes that  I would draw from this year's report on 
Singapore's trade policy.  I think it's very clear that Singapore should be commended for remaining 
one of the most open and competitive economies in th e world, despite adverse global conditions.  At 
the same time, as we have heard today Singapore is  facing a number of challenges to maintain its 
competitiveness. I look forward to hearing the further views of Members and responses from 
Singapore on these and other issues. WT/TPR/M/267 
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  IV. STATEMENTS BY MEMBERS 
BRUNEI DARUSSALAM ON BEHALF OF ASEAN 
 
47. As an active member in ASEAN, Singapore has always been at the forefront of bringing 
together the collective ASEAN ec onomy to where it is today.  In 2010, Singapore contributed to 
US$700 billion, which is about 35% of  ASEAN's total trade that year. 
48. Together with its ASEAN partners, Singapore is continuing to work towards achieving an 
ASEAN Community by 2015.  Steps taken to reach this objective include the ASEAN Trade in Goods 
Agreement (ATIGA) in 2010, and the ASEAN Compre hensive Investment Agreement (ACIA), which 
should enter into force in 2012. 
49. ASEAN notes that although Singapore was hit quite  hard by the Global Financial Crisis, they 
maintained their commitment to keeping markets open and to promote fair and active competition.  Singapore recovered quite well with  the Governments introduction of  the 2009 Resilience Package, 
which managed to reduce the rate of unempl oyment and redundancies, while stabilizing and 
maintaining the business environment. 
50. Singapore remains one of the most market-orien ted and opens economies in the world and is 
also considered the easiest country in which to do business.  The economy grew at an annual average 
rate of 6% in 2007-11.  Singapore has been a strong advocate of the multilateral trading system, 
actively promoting trade li beralization and to push th e DDA negotiations forward. 
51. ASEAN would particularly like to thank H.E.  Mr. Fook Seng and his delegation for their 
tireless efforts and constructive engagement with delegations, especially with ASEAN Members in 
Geneva. 
UNITED STATES 
52. As we did in 2008, the United States appl auds Singapore's demonstrated commitment to 
opening markets for trade, development, and econom ic opportunity.  Singapore remains one of the 
most steadfastly open economies in the world and its consistent efforts to open markets through 
multilateral, regional, and bilateral initiatives have enhanced its own competitiveness and that of its 
trading partners.  As the government's report aptly notes, the period under review was marked by "an 
unprecedented global economic crisis" and Singapor e - a small and open economy - was by no means 
spared from these challenges.  Nevertheless, Singapor e's economy grew at an annual rate of 6% per 
year during the period under Review.  This growth was the result of respons ible management of the 
macro economy as well as significant contributions from transport and wholesale trade activities, 
reflecting the resiliency of Singapore as a major trans-shipment hub.  The United States notes the 
significant work that has been undertaken since the last Review by Singapore to further increase its 
efficiency as an open trading hub.  Efforts to  improve trade facilitation include Singapore's 
establishment of a single window for customs proc essing and recent initiatives such as providing for 
binding advance rulings on customs valuation. 
53. As the Secretariat's report clearly describes, Singapore's deep integration into the global 
economy has helped it become a prosperous nati on, with per capita GDP estimated at around 
US$50,000 in 2011, an increase of 29% since 2008.  Singapore's openness, with an estimated trade to 
GDP ratio of 400%, remains a defining characteristic.  Singapore has now turned its efforts and policy 
focus to further improving its productivity and enha ncing its competitiveness, particularly as it faces 
the challenges brought about by the slowing growth of its workforce. Policies that support human 
capital development such as continuing education pr ograms, along with Singapore's efforts to invest  WT/TPR/M/267 
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  in research, innovation and enterprise will certainly cont ribute support to its broader efforts to further 
improve its competitiveness and enhance productivity.    
54. Turning to our bilateral trade and investment re lationship, we are proud to point to the United 
States-Singapore Free Trade Agreement (FTA) as the first comprehensive U.S. FTA with an Asian nation.  This FTA has been in force since January 1, 2004.    
55. Singapore-U.S. two-way trade in goods totalle d $50.3 billion in 2011.  In 2011, the United 
States was Singapore's fifth largest export market ta king 5.4% of Singapore's exports.  In that same 
year, the United States was also Singapore's second largest supplier with nearly 11% of its total 
imports coming from the United States.  Two-way tr ade in services was $14.9 billion in 2011.  U.S. 
foreign direct investment to Singapore was $106 billi on in 2010, an increase of more than 19% from 
levels in 2009. 
56. In addition to our strong bilate ral relationship, the United Stat es and Singapore continue to 
deepen cooperation in a broad range of fora bot h within the region and multilaterally.  The United 
States is very pleased to be working closely with Singapore to negotiate the Trans-Pacific Partnership 
Agreement, which will not only deepen and strengthen our bilateral trade and investment linkages, but 
will also serve to establish a high-standard re gional trade agreement that will address new and 
emerging trade issues and 21
st century challenges.   
57. The United States welcomes Singapore's continued commitment to a fair, transparent, and 
rules-based multilateral trade system.  We share Singapore's belief that the WTO remains an important platform from which we can ensure conti nued growth for all economi es.  We further agree 
that the WTO's role is critical, both as a guardian against protectionism, and as a catalyst to promote 
growth and development.  Now is as important a time as ever to uphold our shared support for the 
multilateral trading system and the stability and predictably provided by the WTO. 
58. The United States is also very appreciative of the strong support Singapore provided during 
the U.S. APEC host year in 2011, which contributed to the meaningful and significant outcomes achieved last year when APEC Leaders met in Honol ulu, Hawaii.  This year we are continuing to 
work closely with Singapore and other APEC  member economies to build on these outcomes.  The 
United States also acknowledges the important ro le Singapore plays within the ASEAN regional 
group and together we work closely to support great er regional integration and strengthen important 
trade and investment linkages between th e United States and the ASEAN economies. 
59. While our overall relationship remains strong, the United States does have concerns that 
Singapore continues to restrict the importation of certain beef and beef products from the United 
States, even though the United States is consider ed a "controlled risk" country by the World 
Organization for Animal Health (OIE).  We ask Singapore to bring their sanitary measures in line 
with the OIE guidelines or provide the United States with  a copy of its risk assessment at this TPR to 
support these restrictions under the WTO SPS Agreement.   
60. In closing, we wish Singapore a successful review, and we look forward to further 
cooperation with Singapore, both here  at the WTO and in our bilateral exchanges.  We also look 
forward to continuing our work with Singapore and our other trading partners to support the 
multilateral trading system embodied by the WTO, allowing trade and investment opportunities to expand. 
SWITZERLAND 
61. From the Secretariat's Report and Singapore's Re port, there is clear evidence of the active 
participation of Singapore in world trade and of  its willingness to support a further strengthening of WT/TPR/M/267 
Page 14  
 
  the multilateral trading system. Singapore remains one of the most open, competitive and successful 
economies in the world and it is one that Switzerland, like other countries, can well take as an example. As a matter of fact, based on various world performance charts, Singapore is very often placed in the leading positions. Singapore's econom y has recovered faster than any other Asian 
country from the global downturn of 2009 and thereb y gave proof of its great market flexibility. 
Nonetheless it cannot remain unaffected by the European debt crisis. 
62. Despite these challenges, I am very pleased to say that the economic relations between 
Switzerland and Singapore are excellent and they continue  to progress in a very satisfactory way as 
evidenced with an 8.7% increase of our exports just  last year. Switzerland and no doubt, also the other 
EFTA States, are satisfied with the very high de gree of implementation of the EFTA-Singapore Free 
Trade agreement which was signed in January 2003.  Singapore consequently is today Switzerland's 
most important trading partner in South-East Asia  and is our third largest trading partner in Asia, after 
China/Hong Kong and Japan.  
63. Switzerland is also the sixth largest foreign direct investor in Singapore. The largest 
proportion of Swiss FDI flows into the manufacturing sector, where pharmaceuticals now account for 
more than 16% of manufacturing production. The second largest beneficiary  of Swiss FDI is the 
wholesale/retail trade sector, followed by the financia l and insurance sector in third place. The Swiss 
private sector is a significant employer in Singapore. For many Swiss companies Singapore acts as a regional hub by providing a springboard for further expansion in Southeast Asia.  
64. Despite Singapore's openness, there is still pot ential for improvement. Switzerland raised in 
this context a few issues in its written questions wh ere we consider further progress could be made.  
First, we note that Singapore's GDP per capita is estimated at around US$50,000 in 2011 and that 
Singapore is ranked among the most advanced economies based on the UNDP Human Development 
Index. Singapore's per capita income is thus fu lly comparable to those OECD countries having the 
highest per capita income. We are therefore of the view that the authorities of Singapore should 
consider a very active participation in all foru ms, including WTO, where the adaptation of the 
positioning of countries to the economic and comme rcial features of today is at stake.  
65. Second, Singapore has so far bound only 69.6% of its tariffs. Also the bindings remain 
substantially higher than the MFN applied rates. Gi ven the generally low applied rates that Singapore 
has been maintaining now for a number of years,  it would be a welcome development if Singapore 
were also to improve the predictability of its ta riff regime by increasing the percentage of its bound 
tariff lines. We therefore very much hope that Si ngapore will be able to accept a significant increase 
in the degree of binding of its tariffs. Like for its country status in the WTO, this would be a positive 
development and a model for other Members at a tim e when there remain significant risks of rising 
protectionist pressures around the world.  
66. Third, we note that the Secretariat's report indicates that the authorities of Singapore may 
engage the private sector in the delivery of public services through public-private partnerships (PPPs), 
where feasible. We are glad to have confirmation that Singapore considers PPP as a form of procurement, subject as such to the principles of transparency as well as open and fair competition.  
67. Finally, regarding the Plurilateral Agreemen t on Trade in Civil Aircraft, may Switzerland 
suggest that Singapore soon considers being a signatory  to this Agreement, given the importance of its 
aerospace industry, which is the most comprehensiv e maintenance, repair a nd overhaul hub in Asia. It 
would provide legal security for the imports of spare parts and components for repair.  
68. Let me conclude, by emphasising that Switzerland shares with Singapore a strong interest in 
strengthening the multilateral trading system. A stro ng rules-based system, as provided by the WTO, 
remains crucial for small but highly integrat ed and open trading economies like Singapore and  WT/TPR/M/267 
 Page 15 
 
 
  Switzerland. We look forward to pursuing and furthe r enhancing our cooperati on in this regard, and 
very much hope that we will be able to make good progress in at least some specific areas of the 
present negotiations despite the present impasse in the Doha Round. We underline with satisfaction 
that Singapore and Switzerland are joining efforts in the context of several friends groups seeking 
ways to strengthen multilateral rules and a dvance liberalization in different areas. 
REPUBLIC OF KOREA 
69. We are pleased to note that, as strong supporters  of the multilateral trading system, Singapore 
and Korea have long maintained a mutually suppor tive economic relationship.  Last year, Singapore 
was Korea's ninth largest trade partner with tota l bilateral merchandise trade reaching approximately 
US$30 billion which had doubled since 2006, when the b ilateral FTA entered into force.  In addition, 
the Korea-ASEAN FTA that took effect in 2007 for goods and 2009 for services, respectively, has 
helped further deepen the already clo se economic ties between the two countries.  
70. Turning to Singapore's overall economic perform ance, it is commendable that Singapore has 
recovered promptly from the impact of the 2008 glob al financial and economic crisis, thanks to the 
effective combination of countercyclical fiscal  and monetary policies as well as strong economic 
fundamentals and labour market flexibility. 
71. Also, as the Secretariat report rightly highlight ed, Singapore remains one of the most market-
oriented and open economies in the world, which und oubtedly helped it demonstrate a great degree of 
resilience in the midst of the global economic dow nturn.  At the same time, we would like to 
encourage Singapore to continue to pursue trade liberalization by, for example, binding its unbound 
tariff lines as a means to further enhance predictability. 
72. Before coming to this meeting, we glanced at th e official website of the Ministry of Trade and 
Industry of Singapore and took particular note of it s slogan right above an enchanting night view of 
the city of Singapore.  It reads that "MTI will strive to ensure that Singapore will continue to be a city 
of opportunities, where people and enterprises ca n grow and succeed".  We very much hope and 
expect that Singapore, as one of the most active pl ayers in the WTO, will also continue to make 
important contributions in our common endeavour  to craft the WTO into an Organization of 
opportunities where Members can grow and succeed. 
SEPARATE CUSTOMS TERRITORY OF TAIWAN, PENGHU, KINMEN AND MATSU 
73. As a country with few natural resources of its  own, Singapore has always been dependent on 
external trade for its economic gr owth and development, and today especially in areas such as high-
tech electronics, chemicals, biomedical products and services. Singapore continues to build on its core 
advantages - its position as an international geo-st rategic hub, its well-developed infrastructure, 
friendly business environment, talented workforce, open and liberal market orientation – all of which 
make it an attractive investment destination. 
74. Since its last Review, bearing in mind the seri ous challenges presented by the global financial 
and economic crises, Singapore's overall economic pe rformance has been impressive. It has managed 
to maintain its average annual GDP growth at around 6%, and unemployment even fell to a 14-year 
low of 2% in 2011. My government would like to congratulate the government of Singapore on its 
action taken and the various reform s implemented during the period under review. It appears that such 
measures as selecting 16 key sectors to boost th e economy, moving to single-window customs 
procedures to facilitate trade, and establishing a "one -stop-shop" for all port, shipping and maritime 
activities have succeeded in giving Singapore's economy a welcome injection of greater productivity 
and innovation. WT/TPR/M/267 
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  75. Singapore and Chinese Taipei share the same interests in a number of ways. We both believe 
in active and meaningful participation to support a rules-based multilateral trading system, and in 
multilateral, regional and bilateral engagement with our trading partners to achieve our trade policy 
goals. Both of us are strong advocates of regional economic integration within the APEC framework. 
We also find ourselves often sharing common groun d on issues within the WTO, we appreciate and 
enjoy very close working relationship with the Miss ion of Singapore in Geneva under the leadership 
of H.E. Mr. Kwok Fook Seng.  
76. One aspect of its trade practices we find inter esting, however, is that while Singapore has 
further liberalized some areas of its professiona l services recently, it still chooses to maintain 
restrictions on FDI in certain sectors such as broa dcasting, news media, legal services, retail banking 
and airline services. And, another is that the Si ngapore government chooses to retain the flexibility to 
impose price controls on dominant tel ecommunications and postal licensees.  
77. Our written questions submitted in advance have already identified other policy areas that are 
of particular interest to us, such as foreign work ers, notifications, the Secu re Trade Partnership (STP) 
programme, export procedures, competition polic ies, FTA negotiations and legal services. 
CANADA 
78. Canada values its bilateral relationship with Singapore a nd also our strong trade and 
investment relationship. Two-way merchandise trad e reached C$2.4 billion in 2011, an increase of 
almost 20% from 2010. Singapore is one of the largest  recipients of Canadian Direct Investment 
Abroad (CDIA) in South East Asia, reaching C$2.2 billion in 2011. 
79. Canada congratulates Singapore for its resilie ncy and strong overall economic performance 
during the global financial crisis. The Singaporean  economy remains one of the most dynamic in 
Asia, as well as one of the fastest growing. The IMF has reported that Singapore's GDP grew at 4.9% in 2011, with growth projected at 2.7% in 2012.  Singapore's skilled work force, world-class 
infrastructure, strong intellectual property protection, and good corporate governance are some of the key factors as to why Singapore is host to many multinational companies, including from Canada. 
80. Canada would like to commend Singapore for cr eating and maintaining a highly competitive 
business environment in which the unemployment rate has held steady at 2.0%, one of the 
lowest rates on record, in the face of challengi ng global conditions. Singapore's budget for fiscal year 
2012-13 seeks to address rising inequality with initiatives aimed at assisting the elderly and low-income citizens as well as at advancing productivity in  order to encourage higher standards of living. 
81. However, against the backdrop of impressive economic growth, inflation remains a concern 
and may inadvertently affect Singapore's open and highly competitive market. Although the increases 
in inflation can be linked to changes in global market prices on commodities, such as food and oil, local pressures, such as accommodation and transportati on costs, have also contributed to the rise of 
the Consumer Price Index (CPI) to 5.2% in Ap ril 2012. Canada supports the measures taken by 
Singapore to manage inflation, while pursuing incl usive economic growth at a sustainable level. 
82. Singapore remains one of the freest economies in the world and is ranked among the best 
places to do business. According to the World Bank Ease of Doing Business Index, Singapore 
retained the number one spot in 2011. An attrac tive operating environment for foreign companies has 
allowed Singapore to become one of the leading Research and Development (R&D) and Science and 
Technology (S&T) hubs in the region and to be count ed among the top financial centres in the world. 
Singapore's rule of law and robust legal system c ontinue to provide confidence to companies looking 
to resolve commercial disputes. It is also developi ng into a premier, international destination for 
tourism.  WT/TPR/M/267 
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  83. Singapore is recognized as a major player in the development of the Asia-Pacific economy, as 
a regional trading partner and as a key transportati on hub. Its network of FTAs, close proximity to 
major regional markets, and attractive location in gl obal value chains have positioned it as one of the 
most liberalized and influential economies in the regi on. As one of Canada's largest trading partner in 
ASEAN, we recognize Singapore's important role as a gateway to conduct business in the region.  In 
that regard, Canada welcomes the opportunity to  deepen our bilateral trade and investment 
relationship in the context of Trans-Pacific Pa rtnership (TPP) negotiati ons, which Canada looks 
forward to joining in the coming weeks. 
84. Finally, Canada would like to emphasize that , amid uncertainties within the global economy, 
Singapore's fundamentals remain solid. We enc ourage Singapore to focus on fiscal measures and 
macroeconomic management, and to stay on c ourse with reforms supporting the elderly and 
low-income citizens, small and medium sized enterp rises, and investments in infrastructure. We are 
optimistic that Singapore will effectively address the challenges it is facing. 
NEW ZEALAND 
85. New Zealand and Singapore share a special rela tionship, as partners in many regional fora, 
including ASEAN, APEC and of course, the WTO. Since the signing of our Closer Economic 
Partnership Agreement in 2001, New Zealand expor ts to Singapore have doubled, and our imports 
from Singapore increased by more than 30% fro m 2010-2011 alone.  Singapore is now our sixth 
largest trading partner, and is an important source of foreign direct investment. And we are pursuing 
shared regional economic integration objectives in  the ongoing Trans-Pacific Partnership negotiations. 
86. Singapore has long demonstrated its commitment to trade and economic liberalisation and the 
multilateral trading system and its economic suc cess demonstrates the value of this approach.  
Between the end of the Uruguay Round and now, Si ngapore's GDP per capita has more than doubled, 
and is now at over US$50,000.  The successful c onclusion of the DDA will enable Singapore to lock 
in this reform and address technical outliers su ch as the large number of unbound tariff lines in its 
Uruguay Round schedule. 
87. New Zealand commends Singapore on the efforts it has made in recent years to weather the 
Global Financial Crisis. Achieving 6% econom ic growth over the period of 2007 to 2011 is 
impressive. We have noted the emphasis Singapore has placed on improving productivity in order to 
support economic growth – this is an objective we  share, and we look forward to learning from 
Singapore's experience in this area.  
88. We also share similar goa ls in the area of customs and trad e facilitation and cooperate closely 
in the NGTF. Both our countries are involved in implementing single window systems and take a risk 
management approach to managing trade at the border.  We are particularly interested in hearing more 
about Singapore's experience with the Trade F acilitation and Integrated Risk-based System, 
TradeFIRST, over the course of this review, and a ppreciate the response to our advance questions on 
this programme. 
89. I would like to conclude by reiterating the special relationship Singapore and New Zealand 
share. Allow me to express my strong expectati on for New Zealand and Si ngapore to continue to 
work together to both grow our trade relations hip and achieve common objectives for the multilateral 
trading system. 
AUSTRALIA 
90. Australia and Singapore enjoy a close economic part nership.  Singapore is Australia's largest 
trading partner in ASEAN and fifth largest globally,  with two-way merchandise trade now valued at WT/TPR/M/267 
Page 18  
 
  A$20.6 billion.  The Singapore-Australia Free Trade Ag reement, which entered into force on 23 July 
2003, is Australia's second longest standing Free Trad e Agreement after that with New Zealand.  In 
addition to tariff elimination, the Agreement improves market access in relation to services, 
particularly education, environmental, telecommunications, and professional services. It also provides a more open and predictable business environment across a range of areas, including competition 
policy, government procurement, intellectual prope rty, e-commerce, customs procedures and business 
travel.  The Agreement, which has just been  through its second Review, has provided a strong 
foundation for Australia's economic  relations with Singapore. 
91. Australia has also worked closely with Singa pore in recent years in pursuing regional and 
bilateral trade agreements that support and compleme nt our multilateral efforts. We are pleased to be 
collaborating with Singapore, along with others, in negotiating the Trans-Pacific Partnership 
Agreement.  We also continue to work together  in realising opportunities from the ASEAN-Australia 
New Zealand Free Trade Agreemen t and to support regional c ooperation through APEC and the 
Regional Comprehensive Economic Partnership. 
92. We welcome and share Singapore's ongoing commit ment to an open, rules-based multilateral 
trading system under the WTO and support for international efforts to resist protectionism in the face 
of global economic uncertainty.  The Permanent Mi ssion of Singapore under the energetic leadership 
of H.E. Mr. Fook Seng plays an active and construc tive role in a wide range of discussions in the 
WTO and we look forward to a continuation of our close cooperation. 
93. Singapore's economy has been affected by global economic conditions, but we note 
Singapore's fiscal action and commitment to openness helped the Singapore economy rebound 
strongly in 2010, following a contraction in 2009.  Singapore remains one of the most open 
economies in the world and its experience over the last four years demonstrates the benefits of 
maintaining an open economic stance, even when doing so becomes politically difficult domestically. 
94. Singapore's open trading regime and market liber alisation have contributed greatly to its 
international competitiveness including in relation to  its strong services sector.  In this light, we 
welcome Singapore's programme to progressively lib eralise its banking sector and its move to open 
some domestic legal services to foreign law prac tices.  These improvements, while positive, have 
been incremental.  We encourage Singapore to increase the depth and pace of its reform in these 
sectors. 
95. Australia and Singapore have strong investment tie s.  Singapore is Australia's fourth largest 
source of investment.  Singapore's open foreign inv estment regime is noteworthy and has resulted in 
substantial inflows of foreign direct investment.   
96. Singapore has among the most modern and efficient procedures for processing imported and 
transiting goods in the world.  It has drawn on its e xperience in this area to foster greater integration 
and facilitation of trade in the ASEAN region.  In the context of the ongoing trade facilitation 
negotiations, Singapore has also been in a position to contribute constructive ideas – again based on 
its own experience – about the sort of rules WT O Members might negotiate that would genuinely 
benefit importers and exporters around the world. 
97. Singapore has a comprehensive and robust intellect ual property system.  In this environment, 
local patent and trademark filings have increased in  recent years.  We also note Singapore's initiatives 
to enhance enforcement of its intellectual property and competition laws to ensure a secure business 
environment both for local and foreign businesses and investors. 
98. In the short term, Singapore will continue to face a challenging international economic 
environment.  Australia welcomes Singapore's co mmitment to keeping its markets open and its  WT/TPR/M/267 
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  initiatives to increase productivity, promote fair and active competition and to boost research, 
innovation and enterprise.  We also encourage Singa pore to keep its trade policy settings under review 
and pursue further market liberalisation.  A con tinued focus on sustaining long-term growth will 
further enhance Singapore's resilience a nd competitiveness in the years to come. 
MEXICO 
99. Singapore is one of the most salient examples of successful implementation of a policy aimed 
at liberalizing trade and investment.  This is why, according to the World Bank, Singapore is 
considered the easiest economy in which to do business. 
100. This trade policy, combined with a countercyc lical large fiscal stimulus, monetary easing, 
strong economic fundamentals, and labour market flexib ility meant that the effects of the crisis were 
relatively light and the country's economic recovery  very swift.  Despite a potential global economic 
slowdown, Singapore's forecasts for economic growth ar e for a not inconsiderable 3% this year and 
4.5% in 2013. 
101. It comes as no surprise that as a result of its excellent economic and trade performance, 
Singapore has not been involved in any dispute se ttlement process;  no trade concerns have been 
raised against it in the SPS or TBT Committees, nor has it taken any safeguard or anti-dumping 
measures. 
102. However, despite economic performance resulti ng in a per capita GDP of around US$50,000, 
Singapore faces a number of challenges.  The first is to tackle widening income inequalities among its population.  According to several analysts, the Gini coefficient has risen from 42 to 48 in the 
past decade. 
103. Second, although recent efforts have been ma de to liberalize services, Singapore still 
maintains restrictions on foreign investment in certa in sectors such as broadcasting, legal services, and 
retail banking.  Third, Singapore's competition regi me has strengthened a number of provisions on 
compliance, but there are still various areas exempt from competition rules including bus and rail services, and maritime cargo terminal operations.  The latter is a cause for concern because Singapore 
is a major world port. 
104. Fourth, strong growth in neighbouring econom ies with lower costs is testing Singapore's 
competitiveness.  Note should therefore be taken of th e Government's target to triple expenditure on 
research and development over the next three years to 3.5% of GDP in 2015.  Fifth, with the highest 
trade to GDP ratio in the world (around 400%), Si ngapore is a prime candidate for experiencing the 
adverse effects of a potential global recession.  The s ituation is testing its ability to maintain strong 
macroeconomic fundamentals. 
105. Finally, we would like Singapore's liberalizati on process to extend to the special tariffs it 
applies to tequila.  As regards tariffs, there is a si milar situation in that a lthough only six products are 
subject to import taxes, two of those products are be ers, including Corona and Sol, the best known of 
the many brands exported by Mexico. 
COSTA RICA 
106. We are pleased to participate in the TPR of  a Member like Singapore, which has made an 
exceptional contribution to the multilateral trad ing system and the WTO since its inception, 
and continues to do so.  Indeed, Costa Rica would like to acknowledge the prominent role played by 
Singapore and its delegation in Gene va in a wide range of WTO and Doha Round-related issues, such 
as the negotiations on NAMA, services and environm ental goods and services, the review of the WT/TPR/M/267 
Page 20  
 
  Dispute Settlement Understanding, and trade facilita tion, and also as members of the Colorado Group 
or the "Friends of the System" Group, of which we too are members. 
107. Singapore is an important partner for Costa Rica in Asia.  For that reason, and as a significant 
move to strengthen and enhance our trading and investment relationship, in January 2010 our 
two countries concluded the negotiatio n of an FTA which is currently in the process of ratification;  
the FTA will enable us to lock in tariff eliminati on for 100% of goods and reduce barriers to trade in 
services between the two countries. 
108. We share the views of previous speakers on th e impressive recovery of Singapore's economy 
from the global crisis and the ambitious strategy to foster productivity.  We welcome the commitment 
to open markets contained in Singapore's trade polic y and agree with the remarks in the Government 
report on the importance of staying plugged in to global markets and maintaining business 
competitiveness in order to sustain long-term growth.  This is particularly important for an economy 
where trade is of crucial importance such as Singapore, which has the world's highest trade 
to GDP ratio. 
109. In line with that policy, we wish to acknow ledge Singapore's efforts in trade facilitation, 
its adoption of a risk-based approach to facilita te legitimate trade, and the introduction of the 
TradeFIRST system;  we would be interested to he ar further details on its operation and the results 
obtained since its implementation in 2011.  Also worthy of note is the Single Window system:  
through it importers can connect to all governmental  agencies from which authorizations are required 
and approval time is about ten minutes in almost every case. 
110. Also commendable is the fact that over the period under review Singapore has not taken any 
contingency measures by way of safeguards, coun tervailing measures, or anti-dumping measures.  
Although such measures can be legitimate instru ments for combating unfair trade and trade 
distortions, they also restrict trade, and Singapore by its actions has demonstrated its commitment to an open market. 
111. We would also like to underline the fact that  Singapore levies tariffs on only six tariff lines 
that are subject to specific rates.  Nonetheless, around 30% of Singapore's tariff lines are unbound.  
The binding of these lines would enhance the pr edictability of Singapore's tariff regime. 
112. My delegation is aware of the effort Singapore has made in preparing this Review, and we 
thank Singapore for the replies we re ceived before this meeting;  we welcome the fact that it used the 
alternative work schedule, which meant that we c ould give prior consideration to those replies. 
HONG KONG, CHINA 
113. Hong Kong, China and Singapore have long ma intained very close trade and economic 
relations.  We were each other's fifth largest trading partner in 2011.  HKC was also Singapore's 
second largest export market.  The merchandise tr ade between Singapore and HKC has increased 
steadily over the last five years at an average annua l rate of 6%, with bilateral trade reaching nearly 
US$40 billion in 2011.  Growth in Se rvices trade has been equally strong. 
114. There are many similarities between us in terms of trade and economics. We are both small 
and open economies. We share a common aspiration for free and open trade and investment.  We 
earnestly pursue trade liberalisation and facilitation in the WTO, as well as in APEC.  We look forward to building further upon our very strong bila teral trade relations and fostering even closer 
economic and trade cooperation between our two economies.  WT/TPR/M/267 
 Page 21 
 
 
  115. As regards our work in the WTO, both HKC and Singapore are staunch supporters of the 
multilateral trading system. Neither is a user of  trade remedies. Under the Doha Development 
Agenda, we inter alia  share the same goal of clarifying and improving the WTO disciplines on Rules. 
HKC appreciates Singapore's strong commitment to strengthening the Anti-Dumping rules and 
preventing their abuse. Singapore is active in ente ring into free trade agreements in which it often 
goes beyond its WTO commitments. We believe that  its liberal practices in FTAs will serve as 
positive examples for ambitious multilateralisation. In  addition, we also wa rmly welcome Singapore's 
active participation in the negotiation of trade a nd environment and the joint contribution with HKC 
and other like-minded Members to negotiations on the liberalisation of environmental goods and 
services. 
116. We also appreciate Singapore's continued effo rts and initiatives to facilitate trade. For 
instance, Singapore's customs procedures are highly computerised and include a single electronic window (TradeNet) for registered traders to submit applications for import permit/licensing/ 
documentation online. There is also an online plat form (TradeXchange) that offers a variety of 
business-to-government and business-to-business ser vices to facilitate efficient exchange of 
documents and data. In 2011, a one-stop risk mana gement (TradeFIRST) framework was launched to 
facilitate traders' access to the customs schemes they require. 
117. We would also like to commend Singapore's activ e and constructive participation in the WTO 
negotiations on Trade Facilitation. We look forwar d to working closely with Singapore towards a 
successful conclusion of these negotiations.  
118. On standards and conformity assessment, we not e that the Singapore Accreditation Council is 
a signatory of various regional and international mutual recognition agreements (MRAs), such as the 
Asia pacific Laboratory Accreditation cooperation (APLAC), the Pacific Accreditation Cooperation 
(PAC), the International Laboratory Accreditati on cooperation (ILAC), as well as the International 
Accreditation Forum (IAF). We appreciate Singapore's efforts at aligning its national standards with 
international ones; its preference for direct use of  internationally accepted st andards; and its active 
participation in regional and international sta ndardisation organisations. We would encourage 
Singapore to continue such efforts with a view to facilitating the free flow of  trade with its trading 
partners. 
119. As to services liberalisation and business facilita tion, we note that the Singapore Government 
has undertaken various measures, such as amending regulations and streamlining its tax regime, to 
promote further liberalisation in services sectors a nd to maintain competitiveness. Singapore remains 
a highly market-oriented and open economy and is considered one of the easiest countries in the 
world in which to do business. With the importance of services to both GDP (representing over two thirds) and employment (about Toyo), continued libe ralisation of trade in services will be important 
for Singapore's continued economic growth and sust ainable development we take note that Temasek 
continues to own substantial shares in a number of key infrastructure and service providers in 
Singapore: these include one of the city state's ma jor telecommunications provi ders, its port operator, 
its main air carrier, and one of its major transpor t operators.  We appreciate that Temasek, though 
wholly owned by the Singaporean government, operates independently according to commercial 
principles. We would, however, naturally welcome greater diversification of services suppliers in 
those infrastructural services sectors.  
120. Last but not least, as is very apparent, the delegation of Singapore to the WTO, ably led by 
H.E. Mr. Kwok Fook Seng, plays a very active role in  many areas of our work. We appreciate all their 
hard work and very much look forward to continuing to work closely with its delegation in charting a 
fruitful way forward for the Doha Round and furt her strengthening the multilateral trading system. 
We also look forward to even closer economic and trade cooperation betw een HKC and Singapore. WT/TPR/M/267 
Page 22  
 
  INDIA 
121. As a developing country, Singapore has done remarkably well for itself. With a per capita 
GDP of almost US$60,000, which is larger than that of many developed countries, Singapore is 
ranked 26
th on the UNDP's Human Development Index and topped the World Bank's ease of doing 
business rankings. It has the highest trade to GDP ratio in the world of around 400%, representing its 
strong position as a major transhipment hub and the high import intensity of its exports.  
122. Being a small and open economy, largely depe ndent on trade and external demand, it was 
impacted negatively by the global economic crisis, contracting 1% in 2009. However, thanks to a 
fiscal stimulus of S$20.5 billion, coupled with prude ntial fiscal and monetary policies, it was able to 
make a quick recovery recording a growth of 14.8% in 2010. Singapore continued to grow at a more 
moderate pace of 4.9% in 2011.   
123. In terms of outward investment, foreign asset  accumulation by Singapore's sovereign wealth 
funds resulted in significant net capital outflows. Annual FDI outflows amounted to approximately 
US$20 billion per annum (since 2005). At the same  time, Singapore's liberal foreign investment 
regime and a mix of tax and non-tax incentives have  made Singapore a major recipient of FDI with 
annual inflows averaging US$25 billion since 2007.  
124. Despite its positive achievements, Singapore con tinues to face challenges of sustaining long 
term productivity growth and rising inflation. We wish Singapore success in addressing these and 
other challenges.     
125. Singapore is a valued regional partner of India.  Regular contacts at the highest level underline 
the importance attached by both sid es to this relationship. Prime Minister Lee was on a State visit to 
India earlier this month, following close on the heels of Prime Minister Manmohan Singh's visit to 
Singapore in November 2011. Singapore is not only our  foremost trading partner in ASEAN but also 
a major source of FDI inflows into India. India an d Singapore also work together in a number of 
regional forums such as the East Asia Summit, ASEAN and ASEAN Regional Forum.  
126. India signed its first Compre hensive Economic C ooperation Agreement (or CECA) with 
Singapore in 2005, covering trade in goods & ser vices; investment; double taxation; mutual 
recognition agreements on quality certification; liberalized visa rules for professionals and 
cooperation in customs, dispute settlement, IPR, ed ucation and e-commerce. The CECA has proved to 
be a useful platform for promoting bilateral trade and investment flows.  
127. Today, Singapore is India's 5th largest export destination. It is India's largest trade and 
investment partner in ASEAN. Trade between I ndia and Singapore reached US$21.8 billion during 
2011-12 (April-January), comprising exports from India worth US$ 14.8 billion and imports from 
Singapore worth US$6.97 billion. Import of mineral oil made up about 34% of total imports from Singapore while re-exports play an important  role in overall India-Singapore trade.  
128. On the investment front, Singapore has emerged as the second largest investor in India, 
contributing US$17.29 billion or 10% of total FDI received by India during April 2000-April 2012. 
India's investment in Singapore has also grown significantly to US$23.42 billion since 2004.  
129. Indian companies are setting up both manufacturing and service operations in Singapore. 
About 4000 Indian companies are currently register ed there in the areas of IT, steel, automobiles, 
telecom, power, etc. Being a strong banking and financial hub, Indian companies are increasingly 
using Singapore for raising funds for global operations. 9 Indian banks  operate in Singapore of which 
2 (SBI and ICICI) have been granted Qualifying  Full Bank (QFB) status with retail operations.   WT/TPR/M/267 
 Page 23 
 
 
  130. There are, however, a few areas of concern whic h we would like to mention where we feel 
there could be room for improvement.  Singapore ha s three ATM networks but does not allow sharing 
of ATMs across the three networks, thereby limiting market access for card holders of foreign banks 
and obliging banks to invest in replicating infrastru cture. Further there is a cap of 25 ATMs per QFB 
which impacts the competitiveness of banks in attr acting new customers. Foreign Banks are also not 
allowed to access the Network for Electronic Transf ers or NETS platform which is a local multi-
utility payment platform in Singapore. We enc ourage Singapore to consider moving to a common 
nation-wide ATM network and also allow access of NETS platform to foreign banks.  
131. In order to limit the share of foreign worker s in the total workforce, Singapore announced in 
July 2011 new assessment criteria for issue of employme nt passes that took effect in January this year. 
These changes will affect the employability of foreign workers by tightening educational 
qualifications and raising the qualif ying salary for different categories of foreign workers, increasing 
the foreign worker levy rates paid by employers, charging administrative fees and amending the dependency ratios. Such measures will restrict the free movement of workers and we hope Singapore 
would continue to review its policies in this area. 
EUROPEAN UNION 
132. Singapore and the EU are strategic trade and i nvestment partners. Even though our two-way 
trade decreased during the period of 2008-09, it quick ly recovered to pre-crisis levels and in 2011 
amounted to over € 68 billion for trade in goods and services.  As regards investment, the EU is 
Singapore's largest foreign investor and Singapore the second largest investor from Asia in the EU 
(after Japan). 
133. Taking into account the potential growth in our trade relations, the EU and Singapore 
launched FTA negotiations in Marc h 2010. Good progress has been achieved so far. When concluded, 
this Agreement will certainly be another milestone in our bilateral relations.  
134. Singapore is also a key partner for the EU in the dynamic and fast-growing ASEAN region, 
engaged in a regional economic inte gration agenda. The reports describe ASEAN aims to become the 
ASEAN Economic Community (AEC) by 2015 and to create an ASEAN single market and 
production base comprising free flow of goods, servi ces, investment and skilled labour and freer flow 
of capital. As a supporter of regional integrati on, the EU supports and encourages full and timely 
implementation of these regional integration pro cesses, including the adoption of regional ASEAN 
policies to remove current obstacles and im prove trade facilitation across the region. 
135. Singapore's bilateral and regional efforts ar e complementary to its strong support and 
commitment to the multilateral trading system. In ma ny sectors, Singapore is one of the most market-
oriented open and competitive economies of the worl d and it reflects these principles in the positions 
it takes in our organization. The EU greatly valu es Singapore's commitment to transparency, and its 
dedication to find a pragmatic approach to move th e DDA negotiations forward. In this context, the 
EU would like to acknowledge Singa pore's active participation in trade facilitation negotiations and 
its efforts to bring them to a successful and ra pid conclusion. Singapore's own achievements in 
facilitating trade are noteworthy and in our view set the best example on how beneficial such measures can be.  
136. Despite its impressive average annual growth ra te of 6% during the period of review, also 
Singapore - like most of the countries in the worl d - was affected by the global financial and 
economic downturn.  Both reports presented for toda y's meeting recognise the impact of the crisis and 
the challenges Singapore is facing.  We can however positively note that Singapore is trying to adjust 
to the changing, competitive global environment and address these new challenges by undertaking 
further long-term economic reforms. It has taken impo rtant steps to restructure its economy in order to WT/TPR/M/267 
Page 24  
 
  ensure sustainable, inclusive growth and is aimi ng to transform Singapore into a high-tech, knowledge 
and innovation-based economy with high-value-added industries.  
137. As regards some of the trade-related devel opments during the period under review, the EU 
welcomes several steps Singapore has taken to streng then the effective enforc ement of its competition 
legislation. We also support Singapore's objective to  develop a robust IPR framework that encourages 
innovative investments and activities – this is esp ecially important considering Singapore's objective 
to become a knowledge and innovation-based economy.  
138. The Secretariat's report is recognising the par tial opening up of Singapore's domestic legal 
services sector. We warmly welcome this step and at the same time invite Singapore to consider 
further liberalisation of this sector. In conclusion, the EU encourages Singapore to continue with its 
on-going efforts to further facilitate trade and to di versify its economy in an inclusive, sustainable 
way.  
JAPAN 
139. I would like to start with the Singaporean macroeconomic environment and policies. 
According to the Government Report, Singapore has been  able to achieve high growth rate despite the 
difficult international economic environment following the global finantial crises and keep the 
unemployment rate low. This shoul d be appreciated by the intern ational community. At the same 
time, it is important to note that Singapore has ma intained free and open economic and trade system 
in a period when protectionism has emerged everywhere in the world. 
140. On the other hand, judging from the Secretariat' s report, Singapore seems to have witnessed a 
widening gap of inequality and shifted its core policies from growth to redistribution including 
restraint in the arrival of foreign workers. This  line of policies could make Singaporean economy less 
open in a long-run. Japan watches the development closely with interest. 
141. Now let me move to trade and trade-related po licies. Here, we have one general point and 
four specific points. Let me start with the general point. Singaporean trade policy continues to give a 
priority to WTO. But at the same time, Singapore has actively promoted bilateral and regional FTAs. 
It is our hope that this active promotion of FTAs w ill lead to the maintenen ce and the enhancement of 
multilateral trading system. 
142. Now I would like to turn to the specific point s, in fact, one point related to the customs 
procedures, one related to SPS, and the other  tw o related to the legal services.  On the customs 
procedures, Singaporean Customs issued a circular on 12 January 2012. It will require the advanced 
export declaration, which is at present submitted af ter the export. This will be effective on 1 April 
2013. In our view, this new rule goes against the general trend of regulatory easing and increases the 
lead time required for export. Therefore, Japan  requests Singapore to make improvement on this 
point.  Concerning SPS, Japan hopes that Singapore reforms the import restricting measures, which 
are now applicable to products of Japan, on the basis of the scientific evidence.  
143. With regard to legal services, the first point we  wish to make is the numerical restriction on 
legal service qualifications. This numerical restric tion is not a desirable system and Japan believes 
that Singapore should accept the legal service qualifica tions for those who meet the fixed criteria. 
144. The other point on legal services is the inability of non-Singaporean legal firms to provide its 
services in areas other than international commercial ar bitration even if they employ attorneys with 
Singaporean qualifications. Japan would like to re quest Singapore to expand the scope of legal 
services that can be provided by non-Singaporean legal firms.  WT/TPR/M/267 
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  CHINA 
145. Singapore is one of the most market-oriented a nd open economies in the world. Thanks to its 
efforts made over the past 40-plus years, Singapore t oday is noted for its prosperity, public order and 
high efficiency. Singapore has grown into the fourth largest foreign exchange centre and it has one of 
the busiest container ports and airports in the world.  It is also among the thr ee largest financial centers 
in Asia. A country small in territory can become  big in economy when it embraces the world. By 
opening itself to the outside world and drawing upon others' best practices, Singapore has come a long 
way in development, with grow ing international influence. 
146. As a country which has the highest trade to GDP ratio, Singapore is not immune to the global 
financial crisis during the review period. In th e second quarter of 2009, Singapore experienced its 
biggest output decline in 20 years and GDP was 9%  lower than pre-crisis. Thanks to its counter-
cyclical fiscal stimulus, monetary easing, plus its  strong economic fundamentals, and labor market 
flexibility, Singapore gained recovery swiftly, with a record GDP growth of 14.8% in 2010. In order 
to sustain and boost its growth, the Singapore gove rnment sets the goal of achieving future GDP 
growth by expanding productivity rather than the la bor-force-growth. To this end, the measures taken 
include indentifying 16 key sectors, launching some  incentive schemes as well as adjusting foreign 
labor policies. China is interested to know what th e effects are so far and wh ether the adjusted foreign 
labor policy will affect the bilateral service cooperation between Singa pore and its partners. 
147. China commends Singapore for being active in promoting trade liberalization and fully 
committing to the Doha Development Agenda. China sh ares the same view with Singapore that the 
WTO's role is, "both as a guardian against protecti onism, and as a catalyst to promote growth and 
development." We enjoy fruitful cooperation with  Ambassador Kwok Fook Seng and his team in 
Geneva. Singapore is also commendable for helping de veloping countries to participate efficiently in 
the global trading system through trade-related t echnical assistance. As Singapore's close neighbour in 
Asia-Pacific region, China greatly benefited from those regional programmes hosted by Singapore. In 
addition to supporting multilateral trading system, Singapore remains a strong advocate for regional 
integration. It has played an important role in A SEAN integration as well as Asia-pacific cooperation.  
148. Trade liberalization has been the most im portant features of Singapore's economy. It 
maintains a very liberal and facilitative trade regime. As an important logistics centre and global trade 
hub, Singapore has always been attaching great im portance to simplifying its customs procedures and 
improving trade facilitation. According to a re port released by the World Bank in May 2012, 
Singapore tops the list of global logistics performance.  With good foundation at hand, Singapore still 
strives for further improving trade and investment en vironment. As the Secretariat's report has pointed 
out, a significant development over the review pe riod was the partial opening-up of Singapore's 
domestic legal services regime. China applauds th is move and encourages Singapore to push forward 
its opening drive in the remaining restricted sectors. 
149. Let me briefly touch upon bilateral trade and economic relations. In addition to the China-
ASEAN FTA, the bilateral FTA between China and Singapore came into force in January 2009, 
which further enhanced our bilateral trade and ec onomic cooperation. Singapore is the third largest 
trading partner in ASEAN to China. Our bilate ral merchandise trade amounted to US$63 billion in 
2011, an increase of 11% year on year. China's import from Singapore also grew by 13% over the same period. Singapore is the sixth largest invest or in China. By the end of May this year, the 
aggregate total of direct investment of Singa pore in China rose to US$560 million, which mainly 
concentrates on the manufacturing sector. Suzhou I ndustrial Park as well as Tianjin Eco-City is 
among those China-Singapore flagship cooperation projects. We are glad to see that two countries are deepening and enhancing our mutually be neficial trade and economic cooperation. WT/TPR/M/267 
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  DOMINICAN REPUBLIC 
150. In relation to macroeconomic performance, we are pleased to note that despite recording its 
biggest output decline in 20 years in the second quarter of 2009 as a result of the global financial 
crisis, the economy of Singapore recovered fairly quic kly thanks to a countercyclical fiscal stimulus, 
monetary easing, strong economic fundamentals, and labour market flexibility. 
151. Over the period 2007-2011 the average annual ra te of economic growth was 6%.  We note 
that transport and wholesale trade activities in Singa pore increased sharply owing to the country's role 
as a regional trade and logistics hub.  Singapore h as the highest trade to GDP ratio in the world 
(averaging around 400% over 2008-2011), reflecting Singapore's position as a major transhipment 
hub and the high import intensity of its exports.  The share of imported components in Singapore's 
total merchandise exports has increased over recent decades and is estimated at over 50%.  We note 
with admiration that Singapore is a major recipi ent of FDI, with annual inflows averaging around 
US$25 billion since 2007. 
152. We also congratulate Singapore on its very open tr ade regime and the fact that it levies tariffs 
on only six tariff lines.  However, the report stat es that around 30% of Singapore's tariff lines are 
unbound, and that the rates applied to the produc ts concerned range from 0-10%.  We therefore 
suggest that the authorities should complete the proc ess of multilateral liberalization and bind in the 
WTO what we regard as a relatively high proportion of unbound tariff lines (30%) for a country with such economic vitality. 
153. We note with interest that Singapore continues to drive trade liberalization through bilateral 
and regional agreements and that six new free trade agreements have entered into force since 2008.  
We also commend the country's authorities for introducing a single window system for customs 
procedures, a system that is so efficient that approval time for imports is about ten minutes in 99% of cases.  The report also notes that Singapore Customs has introduced new initiatives to further 
facilitate trade or has expanded those already in place. 
154. In view of this economic system it is only natural for services to constitute the most important 
sector in terms of contribution to GDP (over two thirds) and total employment (about 70%), and we 
can see that this sector is already fairly open. 
PAKISTAN 
155. We have excellent trade relations  with Singapore; the trade balance is in favor of Singapore. 
This country is no doubt one of the most market oriented and open economies in the world, it faced 
biggest output decline in 20 years in 2009. The stimulus package of 20 billion and the sound 
macroeconomic management helped th em to come out of that crisis. The previous trend of 21% GDP 
from the manufacturing sector is likely to continue in the next few years as well because there is a clear preference of having 20-25% of the GDP coming from manufacturing as envisioned by their industrial policy. 
156. To fulfil this vision, Singapore has invest ed much in improving its competiveness by 
lowering down its applied tariffs and by maintain ing efficient ports. However consolidation of its 
tariff regime is still a challenge with 30% of th e tariff lines as unbound, a very high average for a 
country like Singapore. 1 00% bound coverage would bring predictability to the trading regime and 
would be helpful in improving competitiveness. We  will appreciate Singapore's response on the high 
differential between applied and bound tariffs and the future plans for increasing the coverage of 
bound tariff lines.  WT/TPR/M/267 
 Page 27 
 
 
  157. Trade in Services remains important for Singapore as its contribution to the GDP is almost 
70%. Services cover large part of the 16 areas identif ied by Singapore for enha ncing productivity. We 
would also like to know whether this enhanced pro ductivity plan would lead to further liberalization 
of trade in services. 
158. Singapore has made tremendous progress in deve loping itself into a major asset-management 
centre over the past years. Development of a F und management industry to attract well recognized 
firms to Singapore seems to be the future direction for economic growth. 
159. Singapore has also taken few steps to enhance the competitiveness of its port. Such measures 
include streamlining the preferential corporate tax regime for the maritime sector. We appreciate their contributions to strengthen the multilateral trading system. 
THAILAND 
160. Singapore is recognized as a leading economy, one  of the most open and market-oriented in 
the region and the world.  Singapore shows her poten tials and resiliency throu gh, among others, a fast 
recovery from the global economic crisis, the ope nness of the investment regime indicated in 
statistics, a wide network of 18 regional and bilate ral agreements covering 24  trading partners, as well 
as an efficient customs-processing single window system. 
161. Singapore has been a principal supporter of the multilateral trading system and the DDA 
negotiations.  We are very much appreciative of  Ambassador Fook Seng and his Geneva team for 
their active participation and tireless efforts in different fora under the WTO.  Singapore's minimal records of trade disputes and use of trade measu res are the manifestation of how the economy is 
running in a truly efficient and market-oriented regime. 
162. In my own previous work experience on ASEAN issues, Singapore has always been an active 
prime-moving ASEAN member, who always brings cr eative solutions to the table.  Thailand is 
grateful for Singapore's contributions to ASEAN, including the ASEAN plus three and plus six, and in the future economic integration of the ASEAN Economic Community. 
163. In our bilateral trade relationship, Singapore h as been Thailand's top-five trading partner for 
the past three years, ranking the fifth at the end of 2011.   Trade between Singapore and Thailand 
averaged at US$15.95 billion per year from 2009-2011. In 2011, Thailand traded with Singapore for US$19.24 billion, increasing by 25.7% from 2010.  
164. In the 2011 total trade value, exports from Thailand accounted for US$11.45 billion, covering 
various products such as fuels, electronic integrat ed circuits, data processing machines, rice, sugar, 
and jewellery.  Imports from Singapore to Thai land covered such various industrial goods, for 
instance, chemicals, oils, computer parts, ve getable products, plastics and iron, accounting for 
US$7.79 billion. 
165. We appreciate our continuing and growing re lationships in trade and other areas with 
Singapore and are looking forward to strengthening and broadening those rela tionships bilaterally, 
regionally as ASEAN members, and multilaterally under the WTO framework. 
CHILE 
166. Singapore is an example.  An example of how a small nation can become a giant.  The proof 
is in the data.  Number 1 in the World Bank's Doing Business  rankings for the sixth consecutive year;  
per capita income that is among the highest in the wo rld;  unemployment rate of no more than 5%;  a 
dynamic, globalized, open economy.  The list is long. WT/TPR/M/267 
Page 28  
 
  167. Not only does Singapore do business with the whol e world, it also facilitates business at the 
global level.  Indeed, as one of the world's major logistical hubs, Singapore translates a series of trade facilitation principles into reality.  Greater transp arency, speed, and simplicity are part of everyday 
Singaporean life. 
168. For the most part Singapore's economy is liber alized and open.  Existing restrictions are 
relatively rare and properly explained.  The clearest ex ample of this is the regime that applies to real 
estate.  It is commensurate with the needs and realities of Singapore. 
169. The local authorities clearly understand that  the world is becoming increasingly demanding 
and sophisticated.  Thus we note the laudable ta rget to increase the productivity of the economy 
steadily by 2 to 3% annually over 2012-2021.  Consequently, Singapore will invest much more 
heavily in innovation and development.  As a result it will maintain its favourable position. 
170. Chile and Singapore are long standing partners.  We are parties to the P4 agreement along 
with Brunei Darussalam and New Zealand;  we are both members of the APEC Forum;  we actively participate in TPP negotiations and, in the contex t of the WTO, we are present on all bodies that 
promote free trade and combat protectionism. 
171. Finally I would like to refer to a Singaporean  proverb which translates into English as 
"Citizens should be seen and not heard".  This might be valid for an honest and stable society, but 
from the WTO perspective, Singapore is not only seen and listened to carefully;  it is an example to 
be followed. 
TURKEY 
172. As stated by previous speakers, Singapore is among the most liberal economies of the world. 
It is placed in the top tier of many international ec onomic performance statistics. It ranks the first in 
the Doing Business Index of the World Bank. Such an  impressive status is the result of steady and 
constant progress in trade and investment regimes. 
173. Despite the drastic decline in its economic gr owth in 2009, Singapore's economy grew on 
average 5.9% in the review period through s ound macro-economic policies with prudent fiscal, 
monetary and industrial policies. While Singa pore has become a trade base for multinational 
companies, improving productivity and investing in i nnovation continue to be priorities. This will 
enable building up a balanced economic structure wh ich is currently driven mostly by external 
demand. 
174. We would like to express our appreciation to Si ngapore for setting such an excellent example 
of a free, open, and stable trading regime with almo st all of its tariffs being zero and very little use of 
other border measures except for health and envi ronmental purposes. Moreover, it is commendable 
that while having a liberal business environment, Singapore still continues to look into improvements 
for further facilitating trade. In this respect, we hope that Singapore will also consider addressing the 
remaining unbound tariffs in the course of the DDA negotiations. 
175. We support Singapore's unilateral decisions to  further ease the market access in several 
services sectors like telecom as well as to privatize th e electricity generation companies. Besides such 
initiatives towards further liberalization, Singapore has also continued to undertake efforts to open up 
its markets through bilateral and regional free-trade agreements.  
176. We share Singapore's assessment that the WTO's rules-based multilateral trading regime is an 
important factor to ensure predictability of the trad e flows. We specifically support their view of the  WT/TPR/M/267 
 Page 29 
 
 
  need to address non-tariff measures. We are ready to work with Singapore towards reducing the 
impediments to trade as well as achieving a successful outcome in the DDA. 
177. Concerning our bilateral trade relations, we are pleased to note that the bilateral trade 
exchange returned back to pre-crisis level of US $1 billion by the end of 2011, growing by around 
50% on average in the last two years.  In terms of investment, currently, Turkey is hosting about 
US$4 billion of investment from Singapore. 
178. Singapore has been an important investor in l ogistics in Turkey as Singapore Port Authority 
has been operating one of the three biggest ports in Turkey. We also see growing interest from 
Singapore companies and funds. This will pave the way for benefitting more from the current 
economic potential. The Turkish-Singapore Busi ness Council which held its first meeting in 
March 2011 has provided an additional platform to facilitate companies' efforts to strengthen the 
business ties.  
179. Furthermore, we are also examining the possibility of concluding a free trade agreement with 
Singapore and currently awaiting conclusion of Singa pore's initial study on the mutual benefits of 
such an agreement.  The only sp ecific bilateral issue between us is ongoing approval procedure for 
exportation of Turkish processed poultry products to  Singapore. We are pleased with the dialogue 
established between the relevant Agriculture Minist ries of the two countries and hope to accelerate the 
process. 
PHILLIPINES 
180. Singapore is a neighbour, a close friend, and an important collaborator of the Philippines in 
ASEAN, APEC, and the WTO. Singapore continues to be a robust bilateral partner of the Philippines. 
The Philippines appreciates the strong bilateral tr ade and investment relations with Singapore. 
In 2011, Singapore was our fourth largest trading partner (trade totalling US$9.17 billion), fourth largest export market (total exports of US$4.27 billio n, or 8.9% of total Philippine exports), and fifth 
largest source of investments (valued at US$345 million, a 114% increase over 2010 ($161 million)). 
181. The Philippines looks forward to increased ec onomic and trade engagement with Singapore, 
especially in infrastructure development (water, airports, ports, energy), manufacturing, IT services, 
consumer business (mall development and franchising) , and trading for regional and other markets. 
182. Singapore's period under review coincided with  the global financial and economic crisis, 
which is regarded as probably the most serious ec onomic calamity since the Great Depression. Being 
one of the most open economies, Singapore was at the frontlines of this great adversity. 
183. Singapore is one of the nerve centers of A SEAN, the Asia-Pacific, and global trade and 
economic activity. It is no small wonder, then, as articulated in the Secretariat and Government 
Reports, that Singapore was significantly affected by the global economic crisis, with its economy 
contracting by 1.0% in 2009.  
184. Given its severe exposure to external risks and its crucial role in the interconnected global 
value chain, Singapore may have had valid reason to cut back on its openness in order to protect its 
enterprises and ensure job security on the domestic front. Yet Singapore chose to continue on the path 
of trade liberalization and competition.  
185. Instead of fortifying its economic defenses w ith protectionist measures, which seemed an 
attractive option in the short term, Singapore kept its markets open, undertook decisive fiscal action and embraced prudent macroeconomic policies. As a result, in 2010 its economy rebounded and grew WT/TPR/M/267 
Page 30  
 
  by 14.8%, and trade in goods and services expanded by 19%. In 2011, investment commitments were 
up 8.1%. 
186. Singapore is thus a credible voice in advoca ting for trade openness amid protectionist 
pressures. As a firm supporter of the primacy of the multilateral trading system, it is also a clear example of achieving significant economic developm ent through a combination of domestic reforms 
and trade liberalization. Indeed, great things some times come in small packages. Within Singapore's 
704 square kilometres lies an important barometer of global trade and economic growth that extends 
well across and beyond its borders. Ambassador Adank referred earlier to the Singapore model of 
development; perhaps economies can learn from anot her aspect of Singapore's experience – that of 
keeping markets open and refraining from undertaki ng protectionist measures despite adversity and 
crisis. 
BRAZIL 
187. It is a pleasure for Brazil to participate in the sixth TPR of Singapore.  Even for an open 
economy such as the Singaporean, appearing at the top of the ranking on the 2012 edition of the World Bank Doing Business  report, the TPR exercise is always a useful opportunity to assess areas in 
which commercial practices can be improved.  Especi ally during these turbulent times of crisis and 
uncertainty, trade has, more than ever, a fundamental role to play. 
188. On this topic, it is pleasant to observe that th e Singaporean economy seems to be recovering 
speedily from the effects of the first wave, whose im pact was mostly felt by its people in 2009, when 
GDP contracted by 1%.  Brazil congratulates Singapore 's authorities for the decisive action they have 
taken and which is already bearing fruit as evidenced by the economic growth of almost 15% in 2010. 
189. The positive outcome of policies adopted by Singapore can also be observed by the 
confidence it has instilled in international investors.   Despite the crisis, the average annual flow of 
FDI into the country averaged US$25 billion between 2007 and 2010. 
190. Bilaterally, trade flows have shown a steady rising  trend, with significant results.  In 2011, it 
amounted to US$3.6 billion, representing an increase of 40% from the 2007 figures.  Besides the 
volume, the Brazilian exports to Singapore are also relevant for its configur ation.  While Brazil's 
exports to the world include mostly commodities and basic products, the biggest share of exports to 
Singapore is of manufactured goods, responding for 78%  in 2011.  From the import side, the list of 
products acquired by Brazil from Singapore is divers ified, ranging from diesel oil to integrated 
circuits to ink cartridges. 
191. Both the figures and the diversification of the products traded confir m intense and growing 
commercial relations between Brazil and Singapore.  Brazil hopes that this trend continues, with both 
countries fully profiting from the complementarities of their economies. 
COLOMBIA 
192. First, Colombia notes the skilful handling by the Government of Singapore of the recent 
international financial crisis.  The temporary package of measures it took, including fiscal and 
monetary incentives to curb unemployment and prev ent a decline in consumption, succeeded in 
restoring production and resulted in average growth of 6% for 2007-2011, and a fall in unemployment to under 3%.  These achievements are not only ou tstanding, they are enviable in an economic 
situation such as the one we face currently. 
193. Second, it is also worthy of note that Singapor e did not use any protectionist measures during 
that period;  on the contrary, it continued to promote free trade and competition.  Singapore is clearly  WT/TPR/M/267 
 Page 31 
 
 
  consistent in pursuing the conso lidation of a model of open, competitive development with very 
positive results.  The new measures aimed at incr easing productivity and producing high tech goods 
and services will certainly establish the conditions th at will allow Singapore to maintain sustained 
growth in the long term. 
194. There have been no significant changes in trade policy over the period under review.  
Singapore continues to be one of the most open economies in the world, a point which is clearly 
confirmed by the fact that Singapore applies tari ffs to only six subheadings;  it has no safeguards 
legislation and has not applied anti-dumping measures since 2003.  Furthermore, there is a single window for customs that processes 99% of procedures in ten minutes.  To this we must add the recent 
amendment to telecommunications and postal services legislation, which has brought greater 
liberalization and competition to those sectors. 
195. It should, however, be noted that Singapore maintains a high percentage of unbound tariff 
lines (30%), a matter that is unquestionably a cause  for concern among trade operators because of 
uncertainty over tariff protection stability.  It would be very useful to hear from the authorities of 
Singapore about when they plan to bind their tariffs fully within the WTO. 
196. Additionally, we think it important to underscore to Singapore's active role in the WTO, and 
especially the country's leadership and constructiv e attitude.  Colombia has had the opportunity to 
participate in joint initiatives and various wo rking groups with Singapore, and we hope its 
involvement in efforts to overcome the current diffi cult economic situation will continue so that we 
can make a firm contribution to consolidating the multilateral trading system and successfully 
conclude the Doha Round.  As Prime Minister Lee Hsien Loong correctly stated at the annual meeting 
of the Economic Society of Singapore in June:  "Wit h imagination and hard work, we can turn vision 
into reality".  
GUATEMALA 
197. Since Singapore's last TPR, the global economy ha s experienced the effects of the economic 
and financial crisis.  Although it enjoyed over 20 years of sustained economic growth, Singapore was 
not spared, but despite the difficulties, it has demons trated that the road it has taken in terms of 
openness to trade, boosting competitiveness and the market economy are key aspects for maintaining 
economic growth and financial stability.  We commend  the efforts made by Singapore and its position 
as one of the top countries in the global rankings  for facilitating business, attracting investment and 
Government efficiency. 
198. Moving on to the issues that are the subject of the Review, we would like to highlight a 
number of important points and recommendations.  We  are pleased to note that Singapore maintains 
customs and trade facilitation procedures that promot e greater commercial efficiency, such as use of 
an electronic single window involving all relevant Government bodies;  that it applies a good risk 
analysis system and other similar measures consis tent with the aim of strengthening value-added 
industries that are part of global value chains;  and that Singapore is a major logistics hub. 
199. In relation to Singapore's commitments in the WT O, and in line with its policy of openness 
and trade liberalization, we urge Singapore to bi nd its tariff regime in order to provide greater 
predictability to traders.  We recognize that this  is linked to the Doha Round negotiations but hope 
that regardless of the outcome of the Round, Sing apore will take these measures in recognition of the 
commercial certainty they foster. 
200. Singapore has doubtless built up a store of many positive experiences and good practice in its 
quest for competitiveness and better and greater ec onomic development for its people.  We urge 
Singapore to share that experience, especially w ith the developing countries, and thereby help to WT/TPR/M/267 
Page 32  
 
  generate consensus and better unde rstanding of practices and policies on openness that have had a 
positive impact on economic growth.  Finally I would like to draw attention to Singapore's active 
involvement in all areas of the WTO, its firm commitment to the multilateral trading system, and its efforts to promote trade liberalization. 
NIGERIA 
201. The World Economic Forum's Global Enabling Trade Report 2012, has ranked Singapore 
first, for having the most open economy for international trade and investment. Singapore has also topped the World Bank's Doing Business rankings consiste ntly for the past six years. Nigeria is also 
happy to note from the Secretariat Report that Singa pore's economy remains one of the most market-
oriented in the world; and is considered as the easiest country in which to conduct business. Singapore 
has the highest trade-to-GDP ratio in the world, whic h is a testimony to the importance of trade to its 
economy. Nigeria would therefore like to commend th e Government of Singapore for its relentless 
efforts to facilitate and create an environment that  is conducive to business th rough the regular review 
of its regulations and engagement with the priv ate sector. In particular, we note the ability of 
Singapore to attract foreign direct investment as a re sult of its favourable location, skilled workforce, 
low tax rates and advanced infrastructure, supporte d by a well respected government with transparent 
and consistent policies.  The absence of import tari ffs, export subsidies, exchange restrictions, and 
price ceilings is also note worthy. 
202. The high degree of openness, however, has made  Singapore susceptible to periodic external 
shocks, although the economy has been able to cope by improving its international competitiveness. It 
is important to note from the Government Report that amidst an increasingly challenging post-crisis 
landscape, Singapore remains committe d to keeping its markets open and promoting fair and active 
competition.  As a major international trading hub,  the unhindered flow of goods and services in and 
out of Singapore is important, not only to the sm ooth functioning of the Singapore of economy, but 
also to a much wider regional and global network of businesses and economies.  We are also happy to 
note from the Secretariat Report that, during the period under review, Singapore has not been 
involved in any disputes at the WTO.  The country  did not take any conti ngency measures and does 
not have safeguard legislation. It has never im posed a countervailing measure, while its last anti-
dumping measures were terminated in 2003. 
203. Services constitute the most important sector, in terms of contribution to GDP (over two-
thirds) and total employment (about 70%). Overall, there is much diversity in Singapore's services 
commitments in its various FTAs.  In most cases, commitments go beyond its GATS specific and 
initial offer of commitments. Nigeria further not es that Singapore is a strong advocate of regional 
economic integration initiatives.  In that regard, th e country plays a key role in driving the regional 
integration process amongst the ASEAN, by pursuing several economic integration initiatives to further enhance and facilitate trade in the region in particular, and the world in general.  We 
encourage Singapore to ensure that its active invol vement in FTAs does not diminish the country's 
commitment to the multilateral trading system. 
204. Nigeria wishes to acknowledge the active s upport of Singapore for the Aid-for-Trade 
Initiative.  The country has committed substantial resources to help strengthen the human resource 
and institutional capacity of developing countries, w ith a view to enabling them harness the benefits 
of trade as an engine of growth and developmen t. In particular, Singapore's targeted technical 
assistance programmes to developing countries have equipped them with the requisite knowledge on 
trade opportunities, and the skills to access them.  We encourage Singapore to continue and build on 
this benevolent spirit. 
205. At the bilateral level, Nigeria and Singapore ha ve maintained excellent  relations and have 
supported each other in the international fora, sin ce the two countries attained their independence in  WT/TPR/M/267 
 Page 33 
 
 
  1960 and 1965, respectively. As a manifestation of th e growing mutual and shared interests of the two 
countries, the Government of Nigeria established its  Diplomatic Mission in Singapore in 2000, while 
the Singapore High Commissioner was appointed in 2007, on a non-resident basis.   
206. The volume of trade between the two countries has been on the increase, rising by 25% from 
2010 to US$272.6 million in 2011, thereby making Nigeria Singapore's 51st largest trading partner.  
There has also been an active and growing enga gement between the business communities of the two 
countries, leading to the landmark signing of an MOU between Pacific International Lines (PIL) and PIL Nigeria, to jointly develop a multibillion dollar Inland Container Bonded Depot in Nigeria.  There 
has also been a large participation of Nigerian bus inesses at major investment and trade seminars in 
Singapore on Africa-Asia and Africa- Singapore relations, respectively. 
207. The two countries are committed to concludi ng bilateral framework  agreements on Air 
Services, Avoidance of Double Taxation, as well as b ilateral cooperation in the fields of education, 
economic, scientific, culture and tourism. Several public servants from Nigeria continue to enjoy 
capacity training in leadership and governance provided under the Singapore Cooperation Programme for Technical Assistance (SCPTA). 
208. In conclusion, Nigeria wishes to acknowledge and commend Singapore for its strong 
commitment to the multilateral trading system, incl uding its active and constr uctive participation in 
the DDA negotiations.  We wish to pay special tri bute to the enormous contributions being made by 
H.E. Ambassador Kwook Fook Seng and his team, here in Geneva, not only to the DDA but also to 
the regular work of the WTO, especially in Ambassador Kwook's position as Chair of the CTD, 
Special Session.   
PERU 
209. Singapore is a young republic yet has been one of the oldest nerve centres of the global 
economy since its earliest days as a dynamic port in one of the most dynamic areas of the world, and has succeeded in translating this into dynamism in exports, dynamism in finance and dynamism in 
other areas of the economy. 
210. We are glad that, as in our country, the objectives of the Government of Singapore's trade 
policy are to expand the international economic area fo r its firms;  seek an open, fair and predictable 
international trading environment;  and minimize impe diments to the flow of imports.  We are glad 
too that Singapore continues to regard the multila teral framework of the WTO as the bedrock of 
Singapore's trade policy.  Both Peru and Si ngapore are committed to achieving these goals by 
engaging with our trading partners multilaterally, regi onally, and bilaterally.  At the WTO we are part 
of the Information Technology Agreement and we  are pursuing negotiations on services and other 
trade topics of interest, where we welcome Singapore's leadership and initiatives. 
211. At intergovernmental forums we maintain di alogue and mutually cooperative relations with 
Singapore and other countries in the Pacific basi n through the Asia Pacific Economic Cooperation 
Forum (APEC) and are Parties to the Trans P acific Partnership (TPP).  Since August 2009 a 
comprehensive free trade agreement has been in  force between us wh ich will undoubtedly boost 
emerging bilateral trade and investment.  The agr eement includes chapters on trade in goods, special 
agricultural measures, rules of origin, customs, san itary and phytosanitary measures, technical barriers 
to trade, bilateral safeguards, government procurem ent, investment, cross border trade in services, 
temporary entry for business persons, electroni c commerce, competition policy, and dispute 
settlement. 
212. Our delegation has submitted specific questions  on the customs valuation of goods and among 
other things would like to know whether Singapor e has implemented an automated mechanism for WT/TPR/M/267 
Page 34  
 
  recording and accessing rulings, whether Singapore Customs Administration has an import price 
database, and if so, whether this database is used to verify the declared va lue and to replace the value 
where necessary, or only for risk management purposes. 
ECUADOR 
213. Singapore has one of the world's most open and competitive economies and has recorded 
considerable growth of six points in recent years.   The country has been ranked top for protection of 
intellectual property and the ease of establishing a business and continues to be one of the major 
logistical hubs in Asia and the world.  Singapor e has an annual per capita GDP of around US$50,000, 
twice the figure of some developed countries, and is ranked 26
th in the HDI as a country with very 
high human development. 
214. Nonetheless, the distinctive market oriented approach of its economy and high dependence 
on income from trade in non-petroleum products meant that during the global financial crisis 
production in Singapore experienced very significan t falls.  In view of this the Government 
of Singapore, like other Members, took a series of  countercyclical fiscal stimulus measures, 
costing around US$16 billion, to counteract the crisis. 
215. Ecuador has limited trade relations with Singa pore covering 20 products.  This is due to 
distance and natural barriers between the two count ries and the difficulty small exporters have in 
accessing Singapore's market, especially the market in  meat and poultry products, partly because of 
the demanding standards set by the Ministry of Environment Food Control Department, and partly 
because of the procedures importers must undergo in  order to qualify and ga in registration in the 
relevant category.  These proce dures probably affect several othe r food products because detailed 
information on the production plant and processing methods must be provided for import purposes. 
216. Accordingly, Ecuador would like to know whet her Singapore is planning to bind its unbound 
tariff lines, which account for almost 30% of its tariff schedule, as other WTO Members have done, especially those who have only recently joined. 
EL SALVADOR 
217. With regard to the task before us, we are pleased  to note that since its last Review in 2008, 
the economy of Singapore continues to be among the most open, free and competitive in the world for 
international trade and foreign investment, and has not succumbed to the temptation to impose 
import tariffs, export subsidies, foreign ex change restrictions or price ceilings. 
218. The World Economic Forum's Global Enabling Trade Report 2012  ranked Singapore's 
economy as the most open in the world to interna tional trade and investment;  Singapore has also 
topped the World Bank's Doing Business  rankings for the past six years, where it is listed as the 
easiest country for doing business. 
219. We are also pleased to note that the Govern ment of Singapore has launched a productivity 
drive to boost GDP growth and facilitate Singapo re's transformation into a high tech economy 
using fiscal and non-fiscal incentives to promote i nvestment so as to encourage local businesses 
to increase and internationalize production, and in vest in research, innovation and development, 
among other aspects. 
220. In our view, this approach, combined among thi ngs with the path followed by Singapore, can 
be summarized by quoting His Excellency Mr Lee Kuan Yew, who said and I quote, "… Wealth is not created by government.  It is created by th e businesses that develop ideas, trade, and create 
products.  The 'business' of government is to facilitate that, so more wealth is created."  WT/TPR/M/267 
 Page 35 
 
 
  221. At multilateral level, as an open economy Singa pore supports the multilateral trading system, 
participating in the WTO in order to sustain the mo mentum of trade liberalization, especially in areas 
of interest to it, and to strengthen and moderniz e the rules based multilateral trading system that 
promotes trade expansion and liberalization.  One recommendation that embraces that vision is that of binding its entire tariff regime as it woul d give greater certainty to its trade. 
222. This Review is an opportunity for us to under score the active role of Singapore in the Round 
of Negotiations and to commend the work it has been  doing at the Special Session of the Committee 
on Trade and Development;  its constructive cont ributions to the Doha Development Agenda 
negotiations in areas such as non-agricultural market  access (NAMA), trade facilitation and services;  
and its work in the ordinary committees in this Or ganization, especially its active involvement in the 
review of the Trade Policy Review Mechanism. 
223. In the area of intellectual property rights, we note that since its last Review, Singapore has 
amended its Patents Act to implement the public health amendment (under the "Paragraph 6 System" 
of the Doha Declaration on the TRIPS Agreemen t and Public Health) to enable it to use 
the flexibilities offered by the system, and has also signed the Anti-Counterfeiting 
Trade Agreement (ACTA), which promotes greater international cooperation in IPR enforcement. 
224. We would like to underscore and reiterate the messages from the meeting between the 
Foreign Ministers of our countries in 2011 where the matter of sharing experiences was discussed, 
with Singapore being an example to be followed in  view of its increased co mpetitiveness and the leap 
towards development that it has made in rece nt years;  the framework of the Forum for 
East Asia-Latin America Cooperation (FEA LAC) could be used to that end. 
KINGDOM OF SAUDI ARABIA 
225. The Kingdom of Saudi Arabia would like to commend Singapore for its trade policy regime, 
which is an excellent example of a free, open, and flexible trading regime established on the basis of 
its own specific national conditions. Singapore's ec onomic freedom score is 87.5, making its economy 
the 2
nd freest in the 2012 Index of Economic Freedom . The high degree of openness made Singapore 
one of the most competitive economies in the world.  We note with pleasure that, the Government of 
Singapore has pursued a sound macroeconomic policy to create a favourable environment for business 
and to facilitate ec onomic development. 
226. The flexibility of Singapore's economy has enabled it to adjust rapidly to economic shocks by 
constantly improving productivity, and thus, inte rnational competitiveness. Singapore has evolved 
into a base for multinational companies to e ngage in high-end manu facturing and product 
development, and to coordinate  regional procurement, producti on, marketing, and distribution 
operations. 
227. Saudi Arabia has strong economic relations with  Singapore, where it is currently Singapore's 
largest trading partner in the Middle East. The two-way trade increased by more than 40% from 
SR49.5 billion in 2010 to SR69.9 b illion in 2011, despite the global uncertainties. Singapore's top 
exports to Saudi Arabia include machine parts, el ectrical parts and refined petroleum products while 
its major imports from Saudi Arabia are crude and refined petroleum products and organic chemicals. 
The Kingdom of Saudi Arabia sees Singapore as an im portant economic partner for investment, joint 
venture and transfer of technology. 
228. We are also confident that Singapore will conti nue to liberalize its economy and improve its 
competitiveness, and we commend the Government of Singapore for creating and maintaining a 
highly competitive business environment in which the unemployment rate had decreased to the lowest 
level in a decade, 2.0% in 2011. WT/TPR/M/267 
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  MOROCCO 
229. Diplomatic relations between Morocco and Singapore, which were established in 1997, 
were considerably enhanced following the State Visit to Singapore by His Majesty the King in 
April 2005.  The first, second and third sessions of policy consultations in January 2007, April 2009 
and March 2011 respectively between the Ministers of Foreign Affairs of the two countries gave a 
new momentum to bilateral relations. 
230. The Republic of Singapore is Morocco's fifth la rgest trading partner in South East Asia.  
Despite the fact that bilateral trade falls short of the two countries' economic potential, the overall 
volume of trade has experienced positive developments.  Imports have fluctuated in recent years but 
recorded a quantitative increase, reaching over one bi llion Moroccan dirhams in 2008.  Exports have 
risen considerably since 2007. 
231. Singapore has one of the most prosperous economies in the world.  The Globalization 
Index 2010  ranked it the most open economy in the world a nd third best in terms of performance.  
Although completely devoid of natural and agricult ural resources, in just four decades Singapore has 
become established as one of the larg est economies in the world.  Today it is the world's leading port 
for container traffic and second in the world for tota l volume of goods.  In addition to being a hub for 
international trade and industry, Singapore has succeeded in building one of the world's most 
powerful financial centres (fourth in the wo rld after London, New York and Hong Kong). 
232. Thanks to a highly developed financial sect or;  excellent infrastructure;  a business 
environment that is very favourable, competitive and transparent to international and regional 
businesses (the World Bank's Doing Business 2011  rankings place it top for ease of doing business 
and it has the world's best business environment according to the Economist Intelligence Unit, 
Country Forecasts 2009 );  and record investment flows to  Asia since the 1980s and investment 
opportunities in the continent that have attracted  businesses from the four corners of the earth;  
Singapore became a financial hub first at regional and then at international level.  Singapore is also 
the only Asian country with a triple "A" rating, an d this further underpins its huge financial stability 
and soundness.  Today Singapore is  an international benchmark for regulation in general and finance 
in particular. 
233. Singapore was the first economy on the Asian continent to go into recession in 2009 when 
its GDP contracted by between 2 and 5% in that year.  Decisive fiscal action and its macroeconomic 
policies led the Singaporean economy to an ex ceptionally strong rebound by responding with a 
"Resilience Package" which helped  to maintain business confidence during this critical time. 
234. Morocco welcomes the implementation by Singa pore of an extremely attractive economic 
policy that is part of a medium term strategic global vision.  The policy is underpinned by sound fiscal 
and monetary regimes aimed at ma intaining an environment conducive to long-term investment in the 
country.  Notwithstanding the crisis, Singapore's trade policy direction remains consistent across 
businesses, the international trading environment a nd the business climate - and its aim is to keep 
markets open.  International trade is vital to Singapore.  Since 2000 Singapore has signed free trade 
agreements to reduce or abolish customs duties with a number of countries at bilateral and 
multilateral level. 
235. Morocco welcomes economic and trading re lations with Singapore.  In 2011 Morocco 
strengthened its position as a strategic country an d financial centre in the North and West Africa 
region.  A clear example of this is the fact th at the Singapore Cooperation Enterprise (SCE) and the 
Moroccan Financial Board (MFiB) signed a Me morandum of Understandi ng and cooperation to 
develop Casablanca Finance City.  Singapore thereb y selected Morocco as the financial hub for the 
North and West Africa region.  WT/TPR/M/267 
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  236. Morocco welcomes the steps that have been taken by the Singaporean Government in the 
fields of productivity, training, research, innovatio n and entrepreneurship to make economic growth 
sustainable and inclusive.  In conclusion, Mo rocco commends the excellent line taken by the 
Singaporean Government in its trade policies alongs ide its steadfast determination to maintain a 
globalized, open, entrepreneurial, competitive and diversified economy. 
BARBADOS 
237. Singapore, has for several decades now, had an outstanding record in terms of its economic 
performance.  As an island economy ourselves, we  have tremendous respect  and admiration for its 
performance over the years.  Having gained indepe ndence in 1960, compared to ourselves in 1966, we 
have watched in all at their advancement.   
238. We noted that Singapore has been a very open economy, it applies tariffs to only six lines, it 
is a highly developed market economy which is an example to the rest of the world.  As a result of its major currency surpluses it is a significant exporter of capital, and many of us have benefitted from its 
benevolence, in for example in the Aid for Trade facility as being a major beneficiary of the benevolence of Singapore.  We have also noted th at, despite the difficulties in the global economy, 
Singapore's economy has managed to grow by an aver age of 6% in 2007-11.  We also observe that 
productivity growth has been maintained and that th e authorities have a target of 2.3% per annum in 
terms of its productivity growth. 
239. In terms of its efficiency there is also much to  be admired.  In the Single Window for customs 
we also note that many other countries have emul ated their systems and have visited Singapore in 
order to examine many of their processes, and among those countries we count ourselves, we too have 
visited Singapore from time to time and set teams there to find out what their secret of success has 
been. And that success has brought them to the top of  the list in terms of the world economic forum, 
in terms of trade and investment, it has brought them to the top of the list in terms of doing business over the last six years, and it has also led to a signi ficantly highly skilled work force which also is the 
envy of many developing countries.   
240. In fact, we have marvelled at the way at whic h Singapore has been able  to convert itself from 
a developing country to a developed country over the past seven years, and have done this and 
maintained its openness is really a signifcant achievement.  Barbados, therefore congratulates 
Singapore for its achievements, for the wide work of  business which has able to maintain worldwide, 
for its ability to see both sides, that of the devel oping countries and that of the developed countries, 
and more especially for its commitment to developi ng countries and to small countries in particular.  
In that regard, I would like to join with others  who have observed the im portant contribution which 
has been made by the Ambassador of Singapore in Geneva, and I would like to thank him for the 
commitment to a successful DDA and for a successful WTO. 
OMAN 
241. The Sultanate of Oman enjoys excellent relations with Singapore, both economic and 
political.  We share many similarities, the most important of which are open and liberal trading 
systems and strong support for the principles and ru les of the multilateral trading system.  We are 
happy to note that Singapore has remained firm  in its commitment to an open and competitive 
economy as the key to sustaining long term growth.  It is heartening to note that Singapore supports 
an open, fair and rule-based trading system to ach ieve sustainable growth.  We commend Singapore in 
recognizing the primacy of the WTO in promoti ng trade liberalization and as a bulwark against 
protectionism. WT/TPR/M/267 
Page 38  
 
  242. It is remarkable that despite the financial crises and the global recession of recent years, 
Singapore's economy grew by 6% in 2007-11.  Moreover, Singapore has remained a major recipient of FDI since 2007, with annual inflow s averaging about US$25 billion.   
243. Singapore, like Oman, has relatively low bound ta riffs.  These for Singapore range from 0 to 
10%.  It is praiseworthy that Singapore has practical ly no import prohibitions and that it has not taken 
any contingency measures over the review period.  To conclude, the delegation of the Sultanate of 
Oman congratulates Singapore on its economic perform ance and on its open and liberal economy and 
trade regime.  It is an important and valued WT O Member and its leading role as a staunch supporter 
of the WTO is a role model for all others. 
VIET NAM 
244. Singapore is one of the most open economies in the world and the easiest places to run 
businesses. With small size of population but Singapor e is one of the big e xporters of goods and 
service of the world with over US$400 billion in 2011 . It is a major recipient of foreign direct 
investment with the annual investment inflows of US$25 billion since 2007. Despite adverse impacts 
of the global recession in 2008, Singapore successfully  maintained the annual growth rate of 6% in 
2007-11, bringing the income per capita up to nearly US$50.000 in 2011. Singapore has steadily 
upgraded itself into a high-tech economy. This less on should be learnt by many other developing 
countries.  
245. The cooperation relationship between Viet Na m and Singapore during the last 30 years has 
achieved significant progresses, particularly in econo mic trade, investment, tourism and educational 
cooperation. Singapore has become one of the biggest trade and investment partners of Viet Nam. In 
2011, the two-ways trade turnover between Viet Nam and Singapore amounti ng to US$8.7 billion, 
increased by 39% compared to that of 2010. In wh ich, export from Viet Nam to Singapore achieved 
US$2.3 billion and import from Singapore to Viet  Nam reached US$6.4 billion. Singapore has 
990 investment projects in force in Viet Nam with total registered capital of US$24 billion in most of 
the economic sectors such as petroleum, ag riculture, fishery, infrastructure etc. 
246. Viet Nam and Singapore are closed strate gic economic partners, members of ASEAN 
Community. We always appreciate Singapore for its continuous tireless efforts to support the multilateral trading system and its regional integration initiatives.   WT/TPR/M/267 
 Page 39 
 
 
  V. REPLIES BY THE REPRESENTATIVE OF SINGAPORE AND ADDITIONAL 
COMMENTS 
247. Let me now address a few of the strategic and policy issues raised on Tuesday.  These are our 
development status, productivity drive, competition and liberalisation regimes, and the role that 
government-linked companies play in our economy. 
248. Let me begin by addressing the question on Si ngapore's development status, given our per 
capita GDP of US$50,000. Singapore is a small city state, of about 700 square kilometres – just slightly larger than the size of Lake Geneva.  It is misleading to compare the per capita GDP of 
Singapore – a city state – with that of other count ries. Our per capita GDP of US$50,000 falls short of 
major cities in OECD countries, such  as Zurich, New York and Paris. 
249. More importantly, per capita GDP or GNP is a very narrow measure of economic 
development. Other indicators are equally, if not more important – namely, level of productivity, 
R&D, and the extent of entrepreneurship. Sadly,  Singapore still lags behind many OECD countries on 
all these dimensions.   Singapore's productivity in manufacturing and services is only 55-65% of that 
in the US and Japan. Our R&D spendi ng, as a percentage of GDP, stands at just over 2%. Again, this 
lags behind more research-inten sive developed economies, whose R&D spending averages 3.5% of 
GDP.  
250. Singapore has a limited indigenous industrial base. Our economy is dominated by foreign 
multinationals, with close to half of our GDP coming from foreign companies. Singapore has little, or no, natural resources. We are therefore highly exposed to external developments and external factors. 
251. Nonetheless, Singapore has, and will, continue to  contribute actively to the WTO. We regard 
helping other developing countries participate in the global trading system as an important objective 
at the WTO. We do this through our trade-relate d technical assistance programmes. I would like to 
thank Barbados and Nigeria for their kind commen ts about the technical assistance provided by 
Singapore.  
252. We established the Singapore Cooperation Progr amme in 1992 to share our developmental 
experience and knowledge with other Members, to he lp them in achieving their developmental goals. 
Each year, we conduct some 300 courses and train about 7,000 government officials. Singapore also collaborates with the WTO and more than 40 other ke y countries and international organisations, to 
provide technical assistance to other countries under the Third Country Training Programme (TCTP) framework. We will continue to build on this.   
253. Members have also asked us to share more a bout our plans to achieve productivity growth of 
2 to 3% per year, over the next 10 years. The drive to raise productivity is a drive to restructure our 
economy. We believe that innova tion, productivity and skills upgrading are the means by which we 
can ensure sustainable and inclusive economic growth for Singapore.   
254. We are starting by focusing on 16 sectors that have the greatest potential for productivity 
enhancements, contribute a significant share to our GDP, and employ a large number of workers. 
Working groups have been formed to study and develop strategies to raise productivity for each of 
these sectors. The entire effort is guided by a tripartite Nati onal Productivity and Continuing 
Education Council, chaired by our Deputy Prime Minister, and comprises members from the government, unions, and employers.  These sectoral st rategies are supported by continuing education 
and training programmes to equip workers with the right skills to ensure their continued relevance, 
and enhance their access to good jobs, in the economy. WT/TPR/M/267 
Page 40  
 
  255. Economic restructuring is not new to us.  We have made the transition from low cost 
manufacturing in the past to higher value-added,  knowledge and technology intensive activities in 
many of our key sectors. Throughout this journey, we have maintained our open trade regime. This 
will not change. 
256. To illustrate our restructuring story, let me c ite the example of how we have transformed our 
electronics sector over the years. In the semi-conductor industry, we started out with integrated circuit 
assembly in the 1960s, and then moved to wafer fabr ication and integrated circuit design in the 1980s. 
Today, 1 out of 10 wafers globally are fabricated in Singapore, and 15 of the top 25 semiconductor companies have their HQ, R&D or manufacturing operations in Singapore.  
257. Similarly, for hard disk drives, the industry in Singapore has moved from being the world's 
largest assembler of hard disk drives in the 1980s and 1990s, into the world's largest manufacturer of 
hard disk media. This is the highest value com ponent inside a hard disk. Singapore is now moving 
into new growth areas such as bioelectronics, wh ere we can combine the capabilities in biomedical 
sciences and electronics that we have built up over the years. 
258. As we restructure our economy, we will continue  to remain open. However, there are certain 
sectors where the size and maturity of our domestic  markets require us to calibrate the pace of 
liberalisation carefully. The Monetary Authority of Singapore has been liberalising the retail banking 
sector to allow greater foreign bank participation through the Qualifying Full Bank (QFB) programme 
since 1999.  Both the number, and access granted to th e QFBs have also expanded over the years.  But 
we are a small market, and there is a limit to th e number of banks and branches that Singapore can 
support.  
259. Similarly, Singapore's legal services sector is much smaller in size compared to most other 
jurisdictions. We know that there is interest in this sector from other Members. We have fully 
liberalised the practice of foreign law and internatio nal law in Singapore. We have also progressively 
opened up the practice of Singapore law in recent y ears, and will continue to do so over time. 
260. A few Members have also pointed to the f act that certain services are excluded from 
Singapore's general competition law. The complexity of the regime of these services renders them 
better regulated by their respective sectoral regulators.  For example, in the area of maritime transport, 
regulation of cargo terminal operations requires in depth knowledge of the industry, and an 
understanding of the complex relati onships between the different players along the value chain. It is 
thus more appropriate for competition issues to be as sessed by the sectoral regulator – which is, in this 
case, the Maritime and Port Authority of Singapore.  
261. Let me now touch on the issue of the extent and impact of state ownership in the economy. 
The Government maintains an arms-length relations hip with its investment companies. We do not 
decide on how each investment company should mana ge its portfolio, nor do we get involved in 
individual investment deals. Each investment company's Board and professional management team 
are responsible for these decisions, which are dr iven solely by commercial considerations. 
262. Government-linked companies operate on a comm ercial basis. Many of these companies are 
publicly listed. All have to be accountable to th eir shareholders, which may include international 
institutional investors. They all exercise market di scipline. Like all Singapore-based companies, they 
are subject to either the general competition law, or the relevant sectoral legislation pertaining to 
competition. 
263. The same principles apply to our Statutory Board (SB) companies, which are set up to 
perform functions that can be delivered more ef fectively under a corporate structure. As I had 
highlighted in my opening statement, the objective of any government involveme nt is not to suppress  WT/TPR/M/267 
 Page 41 
 
 
  or supplant the markets; but to support and sustain them. Government policies are developed with the 
free market in mind. We abide by what we call a "yellow pages" rule to avoid crowding out private 
sector players.  Put simply, if the activity carried  out by the company can be found in the "yellow 
pages", then Government will exit from that activity.  It also helps ensure that our government agencies remain focused on their core missions and do not allocate resources to running irrelevant 
companies. As with government-linked compani es, these companies' government parentage does not 
grant them any preferential subsidies or treatment. Th ey are subject to the same regulations as private 
enterprises.  
264. Let me now turn to some of the specific issues Members raised on Tuesday relating to 
Singapore's commitments at the WTO. A few Member s have posed questions on some of Singapore's 
SPS measures. Singapore's SPS measures, and the restrictions we impose, stem from food safety 
concerns. The safety of our people is paramount. Singapore does not have a beef or poultry industry and imports almost all of our food. It is therefore not  in our interest to restrict the import of any food 
product, or to disrupt our food supply without good cause. As Ambassador Adank noted on Tuesday, 
we maintain zero tariffs on all food imports. Read y access to diverse food sources is key to our food 
security strategy. Nevertheless, Singapore is ready to  discuss any concerns that our trading partners 
may have, in order to arrive at mutually acceptable outcomes.  
265. Several Members have asked Singapore to bind more tariff lines and reduce the gap between 
our applied and bound tariff rates in the WTO.  A similar question was asked on whether Singapore 
was prepared to raise the level of our services comm itments in the WTO. Singapore is fully prepared 
to do both in the context of the DDA negotiations, in which we will continue to participate actively 
and constructively.  
266. In closing, let me once again express my appreciation to Members for their remarks 
concerning our contribution to the WTO. We remain fully committed to playing our part in ensuring 
the continued success of the multilateral trading system.  
267. The TPR exercise has been an informative one for Singapore. We appreciate the opportunity 
to be able to share our trade policies and pr actices with WTO Members. We see the TPR as an 
invaluable exercise which promotes greater transp arency and understanding of each WTO Member's 
regime.  We "will strive to ensure that Singapore will continue to be a city of opportunities, where 
people and enterprises can grow and succeed". This is mo re than just a slogan for us.  It is the core 
principle that guides all our policies. 
DISCUSSANT 
268. Can I thank Permanent Secretary Ow Foong Phe ng for her statement this morning which 
responds to points highlighted in the discussions on Tuesday and issues raised by Members in questions.  I note this response covered Singapore' s General Policy Approach, in which we heard a 
more detailed explanation of Singapore's perspe ctives on why its GDP figure should not be seen as 
the only consideration to take into account in re gard to the question of moving from developing to 
developed status.  The presentation also addressed  Restructuring Singapore's Economy, Liberalisation 
and Competition Regimes and Addressing Specific Trad e Issues. Can I also note that I've greatly 
appreciated learning more about not only Singapore' s trade and economic policies but also its broader 
social policies in the course of my preparation and research for this review process. 
269. This TPR process has once again shown that Members are very interested in getting a better 
appreciation for Singapore's trade and economic policy,  and particularly how Singapore has dealt with 
the global financial crisis, and is seek ing to address longer term challenges. WT/TPR/M/267 
Page 42  
 
  270. The clear message I take from the comments made at our Tuesday session is that Members 
greatly appreciate Singapore's ongoing commitment  to maintaining an open and business friendly 
trade and investment framework.   This framework sets a fine example, particularly in current times 
when we can see that adverse global economic conditions  may in some cases lead  to inward responses 
that end up being counterproductive.  That is not to  suggest that Members had no questions or queries 
at all for Singapore about its trade and economic policies.  These questions fell into two main 
categories. 
271. First, those aimed at getting a better apprecia tion of Singapore's experience in dealing with 
challenging trade policy issues – we can see this in the area of trade facilitation where a number of 
innovative policies have been put in place.  We can also see this in the considerable interest that 
members have expressed for hearing from Singapore on its efforts to address income inequality 
highlighted by the Gini index as well as the very  strong emphasis that Singapore is putting into 
enhancing productivity.  I appreciate, as I'm sure all Members do, the useful additional information 
Singapore has provided on these aspects. 
272. Secondly, we have seen a number of questions that Singapore has responded to on the various 
queries raised in relation to Singapore's current or  planned trade policy measures and how these touch 
on WTO commitments, as well as its plans to libera lise further and extend its commitments in the 
WTO. There will be an opportunity to hear any further comments that members may have in the 
course of today's meeting. 
273. I note here that one issue that has come up at earlier reviews and again in the current one is 
the issue of Singapore binding the remaining 30% of its tariffs, and we've heard again today the 
response that this will be considered in the contex t of the DDA negotiations.  Members have made the 
point that this would give greater predictability, which is undisputed.  Sim ilar concerns have been 
raised in the context of other TPR processes.   
274. At the same time, my personal observation on this  would be that we n eed to acknowledge that 
the nature of Singapore's trade and economic po licy framework – its applied tariff regime and 
commitment to open policies and the track record it has established here – would appear, at least to 
me, to considerably lessen the risk that they would ever choose to raise tariffs.  So I'm not sure in a 
practical sense this is an issue that many Member s are currently losing much sleep over.  I would 
recall here Singapore's comment at our opening ses sion on Tuesday that when the global financial 
crisis hit they were "acutely aware that in th is day and age no individual economy possesses all the 
factors of production to be able to competitively manufacture a complete product" and that "trade 
restrictions would have adversely affected our pos ition within the global value chain and reduced our 
export competitiveness by raising the cost of inte rmediate goods for our manufacturers".  These 
comments indicate that Singapore is very aware of the costs involved in raising tariffs. 
275. At the same time, I think Singapore will ta ke away the clear message that when the 
opportunity to extend their commitments does arise that  they should certainly seek to better reflect in 
their revised commitments their now long establis hed very liberal regime for imports through 
increased binding coverage.  
276. The broader point that has struck me in the course of the discussions - and it has also been 
brought out in the comments made by Singapore this morning - is the particular role Singapore's city 
State status plays in the modelling of its trade and ec onomic as well as social po licies.  City states are 
quite different in their characteristics to larger me tropolitan states.  With no broader national territory 
to draw talent from, unlike large developed or deve loping states, city states necessarily need to draw 
talent from the wider world and are compelled to gl obalise and open up in a way that others are not.  
So that can be seen as an advantage as well as a disa dvantage.  At the same time being concentrated in 
such a small area they don't need to be concer ned about issues affecting far flung regions far away  WT/TPR/M/267 
 Page 43 
 
 
  from the capital – there are no far flung regions.  They  can also be extremely quick in responding to 
developments in a way that may be difficult for la rger populations without such centralised controls 
and dispersed populations. 
277. So if you look at Singapore I think this make s for both considerable openness which has made 
it some argue the most globalised state in the worl d and fuelled the prosperity that Singapore enjoys 
today.  But this is also coupled with various features that seem designed to ensure that the government 
can appropriately manage the challenges that a geographically constrained city state economy 
presents.  And I think some of the comments we have heard from Singapore on the issue of 
government participation in the economy – the "ye llow pages" rule and the review of government 
functions that this entails, on the drivers for thei r productivity drive, social challenges and also 
infrastructure issues all bear on this and provide useful food for thought.   
278. These are all areas where there will continue to  be active discussion both within Singapore 
and in the context of these reviews of what is th e right balance to strike, particularly when new 
circumstances are encountered, but our understanding  of these issues has been greatly improved by 
the information and discussions exchange d so far in this review process. 
EUROPEAN UNION 
279. We would like to present some follow-up related to rules of origin and labelling.  On the first, 
we invite Singapore to provide some further explan ation on how it determines the country of origin. 
On labelling, we are presenting a co mment as regards the indication of " Made in the EU " on the 
imported food products. In addition, we are seeking confirmation that presentation of a non-
preferential certificate of origin is not required for importation of goods into Singapore. As always, 
we are submitting our follow-up in writing through the Secretariat, and we look forward to receiving 
the replies to these questions within one month of the meeting.   
UNITED STATES 
280. We would like to offer one additional follow- up question.  In response to advance written 
questions (specifically question 49 from Mexico), Singapore indicated that IPR enforcement is a 
multi-agency effort.  Can Singapore please provide additional de tail regarding the division of labour 
in IPR enforcement between Singapore Customs, Immigration and Checkpoints Authority, and the 
IPR Branch of the Singapore Police Force?  
JAPAN 
281. Japan has already submitted to the Secretariat one follow-up question which we mentioned on 
the first day to inquire further details of legal servi ces, in particular a foreign lawyer who doesn't seek 
for a Foreign Practitioner Certificate. We look forwar d to a reply in due course, and Tokyo will study 
the reply carefully. WT/TPR/M/267 
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  VI. CONCLUDING REMARKS BY THE CHAIRPERSON 
282. This sixth Trade Policy Review of Singapore h as allowed us to improve our understanding of 
Singapore' trade and trade-related po licies and practices and how they have evolved since the previous 
review in 2008.  We are grateful for the active pa rticipation of the Singaporean delegation headed by 
Mrs. Ow Foong Pheng, Permanent Secretary of Trade and Industry.  I would also like to thank the 
discussant, Ambassador John Adank of New Zealand, and Members of the TPRB for contributing to 
our fruitful exchange of views. 
283. Members praised Singapore for remaining one of  the most open and liberal economies in the 
world and the easiest country in which to do business.   It was noted that having the highest trade to 
GDP ratio in the world reflects Singapore's position as a major transhipment hub and the high import 
intensity of Singapore's exports.  Members al so commended Singapore for its relatively quick 
economic recovery from the global financial crisis , based on a countercyclical fiscal stimulus, 
monetary easing, strong economic fundamentals, and labour market flexibility.   
284. Members recognized that Singapore is facing a number of new challenges, as well as 
opportunities, due to the global financ ial crisis and the fact that its competitiveness is being tested by 
low-cost economies particularly in Asia.  In r esponse, Singapore has launched a productivity strategy 
to boost GDP growth and facilitate its transformation into a high-tech economy. 
285. Members acknowledged Singapore's strong commitm ent to the multilateral trading system, 
including its solid record of making notifications  to the WTO, active support for the Aid-for-Trade 
Initiative, and for being the second Member to use the alternative timeline fo r questions and answers 
agreed in the fourth appraisal of the TPRM.  De legations noted Singapore's active participation in 
preferential trade negotiations during the review peri od.  Strong interest was expressed in Singapore's 
sense of how it sees the relationship between their preferential commitments and multilateral liberalization evolving in the future. 
286. While expressing their appreciation for the r ecent steps taken by Singapore to further 
facilitate trade and its application of tariffs only on six lines, Members noted that around 30% of tariff 
lines are unbound with bound rates ranging from 0-10% .  They called for further action by Singapore 
in bringing its tariff bindings closer to its applied rates and binding more tariff lines.  We have taken 
note of Singapore's indication that it is willing to do so in the context of the Doha Round negotiations. 
287. From a close examination of the observations  made and questions posed by delegations 
during this Review, the following areas have been suggested for attention from the Singaporean authorities.  We have taken careful note of th e comments provided today by Permanent Secretary 
Ow Foong Pheng in this regard: 
- Trade facilitation:   Singapore is seen as a world leader in its efforts to improve trade 
facilitation including through the integrated  one-stop risk management system 
(TradeFIRST) to facilitate traders' access to the customs schemes they require.  
Members asked Singapore to share its experience in this regard. 
- SPS:   There were some requests to Singapore to reconsider some of its SPS measures 
in light of scientific risk-based management  techniques and international standards.  
We have taken note of Singapore's helpful disposition to discuss any particular issues 
with its trading partners. 
- Subsidies:   Singapore provides an extensive range of financial incentives to 
businesses aimed at encouraging business opera tions and investment in and outside 
the country.  Singapore was invited to clarif y the nature of these  incentive schemes as  WT/TPR/M/267 
 Page 45 
 
 
  well as some export finance-related measures and how they relate to relevant WTO 
disciplines. 
- State ownership:   State ownership in the economy remains substantial in key sectors 
(e.g. electricity, telecommunications, transport, and ports) through Temasek, statutory boards and statutory board companies.  Singapore indicated that state-owned 
enterprises operate on the same basis as pr ivate companies (both local and foreign), 
but questions were asked about how state ownership may nonetheless affect 
conditions of competition in the economy.  We have taken note of the explanation 
that all government-linked companies are s ubject to either the general competition 
law or relevant sectorial legisl ation related to competition. 
- Foreign direct investment:   Members noted that Singapore is a major recipient of 
FDI.  Singapore was asked to consider removing the remaining restrictions for the participation of foreigners, particularly in services sectors such as broadcasting/news 
media, legal services, and retail banking. 
- Competition:   There was  appreciation for the steps taken by Singapore to further 
enhance the enforcement provisions of  its Competition Act.  Singapore was 
encouraged to broaden the scope of its co mpetition legislation to include those areas 
still exempted such as activities, agreements, and statutory bodies or entities acting on behalf of the Government.  Singapore indicated that the intent of its Competition Act is to regulate the conduct of market player s and not government activities.  We have 
taken note of the comments made this morning alluding to government-linked 
companies with respect to the competition laws. 
- Services:   Noting that Singapore's services commitments under its various 
preferential agreements go beyond its GATS schedule/offer, Members encouraged Singapore to further improve its multilater al services commitments.  Singapore was 
also asked to reconsider the price c ontrols it maintains on telecom services. 
288. This successfully concludes our sixth Review of Singapore.  The large number of advance 
questions and the many interventions by Members indicate the important role of Singapore in the 
multilateral trading system and the WTO.  I want to thank the Singapore Delegation for their very positive disposition and their constructive attitude towards this review and to the comments and 
questions posed.  We hope that this exercise will  serve the Singaporean aut horities to continue to 
reflect on its trade policies and how Singapore can  continue to have a positive impact on the 
multilateral trading system and the world economy in the years to come. 
 
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