RESTRICTED  
  
WT/TPR/S/413  
28 July 2021  
(21-5848) Page: 1/132 
Trade Policy Review Body   
 
TRADE POLICY REVIEW  
REPORT BY THE SECRETARIAT  
SINGAPORE  
This report, prepared for the eighth Trade Policy Review of Singapore, has been drawn up by the 
WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement 
establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing 
the World Trade Organization), sought clarification from Singapore on its trade policies and practices.  
 
Any technical questions arising from this rep ort may be addressed to Mr Masahiro Hayafuji 
(tel.: 022 739 5873), Mr Pierre Latrille (tel.: 022 739 5266), Ms Martha Lara (tel.: 022 739 6033).  
 
Document WT/TPR/G/ 413 contains the policy statement submitted by Singapore.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the 
first session of the meeting of the Trade Policy Review Body on Singapore. This report was drafted 
in English.   WT/TPR/S/413 • Singapore  
 
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  CONTENTS  
SUMMARY  ................................ ................................ ................................ ........................  7 
1  ECONOMIC ENVIRONMENT  ................................ ................................ .........................  11 
1.1  Main Features of the Economy  ................................ ................................ ...................... 11 
1.2  Recent Economic Developments  ................................ ................................ .................... 15 
1.2.1   Fiscal policy and debt  ................................ ................................ ................................ 15 
1.2.2   Monetary and exchange rate policies  ................................ ................................ ........... 15 
1.2.3   Response to the COVID -19 pandemic  ................................ ................................ .......... 17 
1.2.4   Balance of payments  ................................ ................................ ................................ .19 
1.3  Developments in Trade and Investment  ................................ ................................ ......... 21 
1.3.1   Trends and patterns in merchandise and services trade  ................................ ................. 21 
1.3.1.1   Merchandise trade ................................ ................................ ................................ ..21 
1.3.1.2   Services trade  ................................ ................................ ................................ .......24 
1.3.2   Trends and patterns in FDI  ................................ ................................ ........................ 25 
2  TRADE AND INVESTMENT REGIMES  ................................ ................................ ...........  28 
2.1  General F ramework  ................................ ................................ ................................ .....28 
2.2  Trade Policy Formulation and Objectives  ................................ ................................ ......... 28 
2.3  Trade Agreements and Arrangements  ................................ ................................ ............ 29 
2.3.1   WTO ................................ ................................ ................................ ....................... 29 
2.3.2   Regional and preferential agreements  ................................ ................................ ......... 31 
2.3.3   Other agreements and arrangements  ................................ ................................ .......... 37 
2.4  Investment Regime  ................................ ................................ ................................ .....37 
3  TRADE P OLICIES AND PRACTICES BY MEASURE  ................................ .........................  41 
3.1  Measures Directly Affecting Imports  ................................ ................................ ............... 41 
3.1.1   Customs procedures, valuation, and requirements  ................................ ........................ 41 
3.1.1.1   Customs procedures  ................................ ................................ ............................... 41 
3.1.1. 2  Trade facilitation  ................................ ................................ ................................ ....42 
3.1.1.3   Customs valuation  ................................ ................................ ................................ .44 
3.1.2   Rules of origin  ................................ ................................ ................................ .......... 44 
3.1.3   Tariffs  ................................ ................................ ................................ ..................... 45 
3.1.4   Other charges affecting imports  ................................ ................................ .................. 46 
3.1.4.1   Goods and Services Tax (GST)  ................................ ................................ ................ 46 
3.1.4.2   Other charges  ................................ ................................ ................................ .......48 
3.1.4.3   Excise duties  ................................ ................................ ................................ ......... 48 
3.1.5   Import prohibitions, restrictions, and licensing  ................................ ............................. 48 
3.1.6   Anti-dumping, countervailing, and safeguard measures  ................................ ................. 52 
3.1.7   Other measures affecting imports  ................................ ................................ ............... 52 
3.2  Measures Directly Affecting Exports  ................................ ................................ ............... 52 
3.2.1   Customs procedures and requirements  ................................ ................................ ........ 52 
3.2.2   Taxes, charges, and levies  ................................ ................................ ......................... 53 WT/TPR/S/413 • Singapore  
 
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  3.2.3   Export prohibitions, restrictions, and licensing  ................................ .............................. 53 
3.2.4   Export support and promotion  ................................ ................................ .................... 55 
3.2.4.1   Support for internationalization  ................................ ................................ ................ 55 
3.2.4.1.1   Free Trade Zones (FTZs)  ................................ ................................ ...................... 56 
3.2.4.1.2   Major Exporter Scheme  ................................ ................................ ........................ 57 
3.2.5   Export finance, insuran ce, and guarantees  ................................ ................................ ...57 
3.3  Measures Affecting Production and Trade ................................ ................................ ........ 57 
3.3.1   Taxation and incentives  ................................ ................................ ............................. 57 
3.3.1.1   Corporate taxation  ................................ ................................ ................................ .57 
3.3.1. 2  Tax and non -tax incentives  ................................ ................................ ..................... 58 
3.3.2   Standards and other technical requirements  ................................ ................................ 59 
3.3.2.1   Standards  ................................ ................................ ................................ ............. 59 
3.3.2.2   Technical regulations  ................................ ................................ .............................. 60 
3.3.2.3  Conformity assessment ................................ ................................ ........................... 61 
3.3.2.4   Accreditation  ................................ ................................ ................................ ......... 61 
3.3.2.5   Labelling requirements  ................................ ................................ ........................... 62 
3.3.3   Sanitary and phytosanitary (SPS) requirements  ................................ ............................ 62 
3.3.3.1   Overview  ................................ ................................ ................................ .............. 62 
3.3.3.2   Food pr oducts  ................................ ................................ ................................ .......64 
3.3.3.3   Animal and plant health  ................................ ................................ .......................... 65 
3.3.3.4   Food labelling  ................................ ................................ ................................ ........ 65 
3.3.4   Competition policy and price controls  ................................ ................................ .......... 66 
3.3.4.1   Competition policy  ................................ ................................ ................................ .66 
3.3.4.2   Price controls  ................................ ................................ ................................ ........ 69 
3.3.5   State trading, state -owned enterprises (SOEs), and privatization  ................................ ....69 
3.3.6   Government procurement  ................................ ................................ .......................... 70 
3.3.7   Intellectual property rights  ................................ ................................ ......................... 74 
3.3.7.1   Introduction  ................................ ................................ ................................ .......... 74 
3.3.7.2   Policie s on promotion and commercialization of innovation  ................................ .......... 75 
3.3.7.3   International context  ................................ ................................ .............................. 76 
3.3.7.4   Regulatory framework  ................................ ................................ ............................ 77 
3.3.7.5   Patents  ................................ ................................ ................................ ................. 77 
3.3.7.6   Industrial designs  ................................ ................................ ................................ ..78 
3.3.7.7   Trademarks  ................................ ................................ ................................ ........... 78 
3.3.7.8   Geographical indications  ................................ ................................ ......................... 79 
3.3.7.9   Copyright  ................................ ................................ ................................ .............. 79 
3.3.7.10   Enforcement  ................................ ................................ ................................ ........ 79 
3.3.7.11   IP matters relating to COVID -19 ................................ ................................ ............ 81 
4  TRADE POLICIES BY SECTOR  ................................ ................................ ......................  82 
4.1  Agriculture, Forestry, and Fisheries  ................................ ................................ ................ 82 WT/TPR/S/413 • Singapore  
 
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  4.2  Mining and Energy  ................................ ................................ ................................ .......82 
4.2.1   Coal ................................ ................................ ................................ ........................ 84 
4.2.2   Hydrocarbons  ................................ ................................ ................................ ........... 84 
4.2.2.1   Oil................................ ................................ ................................ ........................ 84 
4.2.2.2   Gas ................................ ................................ ................................ ...................... 85 
4.2.3   Renewables  ................................ ................................ ................................ ............. 85 
4.2.4   Electricity  ................................ ................................ ................................ ................ 85 
4.3  Manufacturing  ................................ ................................ ................................ ............. 87 
4.4  Services  ................................ ................................ ................................ ..................... 91 
4.4.1   Financial services  ................................ ................................ ................................ ......91 
4.4.1.1   Banking services  ................................ ................................ ................................ ....92 
4.4.1.2   Insurance  ................................ ................................ ................................ ............. 96 
4.4.1.3   Securities, asset management, and stock market services  ................................ .......... 98 
4.4.1.4   Financial technology (fintech), e -payments and cryptocurrency regimes  .....................  101 
4.4.1.4.1   Fintech  ................................ ................................ ................................ ............  101 
4.4.1.4.2   E-payments  ................................ ................................ ................................ ...... 102 
4.4.2   Telecommunication services  ................................ ................................ .....................  105 
4.4.3   Air transport  ................................ ................................ ................................ ..........  108 
4.4.4   Maritime transport  ................................ ................................ ................................ .. 112 
5  APPENDIX TABLES  ................................ ................................ ................................ ... 118  
 
CHARTS  
 
Chart 1.1 Product composition of merchandise trade by main HS section, 2015 and 2020  ........... 22 
Chart 1.2 Direction of merchandise trade, 2015 and 2020  ................................ ....................... 23 
Chart 1.3 Foreign direct investment, 2000 -19 ................................ ................................ ........ 26 
Chart 2.1 Overview of policy are as covered by Singapore FTAs  ................................ ................ 33 
Chart 2.2 Share of preferential trade and largest trading partners, 2019  ................................ ...33 
Chart 3.1 Charges for the use of intellectual property, n.i.e., 2010 -19 ................................ ......74 
Chart 4.1 Key energy statistics, 2015 -19 ................................ ................................ .............. 82 
Chart 4.2 Total energy supply by source, 2015 and 2018  ................................ ........................ 83 
Chart 4.3 Trade in refined petroleum products, 2015 -19 ................................ ......................... 85 
Chart 4.4 Energy sources mix for the generation of electricity, 2015 and 2019  .......................... 86 
Chart 4.5 Passenger flights, January to December, 2019 and 2020  ................................ ........  110 
Chart 4.6 World shares of Singapore in various maritime industries, 2019  ..............................  113 
Chart 4.7 National fleet: carrying capacity by type of shipa, 2015 and 2019  ............................  114 
 
TABLES  
 
Table 1.1 Selected macroeconomic indicators, 2016 -20 ................................ .......................... 11 
Table 1.2 Basic econom ic indicators, 2016 -20 ................................ ................................ ........ 13 WT/TPR/S/413 • Singapore  
 
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  Table 1.3 Fiscal outlay in 2020  ................................ ................................ ............................ 17 
Table 1.4 Main measures in the Budgets to cope with economic effects of the pandemic  ............. 18 
Table 1.5 Balance of payments, 2016 -20 ................................ ................................ .............. 20 
Table 1.6 Merchandise trade by main SITC Rev.3 classificatio n categories, 2015 -19 ................... 21 
Table 1.7 Trade in services, 2016 -20 ................................ ................................ .................... 24 
Table 1.8 Inflows of FDI by origin and sector, 2015 -19 ................................ ........................... 26 
Table 2.1 Particip ation in RTAs (notified and non -notified), as at 16  April 2021 .......................... 31 
Table 2.2 Bilateral investment treaties  ................................ ................................ .................. 38 
Table 3.1 Overview of the TradeFIRST Assessment Framework, August 2020  ............................ 42 
Table 3.2 Applied and bound MFN tariff rates, 2021 ................................ ................................ 45 
Table 3.3 Summary analysis of bound rates, 2021  ................................ ................................ .45 
Table 3.4 GST relief schemes, August 2020  ................................ ................................ ........... 47 
Table 3.5 Excise duty rates and changes, 2016 -21 ................................ ................................ .48 
Table 3.6 Goods subject to import prohibitions or non -automatic licensing  ................................ 49 
Table 3.7 Goods subject to export prohibitions and non -automatic licensing  .............................. 53 
Table 3.8 Main  amendments to SPS legislation, 2016 -August 2020  ................................ .......... 62 
Table 3.9 Competition statistics, 2015 -19 ................................ ................................ ............. 68 
Table 3.10 Government procurement, FY 2015/19  ................................ ................................ .71 
Table 3.11 Number of raids and total value seized, 2016 -20 ................................ .................... 80 
Table 4.1 Main import partners for crude oil (HS 2709), 2015 -19 ................................ ............. 84 
Table 4.2 Manufacturing output, value ad ded, and employment by industry cluster, 2015 
and 2020  ................................ ................................ ................................ .......................... 88 
Table 4.3 Singaporean -owned banks main economic indicators, end -2019 ................................ 93 
Table 4.4 Top 14 foreign banks, June 2020  ................................ ................................ ........... 93 
Table 4.5 Bank performance, 2015 -20 ................................ ................................ .................. 93 
Table 4.6 Types of banking licences  ................................ ................................ ..................... 94 
Table 4.7 Insurance penetration and density, 2015 -19 ................................ ........................... 96 
Table 4.8 Insurance companies operating in Singapore, by type of activity and by legal form, 
2019  ................................ ................................ ................................ ............................... 96 
Table 4.9 Insurance industry assets, 2014 -19 ................................ ................................ .......96 
Table 4.10 Main economic indicators of the top 10 life insurers, 2019  ................................ .......97 
Table 4.11 Main economic indicators of the top 10 general/non -life insurers, 2018  ..................... 97 
Table 4.12 D escription of regulated payment services ................................ ...........................  104 
Table 4.13 Telecom indicators, 2015 -19 ................................ ................................ ..............  105 
Table 4.14 Pricing data for mobile telephony, 2019  ................................ ..............................  105 
Table 4.15 Pricing data for fixed broadband, 2019  ................................ ................................  105 
Table 4.16 Airport system statistics, 2015 -20 ................................ ................................ ...... 109 
Table 4.17 Overview of airlines, 2019 -20 ................................ ................................ ............  111 
Table 4.18 Air transport agreements concluded between 2015 and 2020  ................................  112 
Table 4.19 Sea transport, 2015 -20 ................................ ................................ .....................  113 
Table 4.20 Number of Singapore -registered vessels by type, 2015 -20 ................................ .... 114 WT/TPR/S/413 • Singapore  
 
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  Table 4.21 Carrying capacity of vessels registered under the Singaporean flag, 2015 -20 ..........  115 
Table 4. 22 Carrying capacity of vessels effectively owned and controlled by Singaporean 
shipowners by flag of registration, 2015 -20 ................................ ................................ .........  115 
 
BOXES  
 
Box 4.1 Main economic indicators of the financial services sector, 2015 -19 ............................... 91 
Box 4.2 Main indicators of the banking sector, 2015 -19 ................................ .......................... 92 
Box 4.3 Main economic indicators of the securities, asset management, and st ock markets 
services, 2015 -19 ................................ ................................ ................................ .............. 99 
 
APPENDIX TABLES  
 
Table A1.1 Merchandise exports by HS section and major HS chapter/subheading, 2015 -20 ..... 118 
Table A1.2 Singapore's merchandise exports by destination, 2015 -20 ................................ .... 119 
Table A1.3 Merchandise imports by HS section and major HS chapter/subheading, 2015 -20 ..... 120 
Table A1.4 Singapore's merchandise imports by origin, 2015 -20 ................................ ............  121 
Table A3.1 Selected tax and non -tax incentives, and SME support, 2020  ................................  122 
Table A3.2 Changes to SPS re quirements for food products, October 2015 -August 2020  ...........  128 
Table A3.3 Intellectual property protection, 2020  ................................ ................................ . 130 
Table A3.4 Applications for and registrations of trademarks, patents, and industrial designs, 
2016-20 ................................ ................................ ................................ .........................  132 
 
  WT/TPR/S/413 • Singapore  
 
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  SUMMARY  
1. Singapore's economy has long been characterized by solid growth, subdued inflation, low 
unemployment, ample fiscal and monetary reserves, financial stability, and openness to international 
trade and investment. This strong performance has been underpinned by sound macroeconomic 
policies, resulting in a substantial increase in living standards over the past two decades. 
Today  Singapore has one of the highest GDPs per capita in A sia (USD  59,819).  
2. Between 2016 and 2019, the Singaporean economy expanded at an average annual rate of 
3.1%, driven mainly by domestic consumption and, in some years, by net exports, while the 
contribution of gross investment was modest. On the supply side , the services sector is the main 
contributor to GDP (70%) and employment (76%), followed by manufacturing (21.5% and 12.4%, 
respectively), whereas the shares of agriculture, fisheries, and quarrying are negligible.  
3. In 2020, the COVID -19 pandemic dealt a s evere blow to the Singaporean economy, as the 
containment measures and travel restrictions implemented to address the sanitary crisis, both at 
home and abroad, together with the fall in external demand and supply chain disruptions, exacted a 
heavy toll on economic activity. As a result, GDP contracted by 5.4% in 2020. To mitigate the 
economic fallout from the COVID -19 pandemic, the Government put in place a range of fiscal and 
monetary measures through the implementation of five budgets between February and  October 
2020, worth a total of SGD  100 billion (almost 20% of GDP). The support measures included cash 
transfers and income support, wage subsidies, support for skills upgrading, property and corporate 
income tax rebates, rental waivers, the provision of affordable financing (especially for small and 
medium -sized enterprises (SMEs)), and incentives to adopt new technologies.  
4. Pursuant to its fiscal framework, the Government maintained a balanced budget over 
the 2016-19 period. However, a deficit estimated a t 13.9% of GDP was registered in 2020, mainly 
as result of increased spending linked to the implementation of the five budgets to support the 
economy. The Monetary Authority of Singapore responded to the crisis by easing monetary policy, 
which is centred o n the exchange rate, and by increasing liquidity in the financial system and 
introducing programmes to facilitate lending. The authorities expect the economy to recover 
gradually in 2021, albeit unevenly across sectors.  
5. Throughout the review period, Singap ore recorded a substantial current account surplus, 
averaging 16% of GDP in 2016 -20, on account of large surpluses in the merchandise trade balance. 
Given its strong external position and its status as an international financial hub, Singapore has 
accumula ted sizeable foreign reserves, which amounted to USD  362 billion in 2020.  
6. Singapore remains a very open economy, as the country's two -way trade (goods and services) 
represents 320% of GDP. A large part of this is entrepôt trade, a reflection of the country 's position 
as a trading hub: 55% of total merchandise exports in 2020 were re -exports. Singapore's trade flows 
indicate that the Asia -Oceania region constitutes its main market and supplier, although the 
United  States, the European  Union (EU -27), and othe r countries outside the region remain important 
trading partners. Singapore's exports are dominated by manufactured products (74% of total 
merchandise exports), with machinery and electrical equipment (notably electronic integrated 
circuits) being the lead ing export items. Imports are also concentrated in manufactured goods, 
followed by petroleum and mineral products. The main services exports include several business 
services, and transport and financial services. Foreign direct investment (FDI) flows show  the 
importance of extra -regional partners, such as the United  States, the EU -27, and the United  Kingdom 
as sources of investment. The large amount of FDI inflows may be indicative of Singapore's business -
friendly environment and attractive investment sche mes. 
7. In the immediate future, challenges facing the Singaporean economy include a potential 
slowdown in the recovery of world merchandise trade, declining exports of transport and travel 
services due to prolonged global mobility restrictions, continued tra de tensions involving major 
economies, and uncertainty regarding the course of the COVID -19 pandemic. Given its position as 
an international financial hub, Singapore is exposed to volatility in financial markets, particularly as 
large capital inflows over the years have resulted in sizeable foreign liabilities. In the medium term, 
structural challenges include a rapidly ageing population, the need to further improve income 
distribution, skill mismatches in the labour market, and adjusting to technological c hange. To address 
these challenges, Singapore has embarked on an economic transformation agenda based on the WT/TPR/S/413 • Singapore  
 
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  recommendations issued in 2017 by the Committee on the Future Economy. The goal is to build a 
value -creating economy that is open and connected to the world, by building skills and capabilities 
and supporting innovation and digitalization. Among the strategies to achieve this goal is the 
implementation of 23 Industry Transformation Maps, covering about 80% of Singapore's GDP.  
8. The main objectives of S ingapore's trade policy, which remained largely unchanged during the 
review period, are to expand overseas opportunities for locally based companies, support a 
predictable and fair trading environment, and minimize impediments to the flow of imports and 
exports, by improving Singapore's trade and business environment. The authorities note that the 
repercussions brought about by the COVID -19 pandemic have reinforced the importance of 
maintaining Singapore's connectivity and openness to the world. A strong su pporter of the 
rules-based multilateral trading system, Singapore is the co -convener of the Joint Statement 
Initiative on E -Commerce, participates in the joint initiatives on investment facilitation and on micro, 
small, and medium -sized enterprises, and ta kes part in the Trade and Environmental Sustainability 
Structured Discussions. Singapore is also a party to the Information Technology Agreement. During 
the review period, Singapore made 113 notifications to 11 WTO Committees.  
9. Singapore was not involved in any trade dispute at the WTO either as complainant or 
respondent during the review period. It was, however, an active participant in the dispute settlement 
mechanism as a third party. Singapore is a member of the Multi -Party Interim Appeal Arbi tration 
Arrangement.  
10. Singapore considers that free trade agreements (FTAs) complement the multilateral trading 
system and has expanded the scope of its FTAs to include issues such as e -commerce, intellectual 
property (IP) rights, competition, government pr ocurement, and dispute settlement. It has a network 
of 27 FTAs, of which 7 are agreements under the Association of Southeast Asian Nations (ASEAN). 
During the review period, Singapore signed seven new agreements and reviewed or updated another 
seven. The s hare of trade with preferential partners is over 95% for both exports and imports.  
11. There have been no major changes to Singapore's investment regime since its last Review. 
The general policy is to attract foreign investment, and local and foreign investors  are subject to the 
same basic laws.  There are, however, some limitations on foreign ownership and on business scope, 
and certain residency restrictions on sectors considered as strategic and/or critical for national 
security, such as broadcasting, domesti c news media, retail banking, legal and accounting services, 
ports and airports, and residential property ownership.  
12. Singapore has extensive networks of bilateral investment treaties and tax treaties. The 
Multilateral Convention to Implement Tax Treaty Rel ated Measures to Prevent Base Erosion and Profit 
Shifting under the auspices of the OECD entered into force for Singapore in 2016.  
13. Customs procedures have remained largely unchanged since the last Review. They are entirely 
digitalized and carried out in a speedy manner through TradeNet, the national single window. Since 
September 2018, the Networked Trade Platform (NTP), a new one -stop trade and logistics 
ecosystem, connects players across the trade value chain in Singapore and abroad. The NTP will 
graduall y replace TradeNet as the single platform for customs permit application.  
14. Singapore has long been at the forefront of trade facilitation initiatives. It was among the first 
WTO Members to ratify the Trade Facilitation Agreement, and it has implemented all of its provisions 
since the entry into force of the Agreement in 2017. Singapore continues to operate its Trade 
Facilitation and Integrated Risk -based System (TradeFIRST), whereby Customs grants trade 
facilitation measures to companies according to their c lassification under a five -tiered scheme (from 
basic to premium). Singapore has also been engaged in trade facilitation efforts within ASEAN, 
including in the implementation of the ASEAN Single Window from December 2019.  
15. Under Singapore's applied MFN tarif f schedule, all products are zero -rated, except for four 
tariff lines corresponding to two product categories (stout or porter; and other beer made from malt, 
including ale). Some 30% of all tariff lines are unbound, which could impart some degree of 
unpre dictability to traders. A consumption tax (Goods and Services Tax) is levied on imported and 
domestically supplied goods at a rate of 7%. Excise duties are levied on local and imported alcohol 
beverages, tobacco and tobacco products, motor vehicles and mot or fuels; the duties on tobacco 
products and motor fuels increased during the review period. Import prohibitions and import WT/TPR/S/413 • Singapore  
 
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  licensing requirements (mostly non -automatic) are applied mainly for health, safety, security, and 
environmental purposes, or to com ply with international agreements. The overall framework for 
import controls remained fundamentally unaltered.  
16. There were no changes to Singapore's legal framework governing the application of 
anti-dumping and countervailing measures during the review peri od, and no such measures are 
currently in force. Singapore does not have legislation on safeguards.  
17. Export controls are maintained on a number of products on security, safety, health, and 
environmental grounds, or to fulfil international commitments. There  are no taxes or charges on 
exports. To overcome the limited size of its domestic market, Singapore supports locally based 
companies to expand in overseas markets through export promotion and marketing assistance 
activities, financial support, and tax ince ntives. For example, under the Global Trader Programme, 
companies benefit from a reduced corporate tax rate on qualifying income from international trading 
activities for three to five years.  
18. Numerous tax and non -tax incentives are provided to assist Singa pore-based companies. 
Generally, incentives are aimed to encourage companies to expand production and investment, 
adopt new technologies and invest in R&D and training, or to support SMEs and start -ups. Some 
incentives are targeted to specific industries o r activities, such as financial services, tourism, shipping 
and maritime services, and headquarters activities. Most of the incentive schemes reported at the 
time of the last Review remain in place; a few new incentives have been introduced, such as the 
Intellectual Property Development Incentive, announced in 2017 to encourage the use of IP arising 
from R&D. The authorities conduct regular reviews of the incentive programmes. However, 
information on budgetary outlays or on the economic costs (revenue forgo ne) related to incentives 
is not publicly available. Singapore has notified the WTO that it does not maintain any subsidy 
notifiable under the Agreement on Subsidies and Countervailing Measures.  
19. In 2018, Enterprise Singapore became the national standardiza tion and accreditation body, 
replacing SPRING Singapore; otherwise, the regime concerning technical barriers to trade (TBT) 
remained basically unchanged during the review period. Since 2016, Singapore has concluded 
13 new mutual recognition agreements with  trading partners. Changes to the institutional framework 
of the regime on sanitary and phytosanitary measures (SPS) were introduced in 2019: the Singapore 
Food Agency was established to deal with food safety matters, while the administration of animal 
and plant health issues was placed under the National Parks Board. Relevant laws have been 
amended to reflect said institutional changes. Apart from these, the SPS regulatory framework 
remains fundamentally unchanged. Singapore regularly submits notifications  to the TBT and 
SPS Committees. No specific trade concerns were raised in either committee regarding measures 
notified by Singapore during the review period.  
20. Some changes were made to the competition legislation and guidelines, mainly to enhance 
the enforc ement powers of the competition authority and increase the transparency and clarity of 
the regime. Moreover, in 2018 the competition authority was given the additional responsibility of 
administering the consumer protection legislation and was renamed the Competition and Consumer 
Commission of Singapore (CCCS). During the review period, the CCCS actively pursued its 
enforcement activities, issuing several infringement decisions against anti -competitive practices 
involving industries such as manufacturing, t ransport, and food distribution.  
21. Singapore's state -owned enterprises (also referred to as government -linked corporations 
(GLCs)) continue to play a major role in the economy. GLCs operate in a range of sectors and are 
managed on a commercial basis by Temas ek, the Government's holding company. The authorities 
indicate that Temasek does not receive subsidies or special treatment from the Government. 
Singapore has notified the WTO that it does not maintain any state trading enterprises.  
22. Singapore is a party to  the revised WTO  Agreement on Government Procurement. No changes 
have been made to the legal framework on government procurement since the last Review. There 
are no preferences or set -asides accorded to domestic suppliers. Challenges regarding government 
procurement decisions are handled by the Government Procurement Adjudication Tribunal; there 
were no cases initiated during the review period.  WT/TPR/S/413 • Singapore  
 
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  23. The IP regime of Singapore is said to offer some of the strongest IP protection in the world, 
reflecting Singapore 's belief that intangibles such as IP will increasingly propel its growth. During the 
review period, Singapore amended or promulgated new patent, industrial design, trademark, 
geographical indication, copyright, border enforcement, and dispute resolution l aws and regulations 
to update its IP regime, fulfil international commitments, facilitate IP enforcement, and position 
Singapore as a venue for alternative dispute resolution. A number of initiatives were also 
implemented to promote innovation and commerci alization of the resulting IP.  
24. The economic significance of the agricultural sector in Singapore is minimal, although there is 
a sizeable food and beverage processing industry. Singapore does not have any mineral, oil, or gas 
extractive industries, althoug h it is a major regional hub for oil refining.  
25. While Singapore's total energy supply grew during the period under review, its CO 2 emissions 
started to decline in absolute terms as at 2017. Singapore revised its energy efficiency legislation 
and standards i n 2017 and introduced a tax on greenhouse gas emissions in 2019. Both the industrial 
and the consumer electricity markets are fully liberalized and unbundled; during the review period, 
the retail electricity market was liberalized. Foreign investment is al lowed in energy sector.  
26. Manufacturing is a major pillar of the economy. Its share in GDP increased from 18% in 2015 
to 21.5% in 2020, with an annual average growth rate of 4.6% during the same period. Despite the 
COVID -19 pandemic, some subsectors like bio medical, electronics, and precision engineering 
performed well in 2020. Singapore aims to capitalize on its competitive advantages of legal certainty, 
IP protection, policy consistency and coherence, and highly skilled and educated workforce to 
overcome it s size constraints in land and labour. To that effect, the Government has developed an 
overall strategy, including Industry Transformation Maps for several industrial sectors, which lay out 
quantified objectives, require new technologies and skilling schem es to be deployed, set cooperation 
frameworks among relevant stakeholders, and provide targeted incentives.  
27. The services sector is the backbone of Singapore's economy, accounting for 70% of GDP. In 
particular, financial services contribute 14.5% to GDP, on e of the highest ratios in the world. The 
sector is well developed, highly internationalized, and growing, and it benefits from an Industry 
Transformation Map. Singapore is one of the main financial services centres for banking, insurance, 
securities, and wealth management in Asia. During the review period, Singapore's trade balance in 
financial and insurance services was positive and growing. Over the same period, Singapore 
improved its prudential and Anti -Money Laundering and Counter ing the Financing of T errorism 
frameworks for all subsectors, simplified its banking licensing regime, and created a legal framework 
and development scheme for fintech and e -payment systems.  
28. The telecommunications sector is fully liberalized and benefits from the latest technol ogies 
(e.g. 5G and fibre -to-home networks). However, the COVID -19 pandemic led to a decline in 
operators' revenue. Singapore is a major Internet connection hub for regional and international 
undersea fibre optic cables. The planned development of the secto r focuses on artificial intelligence 
and data analytics, cybersecurity, immersive media, and the Internet of Things.  
29. Singapore is a major air transport hub. The sector was adversely affected by the COVID -19 
pandemic, with air passenger traffic declining by  82.8% in 2020. To ensure the survival of the four 
domestic airlines (including one foreign owned), the Government contributed SGD  1.4 billion to 
support the industry. The completion of a new air terminal was delayed by two years. The liberal 
policies on e stablishment and on bilateral market access remained unchanged.  
30. Singapore is also a global and regional maritime transport hub. It has one of the highest 
concentrations of international shipping groups and a comprehensive range of maritime services 
(e.g. s hipbroking, ship management, insurance services, and legal services). Nearly all traffic 
indicators grew between 2015 and 2019 but saw a marginal decline in 2020 due to the COVID -19 
pandemic. The Port of Singapore remained open for operations throughout th e pandemic. Both the 
Singaporean -owned fleet and the Singaporean -flagged fleet grew during the review period. Several 
foreign shipping lines concluded joint venture agreements with the Port of Singapore Authority during 
the same period, while the regulator y regime of the maritime sector remained largely unchanged 
both for market access and competition issues.  
 WT/TPR/S/413 • Singapore  
 
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  1  ECONOMIC ENVIRONMENT  
1.1  Main Features of the Economy  
1.1.  Singapore's economy has traditionally been characterized by robust growth, subdued inflation, 
ample fiscal and monetary reserves, financial stability, a strong external position, and a high degree 
of openness to international trade and investment.1 This strong performance has been underpinned 
by sound macroeconomic policies, resulting in a more than two -fold increase in income per capita 
and substantial improvements in living standards over the past two decades. Today, Singapore has 
one of the highes t GDPs per capita in Asia, estimated at USD  59,819 in 2020 (Table  1.1). Income 
inequality has been declining, albeit slowly; the Gini coefficient stood at 0.452 in 2020 (0.375 after 
accounting for government transfers and taxes).2 Singapore ranked 11th (of 189) on the 
United  Nations Development Programme's (UNDP) Human Development Index in 2019.3 
1.2.  Between 2016 and 2019, Singapore's real GDP expanded at an average annual rate of  3.1%, 
led mainly by domestic consumption and, to a lesser extent, by external d emand, while the 
contribution of gross investment remained modest (Table 1.1). Growth was strongest during 
2016-18, but amid international trade tensions and lacklustre global demand, it slowed to 1.3% 
in 2019, with private and government consumption remai ning its anchors. In 2020, the COVID -19 
pandemic dealt a severe blow to the Singaporean economy, as containment measures and travel 
restrictions implemented in response to the crisis, both at home and abroad, exacted a heavy toll 
on economic activity and b usiness and consumer confidence that could not be completely offset by 
an expansion in government expenditure. As a result, the economy contracted by 5.4%  in 2020, 
with both external and domestic demand declining during the year. External demand contracted  
by 4.3%, mainly driven by a decline in exports of travel and transport services. Consumption 
recorded a contraction of 8.1%, mainly on account of a sharp drop in private consumption  (-14%), 
associated primarily with declines in expenditure on transport, r ecreation, and food services. 
By contrast, government consumption showed a significant increase (13%), as the Government 
swiftly put in place a range of measures to address the pandemic's effects (Section  1.2.3). 
Gross  investment shrank, largely driven by a contraction in both public and private investment in 
construction and works.4 
Table 1.1 Selected macroeconomic indicators, 2016 -20 
  2016  2017  2018  2019  2020a 
Real GDP (SGD billion, in chained 2015 prices)  437.5  457.3  473.3  479.7  453.8  
Real GDP (USD billion, in chained 2015 prices)  318.3  332.6  344.3  348.9  330.1  
Current GDP (SGD billion)  440.4  474.1  507.1  510.7  469.1  
Current GDP (USD billion)  318.8  343.3  376.0  374.4  340.0  
GDP per capita (USD)  56,848.4  61,184.9  66,663.7  65,640.7  59,819.5  
Unemployment rate (%)  2.1 2.2 2.1 2.3 3.0 
National accounts       
Real GDP (in chained 2015 prices) (%  change)  3.3 4.5 3.5 1.3 -5.4 
Consumption (% change)  3.4 3.1 3.8 3.3 -8.1 
Private consumption  3.3 3.1 4.0 3.3 -14.1 
Government consumption  3.8 3.1 3.2 3.4 12.6 
Gross fixed capital formation (% change)  0.5 5.4 -4.3 1.2 -13.7 
Exports of goods and services (% change)  -0.1 7.1 7.7 0.1 -4.3 
Imports of goods and services (% change)  0.1 7.8 7.5 0.2 -7.1 
XGS/GDP (%) (at current market prices)  164.7  171.1  177.1  175.9  176.2  
MGS/GDP (%) (at current market prices)  138.6  144.7  148.3  147.6  144.3  
Prices and interest rates       
Inflation (CPI % change, period average)  -0.5 0.6 0.4 0.6 -0.2 
Deposit rate  0.19 0.14 0.16 0.20 0.19 
Lending rate  5.35 5.28 5.33 5.25 5.25 
 
1 See, for example, IMF (2019), Singapore: Staff Report for the 2019 Article  IV Consultation , IMF 
Country Report No.  19/233. Viewed at: 
https://www.imf.org/en/Publications/CR/Issues/2019/07/15/Singapore -2019-Article -IV-Consultation -Press -
Release -Staff-Report -and-Statement -by-the-47119 . 
2 Data provided by the authorities.  
3 UNDP, Latest Human Dev elopment Index Ranking . Viewed at: http://hdr.undp.org/en/content/latest -
human -development -index -ranking . 
4 Ministry of Trade and Industry (MTI) (2021), Economic Survey o f Singapore 2020 . Viewed at: 
https://www.mti.gov.sg/Resources/Economic -Survey -of-Singapore/2020/Economic -Survey -of-Singapore -2020. WT/TPR/S/413 • Singapore  
 
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    2016  2017  2018  2019  2020a 
Exchange rate       
SGD/USD (annual average)  1.38 1.38 1.35 1.36 1.38 
Nominal effective exchange rate (annual 
average, % change)b 1.9 0.0 1.0 1.4 -1.2 
Real effective exchange rate (annual average, 
% change)b  -0.2 -1.2 -0.6 0.1 -2.5 
Public financec (% of GDP, fiscal year)       
Operating revenue  15.3 15.9 14.5 14.8 13.9 
Tax revenue  13.0 13.8 12.9 13.3 12.6 
Expenditure  15.8 15.3 15.2 14.8 20.2 
Special transfersd (-) 1.4 1.3 1.8 3.0 11.5 
Net investment returns  3.2 3.1 3.2 3.3 3.9 
Overall balance  1.4 2.3 0.7 0.2 13.9 
Government debt (end -period, calendar year)  105.2  105.9  107.8  125.5  150.2  
External sector (% of GDP, unless 
otherwise indicated)       
Current account  17.6 17.3 15.4 14.3 17.6 
Net merchandise trade  28.2 29.4 27.0 25.9 27.5 
Exports  117.1  121.3  122.1  117.9  121.1  
Imports  88.9 91.9 95.1 92.0 93.5 
Services balance  -2.1 -3.0 1.8 2.4 4.4 
Financial account  17.9 10.0 12.1 16.5 -4.2 
Direct investment  -9.3 -10.5 -16.2 -18.7 -16.2 
Balance of payments  -0.6 8.0 3.3 -2.2 22.0 
Terms of trade (2010=100)  103.8  100.9  99.3 98.9 98.9 
Merchandise goods exports (% change)e -5.3 11.5 7.6 -2.7 -5.7 
Merchandise goods imports (% change)e -6.3 11.3 10.7 -2.5 -6.6 
Service exports (% change)d -0.3 12.5 18.1 6.2 -12.7 
Service imports (% change)d -1.5 14.3 7.9 5.2 -16.1 
International reserves (USD billion, 
end-period)  246.6  279.9  287.7  279.5  362.3  
in months of following year's imports  6.2 6.0 6.2 6.7 .. 
External debt (SGD billion, end -period)  1,921.8  1,981.8  2,081.8  2,123.2  .. 
% of GDP  436.4  418.0  410.5  415.7  .. 
.. Not available.  
a Preliminary.  
b An increase means an appreciation.  
c Based on fiscal year, e.g. 2016 is FY  2016/17, from 1 April 2016 to 31  March  2017.  
d Special transfers refer to discretionary transfers made by the Government, including one -off direct 
transfers to business and households, as well as top -ups to endowment and trust funds created by 
the Government for specific expenditure objectives.  
e Growth rates on merchandise goods and services trade are based on SGD.  
Source:  Department of Statistics Singapore. Viewed at: https://www.singstat.gov.sg ; Monetary Authority of 
Singapore, Statistics . Viewed at: https://www.mas.gov.sg/statistics ; Ministry of Finance, Key 
Highlights . Viewed at: https://www.mof.gov.sg/singaporebu dget; and IMF, IMF Data . Viewed at: 
https://www.imf.org/en/data . 
1.3.  On the supply side, the structure of the Singaporean economy is dominated by the services 
sector, which contributed 70% to nominal GDP and 76% to t otal employment in 2020  (Table 1.2). 
The main services subsectors are wholesale and retail trade, finance and insurance, other services 
industries, and professional services. The transportation and storage subsector has traditionally been 
an important cont ributor to GDP, reflecting Singapore's position as an international trade and 
transhipment hub; however, it was severely affected by the COVID -19 pandemic, contracting by 
25% in 2020. Singapore also has a large manufacturing sector, which accounts for 21.5 % of GDP 
and 12.4% of employment. Electronical products, such as electronic integrated circuits, which 
contribute about 20% to merchandise exports, and petrochemicals dominate the sector. Other 
thriving new activities include biomedical manufacturing, tran sport, and precision engineering. 
The construction sector, which also contracted sharply ( -36%) due to the pandemic, represents 
around 2.7% of GDP and employs 11% of the workforce. The shares of agriculture, fisheries, and 
quarrying in GDP and employment a re negligible.  WT/TPR/S/413 • Singapore  
 
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  Table 1.2 Basic economic indicators, 2016 -20 
  2016  2017  2018  2019  2020a 
GDP by economic activity, in chained 2015 
prices (% change)       
Agriculture, fisheries and quarrying  -0.4 2.9 3.2 6.4 -10.0 
Manufacturing  3.7 10.4 7.0 -1.5 7.3 
Construction  -1.1 -4.9 0.5 1.6 -35.9 
Water supply, electricity and gas sales  1.7 -0.1 -1.2 1.0 -2.2 
Services (excl. ownership of dwellings)  2.6 3.5 3.1 2.0 -6.9 
Wholesale and retail sale  0.4 1.7 2.4 -1.0 -3.7 
Transport and storage  1.8 4.8 0.5 0.2 -25.4 
Accommodation and food services  4.1 1.4 3.4 0.2 -26.6 
Information and communications  5.6 7.9 5.6 12.1 2.1 
Finance and insurance  1.3 7.3 6.0 7.8 5.0 
Real estate  -2.8 -7.3 0.6 -1.6 -14.2 
Professional services  1.5 4.2 3.8 5.4 -9.7 
Administrative and support services  14.9 5.2 3.5 -10.5 -15.1 
Other services  3.7 3.1 2.0 3.6 -8.9 
Ownership of dwellings  4.7 4.5 4.8 4.3 1.1 
Share of sectors in current GDP, at basic 
prices (%)       
Agriculture, fisheries and quarrying  0.03 0.03 0.03 0.03 0.03 
Manufacturing  18.7 19.8 22.0 20.5 21.5 
Construction  4.8 4.0 3.7 3.8 2.7 
Water supply, electricity and gas sales  1.4 1.2 1.2 1.2 1.3 
Services (excl. ownership of dwellings)  70.9 71.0 69.4 70.7 70.1 
Wholesale and retail sales  17.9 18.4 18.2 17.8 18.3 
Transport and storage  6.7 7.1 6.4 6.5 5.4 
Accommodation and food services  2.2 2.1 2.1 2.1 1.4 
Information and communications  4.2 4.2 4.1 4.6 5.1 
Finance and insurance  12.5 12.8 13.0 14.1 15.7 
Real estate  4.2 3.5 3.4 3.4 3.0 
Professional services  6.0 5.8 5.6 6.0 5.9 
Administrative and support services  5.7 5.7 5.6 4.9 4.5 
Other services  11.5 11.3 10.9 11.2 10.8 
Ownership of dwellings  4.3 3.9 3.7 3.8 4.3 
Share of employment by economic 
activities (%)       
Manufacturing  13.6 13.4 13.1 12.8 12.4 
Construction  13.3 12.3 12.0 12.1 11.3 
Services  72.3 73.6 74.2 74.4 75.6 
Wholesale and retail sales  13.4 13.4 13.2 12.8 12.8 
Transport and storage  6.7 6.9 7.0 6.9 7.0 
Accommodation and food services  6.8 6.9 7.0 7.0 6.7 
Information and communications  3.5 3.7 3.8 3.9 4.2 
Financial and insurance services  5.1 5.1 5.2 5.3 5.6 
Real estate  2.3 2.4 2.2 2.2 2.1 
Professional services  6.4 6.5 6.6 6.8 7.1 
Administration and support services  6.4 6.6 6.7 6.8 6.8 
Community and personal services  21.7 22.2 22.4 22.6 23.2 
Otherb 0.8 0.7 0.7 0.7 0.7 
a Estimates.  
b Includes agriculture and fisheries, water supply and electricity, and sewage and waste management.  
Source:  Ministry of Trade and Industry. Viewed at: http://www.mti.gov.sg/ ; and data provided by the 
authorities.  
1.4.  Singapore's overall unemployment rate remained low during the review period, averaging 2.2% 
between 2016 and 2019; however, it reached 3% in 2020 (Table 1.1). Due to the adverse impact 
of the COVID -19 pandemic on the labour market, overall employment fell sharply in 2020, resulting 
from a decline in non -resident employment, which m ore than offset an increase in resident 
employment.5 The latter was led by job increases in public administration and education, health and 
social services, information and communications, financial and insurance services, and professional 
services. The sectors most affected by the contraction in employment  include construction, 
manufacturing, wholesale and retail trade, and accommodation and food services. Due to the global 
 
5 "Residents" refer to Singapore citizens and permanent residents.  WT/TPR/S/413 • Singapore  
 
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  economic uncertainties associated with the pandemic, and to skill mismatches in the labour market, 
the resident unemployment rate is ex pected to remain elevated, by Singapore standards, in the 
short term. Overall, the authorities expect employment to expand only gradually in 2021.6 
1.5.  Singapore is a highly open economy, with two -way trade in goods and services representing 
320% of GDP. In 2 019, the country was the world's 11th largest exporter and importer of goods, and 
it ranked 6th among the exporters and importers of commercial services.7 The direction of 
Singapore's merchandise trade flows indicates that the Asia -Oceania region continue s to be its main 
market and supplier, a reflection of the country's participation in regional value chains and 
integration schemes. Nevertheless, the United  States, the European  Union (EU -27), and other 
countries outside the region remain important trading  partners. In terms of its composition, 
Singapore's merchandise trade relies heavily on manufactured products for both imports and 
exports. As regards trade in services, the leading exports include several business services, 
transport, and financial servic es, the latter reflecting Singapore's status as an international financial 
centre. Trends in foreign direct investment (FDI) flows show the importance of extra -regional 
partners, with the United  States, the EU -27, and the United Kingdom being among the mai n sources 
of FDI flows into Singapore. The sizeable amount of FDI inflows (USD  92 billion in 2019) is also an 
indication of the country's business -friendly environment and attractive investment incentives.  
1.6.  Given its position as a trading hub, Singapore has  been exposed to international trade tensions 
in the last few years, and more recently, to the global economic downturn induced by the pandemic. 
Among the short -term challenges facing the Singaporean economy are a potential slowdown in the 
recovery of worl d merchandise trade, declining exports of transport and travel services due to 
prolonged restrictions on international mobility, continued trade tensions involving major economies, 
and uncertainty regarding the course of the COVID -19 pandemic and its impac t on the global 
economy. By virtue of its position as an international financial hub, Singapore is exposed to volatility 
in financial markets, particularly as large capital inflows over the years have resulted in foreign 
liabilities of more than 400% of GD P (Table 1.1). In the medium term, the main structural challenges 
facing the country include a rapidly ageing population, the need to further improve income 
distribution, skills mismatches in the labour market, and the need to adjust to technological chang e. 
1.7.  To address these medium -term challenges, Singapore embarked on a reform agenda of 
economic transformation based on the recommendations issued by the Committee on the Future 
Economy  (CFE) in  2017. The goal is to build a value -creating economy that is ope n and connected 
to the world, by building skills and capabilities and supporting innovation and digitalization. The new 
economy is expected to offer meaningful job opportunities and sustainable wage growth to all 
Singaporeans. To achieve this vision, the C FE identified seven strategies8, including the development 
and implementation of Industry Transformation Maps to promote growth and competitiveness in 
23 economic sectors (manufacturing and services), which cover about 80% of Singapore's 
GDP (Section  4). In the same vein, a number of incentive schemes have been implemented for 
individuals and businesses to promote automation and the adoption of new technologies.  
1.8.  As part of its structural reform agenda, the Government intends to gradually increase its local  
workforce, especially in areas where there are skills shortages, while maintaining "a measured 
dependence" on lower -skilled foreign labour. In the budgets for the most recent three  fiscal years, 
a plan for reducing reliance on foreign workers at the lower - and mid -skilled levels was announced, 
which is being implemented in phases from 2020 to 2023. At the same time, the policy with respect 
to the foreign workforce was adjusted in FY  2020 to support the inflow of higher -skilled foreigners.  
 
6 Monetary Authority of Singapore (MAS), Macroeconomic Review , Vol. XIX, Issue 2, October 2020. 
Viewed at: https://www.mas.gov.sg/publications/macroeconomic -review/2020/volume -xix-issue-2-oct-2020. 
7 Considering the countries of the European  Union together and excluding intra -EU trade. WTO, Trade 
Profiles 2020 . Viewed at: https://www.wto.org/english/res_e/booksp_e/trade_profiles20_e.pdf . 
8 The seven strategies are: (i)  deepen and diversify international connections; (ii)  acquire and utilize 
deep skills; (iii)  strengthen enterprise capabilities to innovate and scale up; (iv)  build strong digital capabilities; 
(v) develop a vibrant and connected city of opportunity; (vi) develop and implement Industry Transformation 
Maps; and (vii) partner each other to enable i nnovation and growth. CFE (2017), Report of the Committee on 
the Future Economy: Pioneers of the Next Generation.  Viewed at: https://www.mti.gov.sg/ -
/media/MTI/Resources/Publications/Report -of-the-Committee -on-the-Future -Economy/CFE_Full -Report.pdf . WT/TPR/S/413 • Singapore  
 
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  1.2  Recent Economic D evelopments  
1.2.1   Fiscal policy and debt  
1.9.  The main objectives of Singapore's fiscal policy are to ensure fiscal sustainability, support 
growth, and promote equity.9 Fiscal policy is based on the principle that the Government must have 
a balanced budget over its term of office, i.e. any deficits in one year must be balanced by surpluses 
in other years over the current term of office. Under the Constitution, the Government can only draw 
reserves accumulated during previous terms of government (Past Reserves) with t he approval of 
the President.  
1.10.   The Government's overall balance, as a percentage of GDP, registered a small surplus during 
the period 2016 -19 (Table 1.1). However, a record high deficit of 13.9% of GDP is estimated for 
FY 2020, as the Government implemented  a series of stimulus packages to support the economy 
affected by the COVID -19 pandemic.  
1.11.   Government expenditure (including special transfers) as a percentage of GDP increased from 
17.2% in 2016 to 17.8% in 2019, a relatively low level by international stan dards.10 To address the 
needs of a rapidly ageing population and to promote inclusiveness, an increasing share of public 
expenditure has been directed to social spending (e.g. healthcare, education, skills training, and 
strengthening of social safety nets) , which accounted for 47.5% of total expenditure in 2019.11 Public 
spending is also geared towards security, transport infrastructure, innovation, and support for firms 
to raise productivity and adopt new technologies. In FY  2020, Government expenditure (i n particular, 
special transfers) saw an extraordinary increase, reaching 31.7% of GDP, as the Government 
introduced five budgets between February and October 2020 in response to the COVID -19 pandemic 
(see below), which resulted in a much more expansionary fiscal policy stance.  
1.12.   During the period 2016 -19, the Government's annual operating revenue averaged around 
15% of GDP; it stood at 13.9% in 2020. Tax revenues – mainly from corporate income tax, personal 
income tax, and goods and services tax (GST) – const itute the largest part, representing 12.6% of 
GDP in 2020 (Table 1.1), low by international comparisons. In the budget for FY  2018, the 
Government announced that the GST rate would be raised by 2 percentage points sometime between 
2021 and 2025. In the bud get for FY  2020, the Government indicated that the planned GST hike 
would not take place in 2021.  
1.13.   Singapore's government debt increased from around 105% of GDP in 2016 to 150.2% in 
2020. This debt -to-GDP ratio appears to be rather high; however, the author ities maintain that it 
does not take into account the Government's sizeable assets position, which is well in excess of its 
liabilities.12 The debt instruments issued by the Government include treasury bills (T -bills) and 
Singapore Government Securities, w hich are tradable benchmark bonds issued to develop the 
domestic debt market; Special Singapore Government Securities, which are non -tradable bonds 
primarily issued to meet the investment needs of the Central Provident Fund; and Singapore Savings 
Bonds, wh ich are issued to individual investors as a long -term savings option. Under the Government 
Securities Act and the Local Treasury Bills Act, the borrowings are invested and do not increase the 
amount available for Government spending.  
1.2.2   Monetary and exchange rate policies  
1.14.   Monetary policy is conducted by the Monetary Authority of Singapore (MAS), the country's 
central bank. As stated in the MAS Act, the objective of monetary policy is to maintain price stability 
 
9 Ministry of Finance (MOF), Singapore's Fiscal Policy . Viewed at: 
https://www.mof.gov.sg/policies/fiscal . 
10 The average government expenditure to GDP ratio of OECD countries was 41.9% during the period 
2016-19. WTO Secretariat calculations based on OECD data. Viewed at : https://data.oecd.org/gga/general -
government -spending.htm . 
11 MOF, Singapore Budget, Analysis of Revenue and Expenditure, Financial Year 2020 . Viewed at: 
https://www.singaporebudget.gov.sg/docs/default -
source/budget_2020/download/pdf/fy2020_analysis_of_revenue_and_expe nditure.pdf . 
12 MOF, Understanding Singapore Government's Borrowing and Its Purposes: An Overview.  
https://www.mof.gov.sg/docs/default -source/default -document -library/news -and-publications/featured -
reports/understanding -singapore -govt-borrowing.pdf . WT/TPR/S/413 • Singapore  
 
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  conducive to sustainable economic growth.13 To ac hieve this, and given Singapore's small and open 
economy, the monetary policy framework is centred on the exchange rate.14 The MAS manages the 
value of the Singapore dollar (SGD) against a trade -weighted basket of currencies, i.e. the Singapore 
Dollar Nomi nal Effective Exchange Rate (S$NEER). The S$NEER is allowed to fluctuate within a policy 
band, the level and direction of which are announced to the market on a semi -annual basis. This 
system is known as a managed float exchange rate regime. When necessary , the MAS intervenes in 
the foreign exchange markets to maintain the S$NEER within the policy band or to moderate sharp 
movements of the exchange rate. Beginning in April 2020, the MAS has published data on its foreign 
exchange operations with the aim of e nhancing the market's understanding of the MAS's monetary 
policy actions.15 
1.15.   In light of a subdued outlook for growth and inflation, in April 2016 the MAS adopted a 
zero per cent rate of appreciation of the S$NEER policy band, which it kept in place for two years.16 
In 2018, the MAS began to tighten monetary policy in response to a positive output gap and expected 
upward pressures on core inflation; it increased the rate of appreciation of the S$NEER policy band 
twice during the year (April and October).17 In October 2019, in view of the emergence of a negative 
output gap and muted inflationary pressures, the MAS reduced the rate of appreciation of the 
S$NEER policy band.  
1.16.   Over the first quarter of 2020, the S$NEER depreciated within the policy band as pros pects 
for the Singaporean economy deteriorated due to the COVID -19 pandemic. In its April  2020 
Monetary Statement, the MAS shifted to a more accommodative monetary policy stance by setting 
the S$NEER policy band on a zero per cent appreciation path, starti ng from the then -prevailing lower 
level of the trade -weighted exchange rate. That level of S$NEER was assessed to be consistent with 
a weaker inflation outlook and the strongly expansionary fiscal policy that played the primary role 
in mitigating the econo mic fallout.18 According to the authorities, the recentring of the S$NEER policy 
band was necessary to prevent sharper drops in prices, as the economy had already entered 
deflationary territory. At the same time, keeping the S$NEER on a stable path helped underpin 
confidence for businesses and households amid the crisis. During this period, the MAS also provided 
increased liquidity to the domestic financial system and introduced programmes to facilitate 
lending  (Section 1.2.3). In October 2020, the MAS anno unced that it would maintain its 
accommodative monetary policy stance for some time, as core inflation was expected to remain well 
below its long -term average.19 
1.17.   By managing the exchange rate, Singapore has kept inflation low (at around 2%) for almost 
four decades.20 The review period, however, witnessed some episodes of negative inflation. Due in 
part to a decline in global oil prices, the annual percentage change in the consumer price index  (CPI) 
was negative in 2015 and 2016. In 2017, the headline CPI in flation turned positive, mainly on the 
back of higher energy and utility prices, and it remained subdued throughout 2018 and  
2019 (Table  1.1). In 2020, amid the global economic downturn, weak consumer sentiment, and 
weak labour market conditions, the CPI f ell into negative territory once more ( -0.2%). Decreases in 
prices in transport and in recreation and cultural services were the main drivers of the CPI decline. 
The Government's decision to freeze its fees and charges for a year also contributed to this r esult.21 
 
13 The MAS Act does not mandate any other objective of monetary policy aside from price stability.  
14 Placing the management of the exchange rate at the centre of monetary policy implies that the MAS 
forgoes control of domestic interest rates, which are mostly determined by foreign interest rates and investor 
expectations of the movements of the Singapo re dollar.  
15 The MAS's net purchases of foreign exchange are disclosed on a six -month aggregated basis, with a 
three -month lag from the end of the period.  
16 Core inflation over this period averaged 1.2% below the historical average of 1.7%. In Singapore, 
core inflation excludes the cost of accommodation and private road transport.  
17 IMF (2019), Singapore: Staff Report for the 2019 Article  IV Consultation , IMF Country Report 
No. 19/233. Viewed at: https://www.imf.org/en/Publications/CR/Issues/2019/07/15/Singapore -2019-Article -
IV-Consultation -Press -Release -Staff-Report -and-Statement -by-the-47119 . 
18 MAS, MAS Monetary Policy Statement – April 2020 , 30 March 2020. Viewed at: 
https://www.mas.gov.sg/news/monetary -policy -statements/2020/mas -monetary -policy -statement -30mar20 . 
19 MAS, MAS Monetary Policy Statement – October 2020 , 14 October 2020. Viewed at: 
https://www.mas.gov.sg/news /monetary -policy -statements/2020/mas -monetary -policy -statement -14oct20 . 
20 Singapore's CPI averaged 1.9% in the period 1981 -2017.  
21 MAS, MAS Monetary Policy Statement – April 2020 , 30 March 2020. Viewed at: 
https://www.mas.gov.sg/news/monetary -policy -statements/2020/mas -monetary -policy -statement -30mar20 . WT/TPR/S/413 • Singapore  
 
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  1.2.3   Response to the COVID -19 pandemic  
1.18.   Singapore was hit by the COVID -19 outbreak in early 2020. The Government introduced 
Circuit Breaker (CB) measures22 (from 7  April to 1  June 2020) to stem the community transmission 
of the virus, which helped to co ntain the spread of the infection and save lives.23 However, the 
CB measures had a negative impact on economic activity due to the closure of most workplace 
premises and the decline in consumption. In addition, global travel restrictions, the fall in exter nal 
demand, and supply chain disruptions also dealt a significant blow to the Singaporean economy. The 
most affected sectors were those that depend on international travel (air transport, accommodation, 
and other tourism -related activities); the consumer -facing sectors (e.g. food services and retail), 
which were hit by the fall in domestic consumption resulting from social distancing and other 
containment measures; and the construction and marine and offshore engineering sectors, which 
faced manpower shorta ges due to the spread of COVID -19 among the foreign worker community.24 
The economy expanded on a quarter -on-quarter basis in the third and fourth quarters of the year 
as the CB  measures were gradually lifted. Economic growth was also supported by the fiscal stimulus 
package implemented by the Government. Nonetheless, the eco nomy contracted by 5.4% for  2020 
as a whole, and its recovery in 2021 is expected to be gradual and uneven across sectors.  
1.19.   The Government put in place an unprecedented macroeconomic policy mix comprising fiscal 
and monetary measures to mitigate the economi c fallout caused by the COVID -19 pandemic. The 
measures were mostly aimed at protecting lives and livelihoods, saving jobs, and preserving firms' 
capabilities. At the core of Singapore's response to the pandemic were five Budgets (Unity, 
Resilience, Solida rity, Fortitude, and the August/October Ministerial Statements25) that were 
introduced in succession between February and October 2020. Collectively, these measures 
amounted to about SGD  100 billion (almost 20% of GDP), of which SGD  22 billion was earmarke d 
as capital for loans (Table 1.3). Given that the estimated Government deficit resulting from the 
implementation of these Budgets exceeded the resources available from the current term of the 
Government, the President's approval was obtained in order to d raw the needed resources from the 
Past Reserves.  
Table 1.3 Fiscal outlay in 2020  
(SGD billion)  
 Total fiscal outlay  Direct fiscal 
injections  Loans  
Unity Budget  6.4 6.4 0.0 
Resilience Budget  48.4 28.4 20.0 
Solidarity Budget  5.1 5.1 0.0 
Fortitude Budget  33.0 31.0 2.0 
Ministerial Statementsa 8.0 8.0 0.0 
a The measures announced in the Ministerial Statements were funded by reallocating resources from 
other areas with reduced spending.  
Source:  Elaborated with data from MAS, Macroeconomic Review, Vol. XIX, Issue  2, October 2020.  
1.20.   The focus of the measures announced in the Budgets evolved according to the changing 
circumstances and needs generated by the pandemic. The first three Budgets (February -April 2020) 
focused on directing resources to the public health sector to contain the outbreak, and on providing 
immediate financial relief to firms, workers, and households affected by a sharp decline in revenues 
and income. The fourth Budget (May 2020) a nd the two Ministerial Statements (August and 
October  2020) continued to provide support to households, workers, and firms, but shifted the 
emphasis towards supporting sectors with strong prospects for growth and job creation, so as to 
 
22 The CB measures included full home -based learning for schools and the closure of most physi cal 
workplace premises.  
23 At the end of 2020, Singapore counted 60,000 infections and only 29 deaths.  
24 MTI (2020), "Impact of the Circuit Breaker and Budget Measures in Response to COVID -19", 
Economic Survey of Singapore, Second Quarter 2020 , pp. 42-48. Viewed at: https://www.mti.gov.sg/ -
/media/MTI/Resources/Economic -Survey -of-Singapore/2020/Economic -Survey -of-Singapore -Second -Quarter -
2020/FullReport_2Q20.pdf . 
25 Ministerial Statement on Continued Support for Workers and Jobs (17 August 2020) and Ministerial 
Statement on Overview of Government's Strategy to Emerge Stronger from the C OVID -19 Pandemic, 
5 October 2020.  WT/TPR/S/413 • Singapore  
 
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  help the economy eme rge stronger from the pandemic. Moreover, support was increasingly aimed 
at facilitating structural changes such as digitalization, work automation, and the reshoring of 
production, taking advantage of the acceleration of these changes brought about by the  pandemic 
itself. Also, the size and sectoral distribution of support were recalibrated to take into account the 
uneven pace of recovery among sectors.26 
1.21.   Support measures throughout the five Budgets included, inter alia, cash transfers and income 
support, wage subsidies, support for training and skills upgrading, property and corporate income 
tax rebates, rental waivers, the provision of affordable financing, especially for small and medium -
sized enterprises (SMEs), and incentives to adopt new technologies.  Table 1.4 summarizes some of 
the main measures implemented through the five Budgets.  
Table 1.4 Main measures in the Budgets to cope with economic effects of the pandemic  
Beneficiaries and 
type of support  Measures  
Households  
Direct cash 
transfers  Solidarity Payment and Care and Support Package: SGD  600 cash to all citizens, with 
lower - to middle -income Singaporeans further receiving SGD  300 to SGD  600 cash, 
depending on their income.  
 Workfare Special Payment: SGD  3,000 for all Singaporean workers aged 35 and 
above who receive income supplement payments.  
Social assistance 
schemes  COVID -19 Support Grant: up to SGD  800 a month for three months for lower - to 
middle -income Singaporeans and permanen t residents who lost their jobs or face 
significant salary loss due to the outbreak.  
 Temporary Relief Fund: a one -off SGD  500 cash grant for lower - to middle -income 
Singaporeans and permanent residents who lost their jobs or faced significant salary 
loss due to the outbreak. This interim assistance scheme was applied in April 2020 
and was subsequently replaced by the COVID -19 Support Grant.  
Utilities credit  SGD 100 credit to offset the utilities bill for each household with at least one 
Singaporean citiz en. 
Family support  SGD 3,000 per eligible Singaporean child born from 01/10/2020 to 30/09/2022.  
Workers  
Wage subsidies  Jobs Support Scheme: 25% -75% support on the first SGD  4,600 of monthly wages 
for 10 months (the percentage of support and the duration vary depending on how 
affected the industry is).  
 Jobs Growth Initiative: for each new local hire that increases the local headcount, the 
employer will receive a co -payment of 25% of the first SGD  5,000 of monthly wages 
for up to 12 months (50% c o-payment for mature hires aged 40 and above).  
Job creation  SGUnited Jobs and Skills: creation of job, traineeship, and skills upgrading 
opportunities  for about 100,000 jobseekers  (training allowance and job placement 
support are provided).  
Self-employed 
persons (SEP)  SEP Income Relief Scheme (SIRS): SGD  1,000 cash payment per month for nine 
months. Self -employed persons also benefit from the SEP Training Support Scheme.  
Firms  
Cashflow, costs, 
and credit 
measures  Waivers and rebates of Foreign Worker Levy.  
 Property tax and corporate income tax rebates.  
 Rental waivers for tenants in public properties and cash grants for SME tenants.  
 A one -year freeze on all government fees and charges.  
Financing schemes  Enhancement and expansion of Enterprise Singapore financing schemes. These 
schemes include support of up to 80% of a project cost under the Enterprise 
Development Grant, the Productivity Solutions Grant, and the Market Readi ness 
Assistance Grant. The level of support is set to revert to 70% after 30/09/2021.  
Introduction of the Temporary Bridging Loan Programme.  
 
26 MAS, Macroeconomic Review , Vol. XIX, Issue 2, October 2020. Viewed at: 
https://www.mas.gov.sg/publications/macroec onomic -review/2020/volume -xix-issue-2-oct-2020. WT/TPR/S/413 • Singapore  
 
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  Beneficiaries and 
type of support  Measures  
Incentives for 
technology 
adoption  Digital Resilience Bonus: up to SGD  10,000 cash grant for adopting IT solutions.  
Support for e -payments: SGD  300 bonus per month for five months for stallholders in 
hawker centres, wet markets, coffee shops, and industrial canteens using 
e-payments.  
Source:  MTI (2020), "Impact of the Circuit Breaker and Budget Measures in R esponse to COVID -19", 
Economic Survey of Singapore, Second Quarter 2020 , pp. 42-48; and MAS, Macroeconomic Review , 
Vol. XIX, Issue 2, October 2020.  
1.22.   While fiscal policy has been the main line of defence in response to the pandemic shock, 
monetary measures h ave played an important complementary role in this effort. The MAS eased 
monetary policy in its April 2020 Monetary Policy Statement to prevent sharper declines in prices, 
output, and wages, and then kept the S$NEER on a stable path in order to impart conf idence in the 
economy during the crisis. Through its money market operations, the MAS increased SGD liquidity 
in the local financial market to enable banks to extend lending. It also put in place a USD  60 billion 
Facility, on the back of a swap arrangement  with the US Federal Reserve, to provide USD liquidity 
to support the financing needs of companies in Singapore and the region.27 
1.23.   To complement the Government's efforts to ensure access to affordable credit for businesses, 
especially SMEs, the MAS set up a  new SGD Facility to provide very low -cost funding to financial 
institutions lending to firms under the Enterprise Singapore schemes.28 The MAS also adjusted banks' 
capital and liquidity requirements, on a temporary basis, to enhance their ability to lend.  Also, in 
collaboration with the financial industry, the MAS put in place credit and insurance relief measures 
for individuals and SMEs, such as deferrals and flexible terms for payments of loans and insurance 
premiums.29 
1.24.   Overall, the authorities consider that this mix of macroeconomic policies helped preserve 
Singapore's productive capacity and protected the livelihoods of its people during 2020, while setting 
the conditions for a reasonable recovery in 2021. Nevertheless, the uncertain evolution of the 
pandemic, both at home and abroad, remains a significant risk to the economy's outlook.  
1.2.4   Balance of payments  
1.25.   Balance of payments data indicate that Singapore recorded a strong surplus in the current 
account balance, averaging 16% of GDP, during the period 201 6-20.30 The current account surplus 
amounted to SGD  82.5 billion in 2020 (Table 1.5). The positive results in the current account were 
due to large surpluses in the goods balance. The latter averaged 28% of GDP over 2016 -20, although 
their size narrowed in  the last few years, as the decline in exports of goods outpaced the fall in 
imports. The services balance posted deficits in 2016 and 2017; in 2018, it turned into a surplus 
that widened to reach SGD  20.5 billion in 2020. This surplus was due mainly to lo wer net payments 
for travel services and a shift from net payments to net receipts for transport services, as outbound 
travel collapsed.31 The primary income balance posted a deficit throughout the review period 
(although its size declined in 2020), as inc ome payments to foreign investors exceeded income 
receipts from investment abroad.  
 
27 MAS, Recent Economic Developments in Singapore , 30 July 2020. Viewed at: 
https://www .mas.gov.sg/ -/media/MAS/EPG/RED/2020/Recent -Economic -Developments -in-Singapore -30-Jul-
2020.pdf . 
28 For more details on Enterprise Singapore schemes, see Section 3.3.1.2.  
29 MAS, Recent Economic Developments in Singapore , 30 July 2020. Viewed at: 
https://www.mas.gov.sg/ -/media/MAS/EPG/RED/2020/Recent -Economic -Developments -in-Singapore -30-Jul-
2020.pdf . 
30 The authorities noted that this savin gs-investment gap has been on a gradual downward trend since 
2007, when it was 27% of GDP.  
31 MTI (2021), Economic Survey of Singapore 2020 , Chapter 5. Viewed at: https://www.mti.gov.sg/ -
/media/MTI/Resources/Economic -Survey -of-Singapore/2020/Economic -Survey -of-Singapore -
2020/Ch5_AES2020.pdf . WT/TPR/S/413 • Singapore  
 
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  Table 1.5 Balance of payments, 2016 -20 
(SGD million)   
2016  2017  2018  2019  2020a 
Current account balance  77,383.1  81,863.5  78,144.4  72,844.3  82,488.8  
Goods balance  124,304.2  139,509.5  137,015.2  132,107.2  129,203.1  
Exports  515,602.1  575,081.4  619,050.6  602,070.9  567,948.2  
Imports  391,297.9  435,571.9  482,035.4  469,963.7  438,745.1  
Services balance  -9,055.9  -14,157.7  8,937.1  12,262.7  20,524.0  
Exports  209,886.9  236,078.4  278,869.8  296,277.4  258,790.5  
Imports  218,942.8  250,236.1  269,932.7  284,014.7  238,266.5  
Primary income balance  -27,858.8  -36,110.0  -58,755.8  -61,027.3  -57,339.3  
Receipts  108,049.3  136,537.2  146,745.1  148,675.4  137,115.0  
Payments  135,908.1  172,647.2  205,500.9  209,702.7  194,454.3  
Secondary income balance  -10,006.4  -7,378.3  -9,052.1  -10,498.3  -9,899.0  
Receipts  14,727.9  14,212.3  23,031.7  26,082.1  26,259.3  
Payments  24,734.3  21,590.6  32,083.8  36,580.4  36,158.3  
Capital and financial accountb 78,617.0  47,287.7  61,245.2  84,270.5  -19,851.9  
Financial account (net)  78,617.0  47,287.7  61,245.2  84,270.5  -19,851.9  
Direct investment  -41,107.6  -49,580.0  -82,381.4  -95,302.0  -75,981.9  
Assets  52,716.0  89,598.4  29,721.9  68,996.5  44,669.8  
Liabilities  93,823.6  139,178.4  112,103.3  164,298.5  120,651.7  
Portfolio investment  19,970.3  27,224.1  66,149.1  145,217.0  71,028.3  
Assets  35,811.9  57,048.5  47,165.0  150,972.0  70,738.9  
Deposit -taking corporationsc -14,309.5  22,612.5  -15,181.3  33,380.9  -7,022.4  
Official  26,237.3  33,943.9  38,875.3  82,468.7  41,964.5  
Others  23,884.1  492.1  23,471.0  35,122.4  35,796.8  
Liabilities  15,841.6  29,824.4  -18,984.1  5,755.0  -289.4  
Deposit -taking corporationsc 14,047.6  10,695.0  202.0  253.7  -6,029.6  
Others  1,794.0  19,129.4  -19,186.1  5,501.3  5,740.2  
Financial derivatives  16,716.6  11,351.8  28,376.4  12,893.2  19,094.6  
Assets  9,210.4  -1,472.7  7,318.6  15,003.2  18,908.9  
Liabilities  -7,506.2  -12,824.5  -21,057.8  2,110.0  -185.7  
Other investment  83,037.7  58,291.8  49,101.1  21,462.3  -33,992.9  
Assets  124,720.3  103,504.3  149,480.6  78,917.0  94,558.6  
Deposit -taking corporationsc 33,901.8  19,182.9  81,488.8  30,688.2  120,129.8  
Official  59,684.0  68,541.7  60,303.0  63,741.1  -3,342.9  
Others  31,134.5  15,779.7  7,688.8  -15,512.3  -22,228.3  
Liabilities  41,682.6  45,212.5  100,379.5  57,454.7  128,551.5  
Deposit -taking corporationsc 13,786.0  34,140.7  67,151.5  27,540.7  74,186.3  
Others  27,896.6  11,071.8  33,228.0  29,914.0  54,365.2  
Net errors and omissions  -1,221.4  3,265.4  25.3 -16.6 975.8  
Overall balance  -2,455.3  37,841.2  16,924.5  -11,442.8  103,316.5  
a Preliminary.  
b The capital account is consolidated under the financial account. Decreases in assets and liabilities, 
and net inflows in net balances, are indicated by a minus ( -) sign.  
c Except the Central Bank.  
Source:  Department of Statistics Singapore. Viewed at: https: //www.singstat.gov.sg . 
1.26.   The financial account recorded net outflows during 2016 -19 (reflecting net FDI inflows and 
net outflows of portfolio investment, financial derivatives, and other investment), but shifted to a 
net inflow position worth SGD 19.9 billion in 2020 amid global financial volatility.32 This was 
attributable to lower net outflows of portfolio investment and a shift in the net position of "other 
investment". Direct investment saw a reduction in net inflows, as the fall in inward FDI outpaced the 
 
32 According to the IMF BPM6 sign convention, net inflows in net balances ar e indicated by a minus ( -) 
sign, while a positive sign implies net outflows.  WT/TPR/S/413 • Singapore  
 
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  decline in residents' direct investment abroad. Singapore's overall balance of payments posted a 
surplus of SGD  103 billion in 2020, a reversal from the SGD  11 billion deficit in 2019.  
1.27.   As a result of its strong external position and status  as an international financial hub, 
Singapore has accumulated large international reserves. At the end of 2020, the official foreign 
reserves held by the MAS totalled USD  362 billion (Table 1.1). In addition to MAS reserves, 
Singapore has access to other a ssets, which are managed by two government entities, i.e. GCI Pte 
Limited and Temasek Holdings Pte Limited (Section 3.3.5).33 
1.28.   Singapore's gross external debt increased in absolute terms during the review period to reach 
SGD 2,123 billion or 416% of GDP in 2019; data for 2020 were not available at the time of writing 
(Table 1.1). While this proportion may appear quite high, most of the external debt corresponds to 
large inflows of overseas capital that are deposited in Singapore's banks and recorded as liabi lities. 
Although this is partly countered by the high level of foreign exchange reserves, it can make the 
economy vulnerable to swift capital movements. Given Singapore's position as an international 
financial centre, both its assets and liabilities are co nsiderably high. Singapore's net international 
investment position was at 236% of GDP in 2019.34 
1.3  Developments in Trade and Investment  
1.3.1   Trends and patterns in merchandise and services trade  
1.29.   Singapore is a very open economy, as evidenced by its elevated trade -to-GDP ratio, which 
averaged 319% during the period 2015 -19. However, this ratio represents a decrease from the 
368% reported for the period 2012 -14.35 In 2019, Singapore ranked 11th among both world 
merchandise exporters and importers, and 6th among both  exporters and importers of services.36 
1.3.1.1   Merchandise trade  
1.30.   A notable characteristic of merchandise exports is that they include a large amount of entrepôt 
trade, due to Singapore's position as an international transhipment hub. In 2020, re -exports made 
up around 55% of total merchandise exports, compared with about 49% in 2014.37 Singapore's 
merchandise exports are dominated by manufactures, which accounted for 74% of total goods 
exports in 2019, while exports of oil and mineral products, a key component of  transhipment activity, 
represented around 13%, and exports of agricultural products 4%. The structure of Singapore's 
merchandise imports is also centred on manufactured products, which accounted for 69% of total 
imports in 2019, while the shares of oil an d minerals and of agricultural products were 22% and 4%, 
respectively (Table 1.6).  
Table 1.6 Merchandise trade by main SITC Rev.3 classification categories, 2015 -19 
  2015  2016  2017  2018  2019  
Exports (% of to tal):      
Agriculture  3.3 3.4 3.2 3.8 4.0 
Mining (incl. oil)  13.4 12.2 13.8 14.0 13.0 
Manufacturing  74.2 76.4 74.1 72.9 74.2 
Other  9.1 8.0 8.9 9.2 8.8 
Imports (% of total):       
Agriculture  4.4 4.5 4.3 4.0 4.0 
Mining (incl. oil)  22.6 19.1 23.5 24.8 22.0 
Manufacturing  66.9 70.0 66.9 66.4 69.1 
Other  6.2 6.3 5.3 4.8 4.8 
Source:  WTO Secretariat calculations, based on UN Comtrade database.  
 
33 The authorities note that Singapore does not disclose the overall size of its reserves to prevent 
speculative attacks on its currency during periods of vulnerability. MOF, Reser ves. Viewed at: 
https://www.mof.gov.sg/policies/reserves/ . 
34 Information provided by the authorities.  
35 WTO document, WT/TPR/S/343, 7 June 2016.  
36 Considering the countries of the European  Union together and excluding intra -EU trade. WTO, Trade 
Profiles 2020 . Viewed at: https://www.wto.org/english/res_e/booksp_e/trade_ profiles20_e.pdf . 
37 Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
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  1.31.   Analysed by main Harmonized System (HS) section, Singapore's leading export products are 
machinery and electrical equipment, which contributed 51% to total merchandise exports in 2020. 
Within this product group, electronic integrated circuits figured prominently, accounting for 23% of 
total merchandise exports in that year. Other important exp orts are chemical products, petroleum 
and mineral products, precision instruments, precious stones and metals, and plastics and rubber 
(Chart 1.1 and Table A1.1).  
1.32.   The main merchandise imports, in terms of HS sections, are machinery and electrical 
equipment  (including electronic integrated circuits and turbo -jets, turbo -propellers, and other gas 
turbines), which made up 49% of total imports in 2020, followed by petroleum and mineral products, 
chemicals, precious stones and metals, precision instruments, and transport equipment (Chart  1.1 
and Table A1.3).  
Chart 1.1 Product composition of merchandise trade by main HS section, 2015 and 2020  
 
Source:  WTO Secretariat calculations, based on UN Comtrade database; and d ata provided by the 
authorities . 
Chart 1.1  Product composition of merchandise trade by main HS section, 2015 and 2020
2015 2020
Total:   USD 357.9 billion Total:  USD 373.7 billion  
Base metals & 
articles thereof
4.0%
Chemicals 
5.8%Machinery;
electrical equipment
50.8%
Base metals &
articles thereof
2.9% 
Total:   USD 308.1 billion Total:   USD 328.7 billion Transport 
equipment
2.4%
Prepared food,
beverages & tobacco
3.1%Other
8.1%
Source:  WTO Secretariat calculations, based on UNSD Comtrade database;  and data provided by the authorities.Other 
7.6%Base metals &
articles thereof
2.6%
Other
6.8%Transport
equipment
3.2%Transport 
equipment
3.3%  
Other
8.4%
Chemicals 
7.0%Transport
equipment
4.5%Prepared food,
beverages & tobacco
2.4%Base metals & 
articles thereof
1.7%Machinery; 
electrical equipment
47.3%
Plastics & rubber
3.9%
Machinery;
electrical equipment
41.5% Machinery; 
electrical equipment
49.2% 
Plastics & rubber 
2.5% Plastics & rubber
2.6% Plastics & rubber
4.2%
Petroleum & 
mineral products
21.3%Petroleum & 
mineral products
15.1%Precious stones
& metals 6.7%Chemicals 
10.5%Chemicals 
9.7%Precision
instruments
6.0%Exports 
Imports 
Precision 
instruments
4.0%Precision
instruments
4.4%Precision 
instruments
4.8%
Petroleum & 
mineral products
8.1%Petroleum & 
mineral products
12.2%
Precious stones
& metals 6.9%Precious stones
& metals 5.0%Precious stones
& metals 5.4%
Prepared food,
beverages & tobacco
2.1%Prepared food,
beverages & tobacco
2.0%WT/TPR/S/413 • Singapore  
 
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  1.33.   Most of Singapore's merchandise trade is carried out with economies in Asia and Oceania, 
reflecting the country's participation in regional value chains and economic integration schemes; 
nonetheless, the shares of some trad ing partners outside this region have seen slight increases in 
the last few years. In 2020, 73.0% of Singapore's merchandise exports were shipped to markets in 
Asia and Oceania (compared with 77.6% in 2015). The share of the Association of Southeast Asian 
Nations (ASEAN) was 25.1% (a decrease from 30.1% in 2015), with Malaysia and Indonesia 
receiving more than half of Singapore's exports to that group. China maintained its position as 
Singapore's largest individual market, accounting for 13.7% of total expo rts in 2020, followed by 
Hong Kong, China with 12.4%. The shares of the United  States and the EU -27 increased during the 
review period and were 10.8% and 8.5%, respectively, in 2020 (Chart 1.2 and Table A1.2).  
Chart 1.2 Direction of merchandise trade, 2015 and 2020  
 
Source:  WTO Secretariat calculations, based on UN Comtrade database and Singapore Department of 
Statistics; and data provided by the authorities . 
Chart 1.[SGP]
Direction of merchandise trade, 2015 and 2020
2015 2020
Exports (f.o.b.)
Asia/Oceania
77.6%
Total:  USD 357.9 billion Total:  USD 373.7 billion
EU-27
10.5%Other
7.3%
Indonesia
4.9%United States
10.9%
Malaysia
10.7%Imports (c.i.f.)
EU-27
10.3%United States
10.7%
Total:  USD 308.1 billion Total:  USD 328.7 billionJapan
4.3%
Thailand
3.0%Korea, Rep. of
4.7% Korea, Rep. of  
5.9%United States
6.5%
Other Asia/
Oceania
6.7%United States
10.8%
Malaysia
8.9%
Source :  WTO Secretariat calculations, based on UNSD Comtrade database, and Singapore Department
of Statistics;  and data provided by the authorities.Japan
5.5%China
13.7%China
13.7%EU-27
8.5%
China
14.4%
Thailand
3.9%
Japan
6.2%Other Asia/
Oceania
9.0%Hong Kong, China
12.4%EU-27
7.1%
Indonesia
8.3%Chinese Taipei
4.0%
Malaysia
10.8%Hong Kong, China
11.5%Japan
4.8%
Chinese Taipei
11.0%Other Asia/
Oceania
6.2%
Thailand
2.6%Other Asia/
Oceania
8.1%Korea, Rep. of
4.0%
Chinese Taipei
4.9%Thailand
3.8%
Chinese Taipei
8.0%Asia/Oceania
64.6%Asia/Oceania
60.3%Asia/Oceania
73.0%
Other
6.1%
Switzerland
2.9%Indonesia
5.7%
Indonesia
4.3%Korea, Rep. of
4.5%
China
14.4%United
Kingdom 
2.4%
Middle East
8.2%Viet Nam 3.4 %
Malaysia
12.7%Middle East
5.9%Viet Nam 3.3 %Australia 3.2 %
India 3.1 %India 2.5 %Australia 2.3 %Other 
8.8%Other 
7.7%WT/TPR/S/413 • Singapore  
 
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  1.34.   Asia and Oceania accounted for almost 65% of total merchandise imports in 2020. China 
remained Singapore's largest supplier with 14.4% of total imports, followed by Malaysia (12.7%), 
the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese  Taipei) (11.0%), 
the United  States (10.7%), and the EU -27 (10.3%). The share of ASEAN member states in total 
merchandise imports increased from 21.1% in 2015 to 24.3% in 2020. Imports from Middle  East 
countries (mainly oil) made up 5.9% of the import bill in the same year (Chart 1.2 and Table A1.4).  
1.3.1.2   Services trade  
1.35.   After six years of posting deficits in the trade in services balance, in 2018 Singapore became 
a net exporter of services, recording a surplus of SGD  8.9 billion. The surplus widened the 
two following years to reach SGD  20.5 billion in 2020.  However, the positive balance in 2020 was 
due to a smaller fall in services exports than in imports, rather than to an expansion in exports. 
Reflecting the restrictions on international mobility associated with the COVID -19 pandemic, in  2020 
services expo rts actually declined by nearly 13% on account of a sharp contraction in exports of 
travel services, transport services, and other business services, which more than offset moderate 
increases in exports of financial services and insurance services. Service s imports saw a bigger 
contraction ( -16%) in 2020, which was also attributable to significant decreases in imports of travel 
services, transport services, and other business services.38 
1.36.   In 2020, Singapore exported SGD  259 billion worth of services. "Other business services" 
(mainly advertising and market research, business management, and trade -related services) 
became the main export item, accounting for 32% of total services exports, followed by transport 
services (28%) and financial services (17%). Impor ts of services amounted to SGD  238 billion 
in 2020. The main services imported were "other business services" (mainly business management, 
research and development, and advertising and market research); transport services; and 
telecommunications, computer,  and information services, which accounted for 34%, 30%, and 
10% of total services imports, respectively (Table 1.7).  
Table 1.7 Trade in services, 2016 -20 
  2016  2017  2018  2019  2020a 
Trade in services balance (SGD billion)  -9.1 -14.2 8.9 12.3 20.5 
Exports  (SGD billion)  209.9  236.1  278.9  296.3  258.8  
 (% of total credit)  
Manufacturing services on physical inputs owned 
by others  0.1 0.1 0.1 0.1 0.1 
Maintenance and repair services  4.1 3.5 3.6 3.5 2.9 
Transportation  27.2 28.2 29.6 28.8 28.3 
Freight  20.7 21.7 23.5 23.0 24.9 
Other  6.5 6.5 6.1 5.7 3.5 
Travel  12.5 11.6 9.9 9.3 2.8 
Construction  0.6 0.4 0.6 0.6 0.4 
Insurance  2.9 2.9 3.2 3.0 3.6 
Financial services  14.3 14.7 13.8 14.2 16.9 
Telecommunications, computer, and information 
services  8.0 7.8 8.0 7.1 8.2 
Charges for the use of intellectual property, n.i.e.  4.6 4.6 4.1 3.9 4.4 
Other business services  25.1 25.7 26.6 28.9 31.9 
Accounting  0.2 0.1 0.1 0.1 0.2 
Advertising and market research  5.2 7.6 8.6 10.3 12.8 
Architectural  0.2 0.2 0.1 0.1 0.1 
Business management  11.3 10.3 9.8 9.4 9.4 
Engineering and technical  2.2 1.7 1.7 2.4 2.6 
Legal  0.4 0.4 0.4 0.3 0.4 
Research and development  0.4 0.5 0.4 0.3 0.4 
Operating leasing  2.6 2.0 1.9 2.0 1.9 
Trade -related  2.3 2.7 3.3 3.4 3.8 
Others  0.4 0.4 0.3 0.4 0.4 
Personal, cultural, and recreational services  0.4 0.3 0.4 0.5 0.5 
Government goods and services  0.2 0.2 0.1 0.1 0.2 
 
38 MTI (2021), Economic Survey of Singapore 2020 , Chapter 5. Viewed at: https://www.mti.gov.sg/ -
/media/MTI/Resources/Economic -Survey -of-Singapore/2020/Economic -Survey -of-Singapore -
2020/Ch5_AES2020.pdf . WT/TPR/S/413 • Singapore  
 
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    2016  2017  2018  2019  2020a 
Imports  (SGD billion)  218.9  250.2  269.9  284.0  238.3  
 (% of total debit)  
Manufacturing services on physical inputs owned 
by others  3.5 3.2 2.7 2.5 2.8 
Maintenance and repair services  0.4 0.3 0.4 0.4 0.4 
Transportation  27.4 28.1 31.2 31.0 30.5 
Freight  17.3 18.9 20.7 20.6 22.0 
Other  10.1 9.2 10.5 10.4 8.4 
Travel  15.1 13.8 13.2 13.1 4.0 
Construction  0.2 0.2 0.3 0.2 0.2 
Insurance  2.8 2.2 2.5 2.7 3.1 
Financial services  2.9 3.1 3.3 3.5 4.7 
Telecommunications, computer, and information 
services  8.1 8.3 7.4 8.0 10.1 
Charges for the use of intellectual property, n.i.e.  9.9 8.7 8.5 8.3 9.8 
Other business services  29.4 31.7 30.2 29.9 34.1 
Accounting  0.2 0.2 0.2 0.2 0.2 
Advertising and market research  1.9 3.2 3.8 4.8 5.9 
Architectural  0.0 0.0 0.0 0.0 0.0 
Business management  9.9 9.4 9.7 10.4 11.7 
Engineering and technical  1.5 1.3 1.2 1.5 1.7 
Legal  0.2 0.1 0.1 0.2 0.2 
Research and development  6.6 8.9 7.0 6.1 6.8 
Operating leasing  2.3 2.2 2.2 2.0 1.9 
Trade -related  6.5 6.1 5.9 4.6 5.4 
Others  0.2 0.1 0.1 0.1 0.1 
Personal, cultural, and recreational services  0.2 0.2 0.2 0.3 0.3 
Government goods and services  0.1 0.1 0.1 0.1 0.1 
a Estimates.  
Source:  Department of Statistics Singapore. Viewed at: https://www.singstat.gov.sg . 
1.3.2   Trends and patterns in FDI  
1.37.   FDI inflows into Singapore increased during the review period (except in 2018). They rose to 
USD 92.1 billion in 2019, making the country the world's third la rgest recipient of FDI inflows.39 
1.38.   The United  States remains Singapore's major investor, accounting for 23.5% of total FDI 
inflows in 2019, followed by the Netherlands (7.6%), the United Kingdom (7.5%), and Japan (5.3%). 
China's share in total FDI flows int o Singapore decreased during the last two years of the reporting 
period and stood at 3.6% in 2019. The share of the EU -27 fluctuated markedly during the period, 
decreasing to 9.0% in 2019. In 2019, Singapore's total stock of inward FDI reached almost 
USD 1.7 trillion (Chart 1.3 and Table 1.8).  
1.39.   In terms of sectoral composition, financial and insurance services remain by far the largest 
recipient of FDI, with 50% of total inflows in 2019, followed by manufacturing (29%) and wholesale 
and retail trade (15%). T he share of the professional, scientific and technical, administrative, and 
support services notably decreased from 20.4% in 2015 to 1.4% in 2019.  
1.40.   Singapore's outward FDI flows showed a less consistent pattern during the review period. 
According to United Nations Conference on Trade and Development (UNCTAD) data, FDI outflows 
saw a decreasing trend in 2015 and 2016; they picked up in 2017 to attain their highest level during 
the period, only to decline sharply in 2018. In 2019, total FDI outflows amounted t o USD  33.2 billion. 
In the same year, Singapore's outward FDI stock was about USD  1.1 trillion.  
 
39 UNCTAD, World Investment Report 2020 . Viewed at: 
https://unctad.org/en/Pages/DIAE/World%20Investment%20Report/Annex -Tables.aspx . WT/TPR/S/413 • Singapore  
 
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  Chart 1.3 Foreign direct investment, 2000 -19 
(USD billion)  
 
Source:  UNCTAD, World Investment Report 2020 . Viewed at: 
https://unctad.org/en/Pages/DIAE/World%20Investment%20Report/Annex -Tables.aspx . 
Table 1.8 Inflows of FDI by origin and sector, 2015 -19 
  2015  2016  2017  2018  2019  
Total (SGD billion)  82.1 95.1 115.5  107.6  125.6  
Total (USD billion)  59.7 68.8 83.6 79.7 92.1 
Origins (% of total):       
United  States  29.8 18.8 35.4 -28.4 23.5 
EU-27 22.5 41.1 7.4 18.6 9.0 
Netherlands  9.1 5.3 7.0 8.7 7.6 
Luxembourg  0.5 17.0 -2.5 7.0 3.8 
United Kingdom  3.0 6.2 0.1 7.2 7.5 
Japan  3.0 4.9 4.5 8.4 5.3 
ASEAN  5.1 8.2 5.4 6.7 3.8 
Malaysia  3.3 3.9 2.8 3.1 2.9 
Thailand  -0.3 1.2 0.9 1.2 1.0 
Hong Kong, China  -4.3 2.2 0.9 5.7 3.8 
China  6.7 8.8 10.1 6.0 3.6 
Switzerland  2.6 -0.3 2.3 0.4 3.4 
Australia  1.3 1.0 0.9 1.3 2.6 
Canada  1.3 0.5 0.7 0.8 2.3 
India 2.3 0.2 2.4 1.1 2.2 
Sectors (% of total):       
Manufacturing  12.7 -2.5 12.7 31.4 29.1 
Construction  -0.6 -1.2 -0.4 1.4 0.1 
Wholesale and retail trade  12.5 17.8 27.2 16.3 14.8 
Accommodation and food service 
activities  -0.4 0.1 0.0 -0.2 0.1 
Transport and storage  4.1 0.7 -0.2 3.1 1.3 
Information and communications  2.9 2.2 3.5 3.2 -0.3 
Financial and insurance services  41.5 70.7 42.9 30.3 50.2 
Real estate activities  8.5 8.0 6.7 6.2 2.7 
0102030405060708090100
02004006008001.0001.2001.4001.6001.800
FDI inward stock FDI outward stock FDI inflows FDI outflowsChart 1.3 Foreign direct investment, 2000 -19
Source:  UNCTAD, World Investment Report 2020.  Viewed at:  https://unctad.org/en/Pages/DIAE/World%20Investment%20Report/Annex -
Tables.aspx .Left-hand scale: Right -hand scale:WT/TPR/S/413 • Singapore  
 
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    2015  2016  2017  2018  2019  
Professional, scientific and 
technical; administrative and 
support activities  20.4 3.7 6.9 8.7 1.4 
Other activities  -1.7 0.5 0.8 -0.4 0.6 
Source:  Department of Statistics Singapore. Viewed at: 
https://www.tablebuilder.singstat.gov.sg/publicfacing/createDataTable.action?refId=17170 ; and 
https://www.tablebuilder.singstat.gov.sg/publicfacing/cre ateDataTable.action?refId=17195 . 
1.41.   Attracting foreign investment, by ensuring an enabling business environment, is a key 
component of Singapore's economic policy. The country's trade openness, simple regulatory 
framework, competitive tax system, and numerous  incentive schemes, as well as its modern 
transport infrastructure, make Singapore an attractive destination for foreign investment. In the 
World Bank's Ease of Doing Business ranking, Singapore consistently maintained the first position, 
until 2018. In 20 19 and 2020, Singapore retained the second position. According to the  2020 
ranking, Singapore has one of the world's best regulatory regimes for starting a business, protecting 
minority investors, enforcing contracts, dealing with construction permits, and  paying taxes.40 
Political stability and lack of corruption are other advantages attracting FDI to Singapore; on the 
other hand, it should be mentioned that government -owned enterprises continue to play a 
predominant role in some key sectors of the economy , and thus in investment (Section 3.3.5).  
 
 
40 World Bank Group, Ease of Doing Business Rankings, 2020 . Viewed at: 
https://www.doingbusiness.or g/en/rankings . WT/TPR/S/413 • Singapore  
 
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  2  TRADE AND INVESTMENT REGIMES  
2.1  General Framework  
2.1.  As per its 1965 Constitution, Singapore is a republic with a parliamentary system of 
government. The Constitution has been amended 52 times since its entry into force, including 
three  times during the period under review.1 
2.2.  Executive power rests with the Prime Minist er and the Cabinet, whose members must also be 
Members of Parliament (MPs). The Prime Minister, the leader of the political party having the majority 
of seats in Parliament, is appointed by the President, as are all the members of the Cabinet upon 
recommen dation from the Prime Minister. The President is elected for a fixed term of six  years by 
popular vote.  
2.3.  The Cabinet is in charge of government policies and the day -to-day administration of the affairs 
of State. Singapore's national budget is proposed annua lly by the Cabinet for enactment into law 
by Parliament (known as a Supply law). Cabinet approval on treaty participation must generally be 
obtained before a treaty is signed or the relevant instrument of ratification or accession is deposited.  
2.4.  Legislative  power rests in the Legislature, which consists of the President and the Parliament. 
There are 93 elected seats in Parliament, organized into 14 Single Member Constituencies (SMCs) 
and 17 Group Representation Constituencies (GRCs). Each SMC returns one MP using the "first past 
the post" voting system, while each GRC returns four or five MPs by block voting, at least one of 
whom must be from the Malay, Indian, or other minority communities. In addition to the 93 elected 
seats, there are up to 12 Non -Constitu ency Member of Parliament (NCMP) seats2, which are offered 
to the best -performing non -elected opposition candidates, and up to 9 Nominated MPs, who can be 
appointed by the President.  
2.5.  The judicial power is vested in the Supreme Court and in the subordinate courts. 
WTO provisions may not be invoked before a national court of law but can be enforced through 
enabling legislation or, if applicable, as part of common law.  
2.6.  The Singapore legal system has its roots in the English common law system. Singa pore sees 
this system as one of its competitive assets in developing itself as a business and legal services hub, 
including in alternative dispute resolution systems, an area in which Singapore regularly reviews its 
legislative framework.  
2.7.  In 2020, Singapor e enacted domestic legislation – the Singapore Convention on Mediation 
Act (2020) and the Supreme Court of Judicature (Singapore Convention on Mediation) 
Rules  (2020)  – to give effect to the United Nations Convention on International Settlement 
Agreements Resulting from Mediation (also known as the Singapore Convention on Mediation (SCM)) 
and became one of the first two countries (the other being Fiji) to ratify the SCM. With the entry 
into force of the SCM on 12  September  2020, businesses can utilize the h armonized and simplified 
enforcement framework under the SCM as an effective dispute resolution option for their 
cross-border transactions.  
2.2  Trade Policy Formulation and Objectives  
2.8.  There were no major changes in the institutional structure of the ministries  and 
agencies/statutory boards dealing with trade issues during the review period. The main ministry 
involved in the formulation of trade policy is the Ministry of Trade and Industry (MTI), whose mission 
statement is to  promote economic growth and create g ood jobs, and to enable Singaporeans to 
improve their lives.  
2.9.  Other ministries, such as the Ministry of Finance (MOF), the Ministry of Foreign Affairs (MFA), 
the Ministry of Communications and Information (MCI), the Ministry of Transport (MOT), the Ministry  
 
1 Updated version of the Constitution including its latest amendments. Republic of Singapore, 
Government Gazette, Acts Supplement (6  January 2017). Viewed at: https://sso.agc.gov.sg/Acts -Supp/28 -
2016/Published/20170103?DocDate=20170103#pr9 -. 
2 The number of seats was increased from 9 to 12 in 2016.  WT/TPR/S/413 • Singapore  
 
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  of National Development (MND), the Ministry of Sustainability and the Environment (MSE), and the 
Ministry of Manpower (MOM), are also involved in trade policy formulation to the extent such policies 
touch their areas of competence.  The functions and the i nstitutional evolution during the review 
period of statutory boards dealing with trade are described in detail in Section 3.  
2.10.   According to the authorities, trade policy is an integral and central part of the overall sectoral 
strategy put in place by Singapo re in 2016 for its manufacturing and services sectors (Sections 4.3 
and 4.4).  
2.11.   Since the previous Review in 2016, Singapore's trade policy objectives have remained 
essentially unchanged. These objectives are derived from Singapore's general philosophy of 
economic management: strong adherence to a free market economic system, and active pursuit of 
outward -oriented economic policies.3 Singapore's trade policy objectives are hence:  
• to expand international economic opportunities for Singapore -based companies;  
• to seek a predictable and fair trading environment for Singapore -based companies by 
supporting a rules -based multilateral trading system; and  
• to minimize impediments to the flow of imports and exports by continuously improving 
Singapore's trade and business  environment.  
2.12.   According to the authorities, the repercussions brought about by the COVID -19 pandemic 
have further reinforced the importance of maintaining Singapore's connectivity and openness to the 
world. Singapore intends to keep its ports and productio n lines open to ensure that trade continues 
to flow unimpeded, and it has been facilitating crew changes in a manner that also safeguards public 
health during the pandemic. In recognition of the critical role that seafarers play in global seaborne 
trade, S ingapore also co -sponsored United Nations General Assembly Resolution  A/75/L.37 on 
International Cooperation to Address Challenges Faced by Seafarers as a Result of the COVID -19 
Pandemic to Support Global Supply Chains.  
2.13.   Singapore has also worked with like -minded countries to internationally reaffirm its 
commitment to keeping trade routes open and upholding the viability and integrity of supply chains 
globally. For example, Singapore worked with other Association of Southeast Asian Nations (ASEAN) 
member sta tes to issue the Hanoi Plan of Action on Strengthening ASEAN Economic Cooperation and 
Supply Chain Connectivity in Response to the COVID -19 Pandemic and issued numerous statements 
and proposals on this subject in the WTO  context (Section 2.3.1).  
2.3  Trade Agre ements and Arrangements  
2.3.1   WTO  
2.14.   Singapore is a strong supporter of the open and rules -based multilateral trading system, as 
embodied by the WTO. Its trade policies have been reviewed seven times, most recently 
in July 2016. Singapore is a party to the Informat ion Technology Agreement and the revised 
Government Procurement Agreement, and has signed and ratified the Trade Facilitation Agreement. 
Singapore was an active participant in WTO debates during the review period. It is the co -convener 
(together with Austr alia and Japan) of the Joint Statement Initiative on E -Commerce, launched at 
the Buenos Aires Ministerial Conference in December 2017. It also participates in two other joint 
initiatives – namely on investment facilitation, and micro, small, and medium -sized enterprises 
(MSMEs) – and since December 2020 it has participated in the Trade and Environmental 
Sustainability Structured Discussions (TESSD).  
2.15.   Regarding the impact of the COVID -19 pandemic on trade, Si ngapore has worked with 
like-minded WTO Members to ensure global supply chains remain open and connected, and that 
WTO Members live up to their WTO obligations, including on transparency and notifications. 
 
3 Ministry of Trade and Industry, Overview . Viewed at: https://gradsingapore.com/graduate -
employers/ministry -of-trade -and-industry -mti. WT/TPR/S/413 • Singapore  
 
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  To this end, Singapore co -sponsored several statements on trade and supply chain connectivity, 
includ ing: 
• Joint Ministerial Statement Affirming Commitment to Ensuring Supply Chain Connectivity 
Amidst the COVID -19 Situation4; 
• Joint Statement on Responding to the COVID -19 Pandemic with Open and Predictable 
Trade in Agriculture and Food Products5; 
• Statement on COVID -19 and the Multilateral Trading System by Ministers Responsible for 
the WTO6; 
• Joint Ministerial Statement on Action Plans to Facilitate the Flow of Goods and Services as 
well as the Essential Movement of People7; and  
• Statement on Highl ighting the Importance of Micro, Small and Medium -sized Enterprises 
(MSMEs) in the Time of COVID -19.8 
2.16.   Beyond these statements and declarations, Singapore is the author of a proposal on 
agriculture export prohibitions or restrictions relating to the World Food Programme9, which is still 
under discussion. Singapore also participated in a joint statement with co -sponsors representing 
79 WTO Members on agriculture export prohibitions or restrictions relating to the World Food 
Programme, which was issued  on 21  January  2021.10 
2.17.   Singapore was not involved in any trade dispute at the WTO either as complainant or 
respondent during the review period. It is, however, an active participant in the dispute settlement 
mechanism, as it requested and obtained the status of third party in 42  trade disputes during the 
review period.11 
2.18.   Singapore considers that a fully functioning two -stage dispute settlement system is 
paramount and hence, as an interim solution, joined other WTO Members to establish the Multi -Party 
Interim Appeal Arbitration Ar rangement (MPIA) in April 2020.12 The composition of the pool of 
10 arbitrators in July 2020 marked the operationalization of the MPIA, with a professor from 
Singapore among the arbitrators.  
2.19.   Singapore made 113 notifications to 11 different WTO Committees b etween January  2016 
and December 2020.13 
 
4 MTI. Viewed at: https://www.mti.gov.sg/ -/media/MTI/Newsroom/Press -Releases/2020/03/Updated -
Joint-Ministerial -Statement -on-supply -chain -connectivity -as-of-6-april.pdf . 
5 WTO document WT/GC/208 -G/AG/30, 22 Ap ril 2020.  
6 WTO document WT/GC/212, 5 May 2020, and its revisions.  
7 WTO document WT/GC/214, 13 May 2020.  
8 WTO document WT/GC/215, 14 May 2020.  
9 WTO documents WT/GC/810 -TN/AG/46, 4 December 2020, and its subsequent revisions, and 
WT/GC/811 -TN/AG/47, 4 De cember 2020.  
10 WTO document WT/L/1109, 21  January  2021.  
11 For a complete list of the disputes concerned, see WTO, Disputes by Member . Viewed at: 
https://www.wto.org/english/tratop_e/dispu_e/dispu_by_country_e.htm . 
12 Ministry of Foreign Affairs, Multiparty Interim Appeal Arbitration Arrangement , 6 April 2020. Viewed 
at: https://www.mfa.gov.sg/Overseas -Mission/Geneva/Mission -Updates/2020/04/Multiparty -Interim -Appeal -
Arbitration -Arrangement . 
13 The notifications consisted of 44 to the Technical Barriers to Trade Commit tee, 14 to the Sanitary and 
Phytosanitary Measures Committee, 13 to the Committee on Government Procurement, 10 to the Agriculture 
Committee, 9 to the Subsidies and Countervailing Measures Committee, 8 to the Import Licencing Committee, 
7 to the Committee on Regional Trade Agreements, 3 to the Market Access Committee, 3 to the Rules of Origin 
Committee, 1 to the Committee on Trade and Development, and 1 to the Committee on Trade Facilitation. For 
more details on these notifications, see: 
https:// docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S006.aspx?DataSource=CRN&query=@CountryNotifying=
%22singapore%22%20AND%20@DocumentDate%3E=01/01/2016%20and%20@DocumentDate%3C=31/12/
2021&Language=English&Context=ScriptedSearches&languageUIChanged=true# .  WT/TPR/S/413 • Singapore  
 
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  2.3.2   Regional and preferential agreements  
2.20.   Singapore considers that free trade agreements (FTAs) complement the rules -based 
multilateral trading system and provide to its exporters and investors numerous benefits, such as  
legal predictability, tariff preferences, preferential access abroad via the obtainment of tariff quotas 
granted to Singapore and preferential operating conditions for Singapore services providers abroad, 
faster entry into markets, and intellectual proper ty protection. Singapore is expanding the scope of 
its FTAs to include more issues of interest to businesses, such as e -commerce, intellectual property 
rights, competition, government procurement, and dispute settlement.  
2.21.   Singapore has a network of 27 FTAs14, 7 of which are agreements signed under the aegis of 
ASEAN. Table  2.1 provides a list of these agreements, as well as their dates of signature and entry 
into force, their coverage in terms of policy areas, and the status of their examination process unde r 
the General Agreement on Tariffs and Trade (GATT) and the WTO.  
Table 2.1 Participation in RTAs (notified and non -notified), as at 16  April  2021  
RTA name  Cover -
age Number of 
policy areas 
covered as 
defined by 
the RTA/IS 
classificationa Date of signature  Date of entry into 
forceb WTO consideration 
process  
(WTO document 
series)  
Regional 
Comprehensive 
Economic 
Partnership 
(RCEP)  Goods 
and 
services  .. 15/11/2020  Not yet entered into 
force Not notified  
United Kingdom – 
Singapore  Goods & 
Services  39 10/12/2020  11/02/2021  Awaiting data from the 
Parties  
(WT/REG432)  
ASEAN – Japan  Services  ..   01/08/2020  Not notified  
EU – Singapore  Goods & 
Services  39 19/10/2018  21/11/2019  Factual Presentation 
issued  
(WT/REG402)  
ASEAN – Hong 
Kong, China  Goods & 
Services  27 28/03/2018  11/06/2019  Awaiting data from the 
Parties  
(WT/REG448)  
Comprehensive 
and Progressive 
Agreement for 
Trans -Pacific 
Partnership 
(CPTPP)  Goods & 
Services  36 08/03/2018  30/12/2018  Factual Presentation 
issued  
(WT/REG395)  
Sri Lanka – 
Singapore  Goods & 
Services  .. 01/05/2018  01/05/2018  Not notified  
Turkey – 
Singapore  Goods & 
Services  31 14/11/2015  01/10/2017  Factual Presentation 
issued  
(WT/REG392)  
Agreement 
between 
Singapore and the 
Separate Customs 
Territory of 
Taiwan, Penghu, 
Kinmen and Matsu 
(Chinese Taipei) 
on Economic 
Partnership  Goods & 
Services  32 07/11/2013  19/04/2014  Factual Presentation 
issued  
(WT/REG350)  
Gulf Cooperation 
Council (GCC) – 
Singapore  Goods & 
Services  28 15/12/2008  01/09/2013  Awaiting comments 
from the Parties on the 
Factual Presentation  
(WT/COMTD/N/45/Rev.1 
and S/C/N/807/Rev.1)  
Costa Rica – 
Singapore  Goods & 
Services  30 06/04/2010  01/07/2013  Factual Presentation 
issued  
(WT/REG347)  
 
14 Counting  the ASEAN Agreement and its subsequent agreements as one.  WT/TPR/S/413 • Singapore  
 
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  RTA name  Cover -
age Number of 
policy areas 
covered as 
defined by 
the RTA/IS 
classificationa Date of signature  Date of entry into 
forceb WTO consideration 
process  
(WTO document 
series)  
ASEAN – Republic 
of Korea  Goods & 
Services  30 24/08/2006 (G)  
21/11/2008 (S)  01/01/2010 (G)  
14/10/2010 (S)  Factual Presentation 
issued  
(WT/REG287 and 
WT/COMTD/RTA13)  
ASEAN – Australia 
– New Zealand  Goods & 
Services  32 27/02/2009  01/01/2010  Factual Presentation 
issued  
(WT/REG284)  
ASEAN – India Goods & 
Services  26 13/08/2009 (G)  
13/11/2014 (S)  01/01/2010 (G)  
01/07/2015 (S)  Factual Presentation 
issued  
(WT/REG372 and 
WT/COMTD/RTA/8)  
Peru – Singapore  Goods & 
Services  32 29/05/2008  01/08/2009  Factual Presentation 
issued  
(WT/REG269)  
China – Singapore  Goods & 
Services  27 23/10/2008  01/01/2009  Factual Presentation 
issued  
(WT/REG262)  
ASEAN – Japan  Goods  18 26/03/2008  01/12/2008  Factual Presentation 
issued  
(WT/REG277)  
Panama – 
Singapore  Goods & 
Services  32 01/03/2006  24/07/2006  Factual Presentation 
issued  
(WT/REG227)  
Trans -Pacific 
Strategic 
Economic 
Partnership  Goods & 
Services  34 18/07/2005  28/05/2006  Factual Presentation 
issued  
(WT/REG229)  
Republic of Korea 
– Singapore  Goods & 
Services  33 04/08/2005  02/03/2006  Factual Presentation 
issued  
(WT/REG210)  
Jordan – 
Singapore  Goods & 
Services  26 16/05/2004  22/08/2005  Factual Presentation 
issued  
(WT/REG215)  
India – Singapore  Goods & 
Services  30 29/06/2005  01/08/2005  Factual Presentation 
issued  
(WT/REG228)  
ASEAN – China  Goods & 
Services  29 29/11/2004 (G)  
14/01/2007 (S)  01/01/2005 (G)  
01/07/2007 (S)  Factual Abstract and 
Factual Presentation 
issued  
(WT/REG279 and 
WT/COMTD/51)  
United  States – 
Singapore  Goods & 
Services  30 06/05/2003  01/01/2004  Factual Abstract issued  
(WT/REG161)  
Singapore – 
Australia  Goods & 
Services  36 17/02/2003  28/07/2003  Factual Abstract issued  
(WT/REG158)  
EFTA – Singapore  Goods & 
Services  33 26/06/2002  01/01/2003  Factual Abstract issued  
(WT/REG148)  
Japan – Singapore  Goods & 
Services  32 13/01/2002  30/11/2002  Factual Abstract issued  
(WT/REG140)  
New Zealand – 
Singapore  Goods & 
Services  33 14/11/2000  01/01/2001  Factual Abstract issued  
(WT/REG127)  
ASEAN Framework 
Agreement on 
Services (AFAS)  Services  ..  
12/08/1998  Not notified  
Global System of 
Trade Preferences 
among Developing 
Countries (GSTP)  Goods  6 13/04/1988  19/04/1989  No report  
ASEAN Free Trade 
Area (AFTA)  Goods  26 24/02/1977  .. Report adopted  
(L/4581 and L/7111)  
.. Not available.  
a Information on the list of policy areas  considered is available in the WTO RTA Provisions Glossary. 
Viewed at: http://rtais.wto.org/USERGUIDE/Glossary_MT_Eng.pdf . 
b Dates of the first entry into force for at least one of the Par ties. 
Source:  WTO Secretariat. Further information on these Agreements and on specific dates of entry into 
force/provisional applications may be found in the WTO RTAs Database: http://rtais.wto.org . 
2.22.   Chart 2.1 describes the various subjects covered by these agreements in an aggregated 
manner according to the classification of the policy areas of RTA provisions of the WTO RTA/IS 
database mentioned in Table 2.1.  WT/TPR/S/413 • Singapore  
 
- 33 - 
 
  Chart 2.1 Overview of policy areas covered by Singapore FTAs  
 
Source:  WTO Secretariat.  
2.23.   Policy areas covered in more than 75% of the agreements are for goods related to tariff 
liberalization, technical barriers to trade, safeguards, sanitary and phytosanitary issues, and 
anti-dumping and countervailing measures. For services, the policy areas relate to mutual 
recognition, domestic regulation, services liberalization, and investment provisions, and for policy 
areas other th an goods and services, the policy areas relate to intellectual property. In line with 
Singapore's trade policy objectives, the number of policy areas covered increases on average over 
time. 
2.24.   Chart 2.2 describes the share of preferential trade of Singapore f or both exports and imports, 
as well as its main preferential and non -preferential trading partners.  
Chart 2.2 Share of preferential trade and largest trading partners, 2019  
 
Source:  WTO Secretariat calculati ons based on UN Comtrade database.  
2.25.   The share of trade with preferential partners is over 95% for both exports and imports. As far 
as imports are concerned, almost all of Singapore's tariffs lines are duty free on a most -favoured 
nation  (MFN) basis (Section  3). 
0255075100Chart 2.[SGP]  TITLE ..........
Goods Other Services
% of RTAs
0,6%27,0%0,1%0,1%0,2%1,3%3,8%4,3%5,4%9,0%10,6%11,6%12,2%13,7%
Other partners without RTAOther partners with RTAGabonSouth AfricaIsraelRussian FederationKorea, Rep. ofIndonesiaJapanChinese TaipeiEU-27MalaysiaUnited StatesChina
1,4%29,3%0,2%0,2%0,7%0,7%4,2%4,5%7,0%7,8%8,8%10,5%11,4%13,2%
Other partners without RTAOther partners with RTAPapua New GuineaBahamasLiberiaMarshall IslandsChinese TaipeiJapanIndonesiaEU-27United StatesMalaysiaHong Kong, ChinaChinaMerchandise goods exports Merchandise goods importsChart 2.2 Share of preferential trade and largest trading partners, 2019
Source:   WTO Secretariat calculations, based on data taken from UNSD Comtrade database.RTApartners
Exports: 96.8%
Imports: 97.7%Partners without RTA
Exports: 3.2%
Imports: 2.3%WT/TPR/S/413 • Singapore  
 
- 34 - 
 
  2.26.   During the review period, seven new agreements were signed: Singapore -Sri Lanka; the 
Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP); 
ASEAN -Hong Kong, China; Singapore -European  Union; ASEAN -Japan; Singapore -United  Kingdom ; 
and the Regional Comprehensive Economic Partnership (RCEP). All of these agreements entered into 
force during the review period for Singapore except for the RCEP Agreement. The Singapore -Turkey 
agreement, signed before the review period, also entered int o force during the period.  
2.27.   In addition, Singapore reviewed and updated seven RTAs during the review period: 
Singapore -New Zealand FTA (1999), ASEAN -China FTA (2003), Singapore -Australia FTA (2003), 
Singapore -United  States FTA (2004), Singapore -India FTA (2 005), Singapore -China FTA (2009), and 
ASEAN -Australia -New Zealand FTA (2010).  
2.28.   ASEAN is Singapore's largest trading partner, accounting for 28.7% of total merchandise 
exports and 21.8% of total imports. The realization of the ASEAN Economic Community (AEC) in 
201515 was a major milestone in Singapore and ASEAN's regional economic integration agenda. 
However, the establishment of the AEC is a continuing process. This was exemplified in the adoption 
of the AEC Blueprint 2025, which builds on the foundation of the AEC  Blueprint 2015, and also 
focuses on new and emerging areas for integration to ensure that ASEAN stays relevant globally.  
2.29.   The AEC Blueprint 2025 seeks to transform ASEAN in order to develop into a: "(A)  highly 
integrated and cohesive economy, (B)  a competitive, innovative and dynamic ASEAN with 
(C) enhanced connectivity and sectoral cooperation, by remaining (D)  resilient, inclusive, 
people -oriented and people -centred and becoming a (E)  global ASEAN".16 ASEAN recently completed 
a mid -term review of i ts implementation progress17, which found that, overall, good progress was 
made in implementing the AEC Blueprint from 2016 to 2020. To date, ASEAN has implemented 
54.1% of the action lines reflected within the AEC Blueprint 2025. Selected achievements inc luded 
the: 
• adoption of the Digital Integration Framework (DIF) and its Action Plan in 2018 and 2019, 
respectively, which identify five policy areas in which action should be undertaken to 
develop a regional integrated digital economy;  
• adoption of the ASEAN  Trade Facilitation Framework in 2017 to improve the institutional 
operations and the ongoing implementation of the WTO Trade Facilitation Agreement;  
• live operation of the ASEAN Single Window (ASW) in 2019 for all ASEAN member states 
to exchange the ASEAN Trade in Goods Agreement (ATIGA) electronic certificate of origin;  
• signing of the ASEAN Agreement on Electronic Commerce in 2019;  
• adoption of Additional Guidelines on the Development of Mutual Recognition Agreements 
(MRAs), to assist ASEAN in the developme nt and maintenance of MRAs in 2018;  
• adoption of the ASEAN General Principles for Harmonisation of Regulatory Regimes in 
2019,  which aim to guide and direct the development and maintenance of harmonized 
regimes in ASEAN;  
• adoption of Additional Guidelines on  the Development of Mutual Recognition Agreements, 
which are for use by the ASEAN Product Working Groups in the development and 
maintenance of MRAs;  
• implementation of the ASEAN -Wide Self -Certification Scheme in 2020, a self -certification 
scheme under the A TIGA that allows Approved Exporters to self -declare the origin for their 
export s; 
 
15 For a detailed description of the AEC, see the previous TPR report, WTO document 
WT/TPR/S/343/Rev.1, 9  November 2016, para.  2.13. 
16 ASEAN (2021), Mid-Term Review: ASEAN Economic Community Bluepri nt 2025 , p. 1. Viewed at: 
https://asean.org/storage/2021/04/mid -term-review -report.pdf . 
17 ASEAN (2021), Mid-Term Review: ASEAN Economic Community Blueprint 2025 . Viewed at: 
https://asean.org/storage/2021/04/mid -term-review -report.pdf . WT/TPR/S/413 • Singapore  
 
- 35 - 
 
  • ongoing work to address and streamline non -tariff measures (NTMs), which included the 
endorsement of the Guidelines for the Implementation of ASEAN Commitments on NTMs 
on Goods;  
• signing of the Second and Third Protocol of the ASEAN Comprehensive Investment  
Agreement (ACIA) in 2017 and the Fourth Protocol of the ACIA in 2020, further creating a 
facilitative, transparent, and competitive investment environment in ASEAN;  
• signing of the ASEAN Trade in Services Agreement (ATISA) in 2020, which builds upon 
and en hances the existing ASEAN Framework Agreement on Services by reducing 
behind -the-border barriers. Singapore was also the first country to ratify the ATISA 
(5 April 2021);  
• signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement in 2020;  
• promoting Good Regulatory Practices (GRPs) to streamline and ensure coherence of 
regulations to reduce costs and burden of regulations to businesses. The Baseline Study 
on Regulatory Management Systems (RMS) in ASEAN was completed in 2019 and maps 
out ASEA N member states' initiatives to streamline regulations;  
• promoting global value chains (GVC) via the removal of formal market access and 
discriminatory restrictions, trade facilitation, and regulatory coherence through the Work 
Plan on Enhancing Global Valu e Chain Participation in ASEAN;  
• development of the ASEAN Data Management Framework (DMF), which provide s a 
step-by-step guide for businesses to put data management systems in place; and  
• development of the ASEAN Model Contractual Clauses (AMCC) for Cross Bo rder Data 
Flows, a template for contractual terms and conditions that may be included in binding 
legal agreements between businesses transferring personal data to each other across 
borders. Both the DMF and the AMCC were endorsed by the ASEAN Digital Minis ters' 
Meeting on 21  January  2021.  
2.30.   The Singapore -Sri Lanka FTA18 entered into force in May 2018. Its provisions include: (i)  the 
immediate elimination of tariffs for Singapore, except for tariffs on certain alcohol products, and a 
tariff elimination on 80% of all tariff lines through staging periods of up to 15 years for Sri Lanka; 
(ii) 12 months' validity for certificates of origin; (iii)  the allowance of third -party invoices (whereby 
Customs authorities in the importing country may accept a certificate of origin when the sales invoice 
is issued either by a company located in a third country or by an exporter for the account of the said 
company); (iv)  additional market access for services suppliers;  and (v)  additional investment 
protection provisions.  
2.31.   The CP TPP was ratified by Singapore in July 2018 and entered into force in December 2018. 
Its provisions include tariff elimination upon entry into force for 94% of Singapore's trade with CPTPP 
Parties (except for Mexico (88%) and Canada (99%), with whom Singapo re had no previous trade 
agreements), "trade facilitative" rules of origin (regional cumulation and alternative origin criteria), 
additional market access opportunities in some services sectors and in government procurement, a 
facilitative framework for th e digital economy (for example, removal of localization requirements, 
open Internet, prohibition of measures making market access contingent on forced transfers of 
technology, and bindings on duty -free for electronically transmitted products) and intellect ual 
property TRIPS+ provisions including on trademarks, patents, and geographical indications.  
2.32.   The ASEAN -Hong Kong, China FTA entered into force in June 2019. Its provisions include a 
reduction of  technical barriers to trade, a simplification of the requir ements of the certificate of 
origin, increased market access in some services sectors, and the guarantee of compensation in the 
event of nationalization or expropriation of a covered investment.  
 
18 For a detailed description of this Agreement, as well as of other agreements described in this section, 
see the factual p resentations submitted to the Committee on Regional Trade Agreements, whose references 
are listed in the last column of Table 2.1.  WT/TPR/S/413 • Singapore  
 
- 36 - 
 
  2.33.   The First Protocol to Amend the Agreement on Comprehensive Ec onomic Partnership among 
Members States of the Association of Southeast Asian Nations and Japan (AJCEP) was signed in 
June 2019. To date, it has entered into force for Japan and seven ASEAN member states, namely 
Brunei  Darussalam, Cambodia, Lao People's De mocratic Republic, Myanmar, Singapore, Thailand, 
and Viet  Nam. The Protocol expanded the  2008 ASEAN -Japan Comprehensive Economic Partnership  
by including provisions on trade in services, movement of natural people and investment.  
2.34.   The Singapore -EU FTA (SEUF TA) stipulates 100% elimination of tariffs for EU exports as of 
the entry in force of the Agreement, which took place on 21  November  2019. The Agreement also 
contains more liberal and flexible rules of origin for Singapore's exports, including ASEAN 
cumula tion, improved market access for a number of services sectors, mutual increased bidding 
opportunities in government procurement, and reduction of duplicative testing and certification 
procedures, as well as of other non -tariff barriers for electronics, pha rmaceuticals and medical 
devices, motor vehicles and vehicle parts, renewable energy generation equipment, and 70 years of 
copyright protection.  
2.35.   The Singapore -United Kingdom FTA (SUKFTA), signed on 10  December  2020, was 
provisionally applied on 1  January  2021 and entered into force on 11  February  2021. Under the 
SUKFTA, Singaporean and UK companies enjoy the same benefits under the SEUFTA. It also contains 
flexible rules of origin, reduction of non -tariff barriers in four major sectors (electronics, motor 
vehicles and vehicle parts, pharmaceutical products and medical devices, and renewable energy 
generation), and increased access to their respective services and government procurement 
markets, as well as enhanced protection of intellectual property rights.  
2.36.   The RCEP Agreement has more expansive investment provisions than existing ASEAN FTAs, 
such as in the area of prohibition of performance requirements. The Agreement also establishes a 
common set of rules of origin, including the accumulation of value across  stages of production in 
different countries and a regional value content of 40%. Services provisions are also based on 
negative listing. Although of a lower level of ambition, the e -commerce provisions in the RCEP 
Agreement are similar to those of the CPT PP. 
2.37.   The Singapore -Australia FTA (SAFTA) (2003) was updated during the review period, and its 
new version entered into force in December  2017. The upgraded SAFTA provides for improved rules 
of origin and customs procedures; further reduction of non -tariff b arriers on wine and distilled 
products, cosmetics, medical devices, and pharmaceutical products; better access to service sectors; 
and mutual enhanced access to government procurement contracts.  
2.38.   The ASEAN -China FTA (2003) was complemented by an upgraded pr otocol in September  2016 
and by new rules of origin in September 2019. New provisions include an elimination of tariffs19; 
regional cumulation20; product -specific and more liberal, flexible, and business -friendly rules of 
origin for mineral fuels and oils,  pharmaceuticals, chemical products, and machinery and electrical 
equipment; back -to-back arrangements21; third -party invoicing22; additional market access 
opportunities for services; provisions for MSMEs; and a future work programme.  
2.39.   The Singapore -New Zealand FTA (1999) was updated in May 2019. The upgraded Agreement 
contains more flexible rules of origin for electronics, chemicals, pharmaceuticals, and processed 
foods; enhanced customs procedures and trade facilitation (goods released within 24  hours and 
within 4 hours for express consignments); and enhanced and more transparent SPS measures in 
the form of three Implementing Arrangements (IAs). With these IAs, Singapore food exporters can 
benefit from improved market access and expedited clearance of expor ts. The IAs also enhance 
transparency of regulations, allowing Singaporean exporters to better comply with New  Zealand's 
 
19 Singapore had already eliminated all tariff lines as at 2018. Hence, there is no further tariff elimination 
by Singapore un der the Upgrade Protocol.  
20 To qualify as originating, goods finished in Singapore must have at least 40% of their content 
(by value) originate in ASEAN or China, or non -originating materials must undergo a change in HS code at 
least at the 4 -digit level f or select goods.  
21 Originating goods brought into Singapore from ASEAN member states or China and re -exported within 
these countries (as part of Singapore's transhipment hub distribution role), without any processing in 
Singapore, are eligible for tariff c oncessions. Originating products passing through Parties to the Agreement 
can also retain their originating status.  
22 Customs authorities in the importing country may accept a certificate of origin when the sales invoice 
is issued by a different country or  a different company is exporting the originating goods in various sectors.  WT/TPR/S/413 • Singapore  
 
- 37 - 
 
  requirements. Regarding TBT measures, the upgraded Agreement also introduced a new framework 
for the negotiation of mutual recognition agreements (MRAs) and two new MRAs on electronic and 
electrical equipment and good manufacturing practices of medical products. The upgraded 
Agreement also contains new chapters on e -commerce and regulatory cooperation.  
2.40.   The ASEAN -Australia -New Zealand FTA (2010) was amended by a protocol that entered into 
force in October 2015. The provisions of the upgraded agreement promoted trade facilitation by, 
inter alia, streamlining the information requirements and simplifying administrative procedures for 
certifica te of origin forms.  
2.41.   The Singapore -India FTA (2005) was amended by a protocol that entered into force in 
September 2018. The provisions of the upgraded Agreement include expanded tariff concessions for 
an additional 30 originating goods from Singapore, incl uding food items and nylon moulding powder. 
The protocol also includes more flexible rules of origin, the inclusion of a de minimis  provision, and 
new product -specific rules for goods such as machinery parts and edible oils.  
2.42.   The Singapore -United  States FTA  (SUSFTA) (2004) was updated in February 2018, comprising 
an administrative update to align the SUSFTA's product -specific rules of origin with the 2017 version 
of the HS Classification. This is meant to facilitate companies' applications for preferential t reatment 
in goods trade under the SUSFTA. The updates to the rules of origin took effect on 
1 September  2020.  
2.43.   The China -Singapore Free Trade Agreement (CSFTA) (2009) was revised during the review 
period. The CSFTA Upgrade Protocol entered into force in 2019. The Protocol provides for rules of 
origin that would allow more petrochemical exports from Singapore to qualify for preferential 
treatment; the establishment of the Electronic Origin Data Exchange System (EODES); enhanced 
investment protection standa rds; increased market access in China's legal, maritime, and 
construction services sectors; and commitments in new areas such as e -commerce, competition, 
and environment. The upgraded Customs Procedures and Trade Facilitation chapter is meant to 
increase e fficiency and predictability for traders in the areas of release of goods, advance rulings, 
and express shipments.  
2.3.3   Other agreements and arrangements  
2.44.   Singapore does not receive any unilateral preferences vis-à-vis other WTO Members. 
Singapore also does not grant any unilateral preferences, especially since Singapore maintains tariffs 
on only four tariff lines.  
2.4  Investment Regime  
2.45.   The Economic Development Board, an agency under the MTI, is in charge of, inter alia, 
attracting foreign investment. It is responsible for strategies that enhance Singapore's position as a 
global centre for business, innovation, and talent.  Once established, foreign companies are regulated 
by the Accounting and Corporate Regulatory Authority per the requirement of Singapore's corporate 
law. 
2.46.   There have been no major changes to Singapore's investment regime since its previous 
Review. Investments (both foreign and domestic) are govern ed by sector -specific regulations and 
laws of general application (e.g. the Companies Act and the Law of Contract). The general policy is 
to attract foreign investment.  Singapore applies no restrictions on reinvestment or repatriation of 
earnings or capita l. 
2.47.   Singapore maintains some limitations on foreign ownership and on business scope and some 
residency restrictions on sectors considered as strategic and/or critical for national security, such as 
broadcasting, domestic news media, retail banking, legal an d accounting services, ports and airports 
(Section 4.4), and residential property ownership. Under Singaporean law, the constitution of a 
company may also include shareholding limits that restrict foreign ownership in companies in some of 
these sectors.  
2.48.   More specifically, investment in local free -to-air and cable broadcasting sectors is partially 
restricted for foreign firms, as Section 44 of the Broadcasting Act limits foreign equity ownership of WT/TPR/S/413 • Singapore  
 
- 38 - 
 
  companies broadcasting in Singapore to 49% or less, although  the Act does allow for exceptions. 
Individuals cannot hold shares that would make up more than 5% of the total votes in a broadcasting 
company without the Government's prior approval.  
2.49.   The Newspaper and Printing Presses Act (NPPA) restricts equity ownershi p (local or foreign) 
of newspaper companies to less than 5% per shareholder unless the Government's approval is first 
obtained, and the Act also requires that directors be Singapore citizens. Newspaper companies must 
issue two classes of shares, ordinary a nd management, with the latter available only to citizens or 
corporations approved by the Government. Holders of management shares have more voting rights 
on resolutions for the appointment or dismissal of a director or any member of the staff of a 
newspap er company, but they have the same voting rights as ordinary shareholders in all other 
aspects.  
2.50.   Regarding residential property ownership, foreigners are not allowed to purchase public 
housing in Singapore, and prior approval from the Singapore Land Authori ty is required to purchase 
landed residential property and residential land for development. Foreigners can purchase 
non-landed, private sector housing (e.g. a condominium or a unit within a building) without the need 
to obtain prior approval. However, the y are not allowed to acquire all the apartments or units in a 
development without prior approval. These restrictions also apply to foreign companies.  
2.51.   Singapore is a party to the Convention on the Settlement of Investment Disputes between 
States and Nationa ls of Other States (International Centre for Settlement of Investment Disputes 
(ICSID) Convention). Singapore passed the Arbitration (International Investment Disputes) Act to 
implement the ICSID Convention in 1968.  
2.52.   Singapore acceded to the Convention on t he Recognition and Enforcement of Foreign 
Arbitration Awards (1958 New York Convention) in August 1986 and gave effect to it via the 
International Arbitration Act (IAA).  
2.53.   Singapore became a member of the Multilateral Investment Guarantee Agency, under the 
World Bank Group, in February 1998.  
2.54.   Singapore is also a party to the United Nations Convention on International Settlement 
Agreements Resulting from Mediation (also known as the SCM, as noted above), which entered into 
force on 12  September  2020. The SCM pr ovides a process for parties to enforce or invoke an 
international commercial mediation settlement agreement once the conditions and requirements of 
the SCM are met. Singapore has put in place domestic legislation to give effect to the SCM : the SCM  
Act (20 20) and the Supreme Court of Judicature (Singapore Convention on Mediation) Rules (2020) 
came into effect on 12  September  2020.  
2.55.   Table 2.2 lists the bilateral investment treaties (BITs) concluded by Singapore.  
Table 2.2 Bilateral investment treaties  
Partner  Date signed  Entry into force  
1  United  States  25 March 1966  25 March  1966 
2  Canada  30 July 1971 30 July 1971 
3  Netherlands  16 May 1972 7 September  1973 
4  Germany, Federal Republic of  3 October 1973  1 October 1975  
5  United Kingdom  22 July 1975 22 July 1975 
6  France  8 September  1975 18 October 1976  
7  Switzerland  6 March  1978 3 May 1978 
8  Belgo -Luxembourg Economic Union  17 November 1978  27 November 1980  
9  ASEAN (replaced by the ACIA on 
29 March  2012)  26 February 2009  29 March  2012 
10  Chinese  Taipei  9 April 1990 9 April 1990 
11  Viet Nam 29 October 1992  25 December 1992  
12  Poland  3 June 1993 29 December 1993  
13  Pakistan  8 March 1995  4 May 1995 
14  Czech  Republic  8 April 1995 7 October 1995  WT/TPR/S/413 • Singapore  
 
- 39 - 
 
  Partner  Date signed  Entry into force  
15  Mongolia  24 July 1995 7 January 1996  
16  Cambodia  4 November 1996  24 February 2000  
17  Lao People's Democratic Republic  24 March  1997 26 March  1998 
18  Egypt  15 April 1997 20 March  2002 
19  Hungary  17 April 1997 1 January 1999  
20  Latvia  7 July 1998 18 March1999  
21  Slovenia  25 January 1999  8 September  2000 
22  Mauritius  4 March2000  19 April 2000 
23  Belarus  15 May 2000 13 January 2001  
24 Uzbekistan  15 July 2003 23 November 2003  
25 Bulgaria  15 September  2003 10 February 2006  
26 Bahrain, Kingdom of  27 October 2003  8 December 2004  
27 Bangladesh  24 June 2004 19 November 2004  
28 Jordan  29 April 2004 22 August 2005  
29 Saudi Arabia, Kingdom of  10 April 2006 5 October 2007  
30 Ukraine  18 September  2006 14 July 2007 
31 Slovak  Republic  13 October 2006  6 June 2007 
32 Oman  10 December 2007  12 October 2008  
33  Korea, Democratic People's Republic of  2 December 2008  18 March2009  
34 Libya 8 April 2009 22 December 2011  
35  Kuwait , State of  5 November 2009  15 April 2013 
36  Mexico  12 November 2009  3 April 2011 
37  Russian  Federation  27 September  2010 16 June 2012 
38  United Arab Emirates  24 June 2011 8 April 2012 
39 Iran, Islamic Republic of  29 February 2016  28 February 2018  
40 Mozambique  24 August 2016  Not in force yet  
41 Nigeria  4 November 2016  Not in force yet  
42  Qatar  17 October 2017  25 April 2018 
43 Kenya  12 June 2018 Not in force yet  
44 Rwanda  14 June 2018 16 October 2020  
45 Indonesia  11 October 2018  9 March  2021 
46 Kazakhstan  21 November 2018  Not in force yet  
47 Myanmar  24 September  2019 9 October 2020  
Source:  Information provided by the authorities.  
2.56.   During the review period, Singapore concluded nine new BITs with Indonesia, the Islamic 
Republic of Iran, Kazakhstan, Kenya, Mozambique, Myanmar, Nigeria, Qatar, and Rwanda. In the 
meantime, five  BITs entered into force: Indonesia (9  March  2021), the Islamic Republic of Iran 
(28 February 2018), Myanmar (9  October 2020),  Qatar (25  April 2018), and Rwanda (16  October 
2020). The negotiation of a new BIT agreement with the United  Kingdom is planned as a follow -up 
to the SUKFTA, which was recently concluded.  
2.57.   Singapore has an extensive bilateral tax treaties network, composed of three types of legal 
instruments: 88 double taxation avoidance agreements (DTAs), 8 limited agreements, and 
2 exchange of information agreements.23 
2.58.   Five DTAs (with Cambodia, Laos, South  Africa, Sri Lanka, and Uruguay) concluded by 
Singapore before July 2016 entered into force between July 2016 and September 2021. During this 
period, Singapore also concluded the negotiation or review of 14 tax treaties, 13 DTAs (with Armenia, 
Brazil, Ethiopia, Gabon, Ghana, Greece, India, Indonesia, Kenya, the Republic of  Korea, Nigeria, 
Tunisia, and Turkmenistan), and 1  exchange of information agreement (with the United  States). 
 
23 For a complete list of these agreements and for their texts, see Inland Revenue Authority of 
Singapore, List of DTAs, Limited Treaties and EOI Arrangements . Viewed at: 
https://www.iras.gov.sg/irashome/Quick -Links/International -Tax/List -of-DTAs--limited -treaties -and-EOI-
arrangements/ . WT/TPR/S/413 • Singapore  
 
- 40 - 
 
  Six of these agreements (with Armenia, Brazil, Gabon, Greece, Indonesia, and Kenya) have not yet 
entered into force.  
In addition, Singapore signe d on 29  May 2013 the Multilate ral Convention to Implement Tax Treaty 
Related Measures to Prevent Base Erosion and Profit Shifting  (MLI). The MLI  entered into force for 
Singapore on 1  June 2016 and covers all existing DTAs with members of the OECD Inclusive 
Framework. With Singapore' s ratification of the MLI, a covered DTA will be amended if the treaty 
partner has also chosen to cover the DTA under the MLI.24 
 
 
24 The tre aties that have been amended include those with Albania, Australia, Austria, Barbados, 
Belgium, Canada, Cyprus, Czech  Republic, Denmark, Egypt, Finland, France, Georgia, the territory of 
Guernsey, India, Indonesia, Ireland, the territory of the Isle of Man , Israel, Japan, the territory of Jersey, 
Kazakhstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, the Netherlands, New  Zealand, 
Oman, Pakistan, Panama, Poland, Portugal, Qatar, the Russian  Federation, San Marino, the Kingdom of 
Saudi  Arabia, the Slovak  Republic, Slovenia, Ukraine, the United  Arab Emirates, the United Kingdom, and 
Uruguay.  WT/TPR/S/413 • Singapore  
 
- 41 - 
 
  3  TRADE POLICIES AND PRACTICES BY MEASURE  
3.1  Measures Directly Affecting Imports  
3.1.1   Customs procedures, valuation, and requirements  
3.1.1.1   Customs procedures  
3.1.  The main legislation governing Singapore's customs regime includes the Customs Act 
(Chapter  70), the Goods and Service Tax Act (Chapter 117A), the Regulation of Imports and Exports 
Act (Chapter 272A), the Free  Trade Zones Act (Chapter 114), the Strategic Goods (Control) Act 
(Chapter 300), and the Chemical Weapons (Prohibition) Act (Chapter 37B).  
3.2.  No major changes to Singapore's customs procedures have taken place since the previous 
Review in 2016. Any business e ntity wishing to engage in import activities must first register with 
the Accounting and Corporate Regulatory Authority (ACRA) and obtain a Unique Entity Number 
(UEN). For most businesses, the UEN is issued by the ACRA, but it may also be issued by other 
government agencies.1 Importers must activate a customs account and maintain an Interbank Giro 
with Singapore Customs to make payments for duties, taxes, fees, penalties, and other charges.  
3.3.  Customs procedures are entirely digitalized and carried out throug h the national single window, 
TradeNet, which is an IT platform connecting the trade community with Singapore Customs and 
other trade regulatory agencies. All trade declarations are submitted and processed through 
TradeNet. An import permit must be obtaine d for each import consignment, except under certain 
situations specified by the regulations.2 In order to apply for a permit (or any certificate or 
authorization), importers are required to register as a declaring agent and obtain a TradeNet user  ID; 
they may otherwise appoint a declaring agent to apply for an import permit on their behalf. Declaring 
agents must undergo an assessment by Singapore Customs during both the registration process and 
subsequent renewals. This assessment is done under a set of cr iteria prescribed in the Declaring 
Agent Governance Framework, which aims to raise the level of proficiency and professionalism of 
the declaring agency industry, by incentivizing declaring agencies to improve their internal control 
procedures and processes  and keep good compliance records.3 
3.4.  Import permit applications are submitted electronically via the TradeNet Frontend application; 
the approved permit is returned to the trader through the same application. Typically, a permit 
application costs SGD  2.88. According to the Time Release Study for Singapore (2018), the customs 
permit application submitted to TradeNet is generally approved within 10 minutes.4 
In September  2018, Singapore launched the Networked Trade Platform (NTP), a one -stop 
next-generation t rade and logistics ecosystem that connects players across the trade value chain in 
Singapore and abroad. The NTP will gradually replace TradeNet as the single platform for permit 
application. With the NTP, an approved TradeNet import permit can be directly  returned in structured 
data format to the trader, who can reuse the data for other services transactions with Singapore 
Customs or the trader's business partners, thus cutting costs and expediting processes. 
Currently,  both TradeNet and NTP operate in par allel. 
3.5.  For conventional import cargo, the goods and a printed copy of the customs permit and 
supporting documentation (i.e. invoice, bill of lading/airway bill, and packaging list) must be 
presented to the clearance officials from the Immigration and Check point Authority (ICA) at the time 
of cargo clearance. For containerized cargo by air or land, importers are required to produce the 
customs permit and said documents to checkpoint officers, whereas for containerized cargo by sea 
 
1 For a list of UEN -issuing entities, see UEN, About UEN . Viewed at: 
https://www.uen.gov.sg/ueninternet/faces/pages/admin/aboutUEN.jspx?_afrLoop=2057048312934323&_afrWi
ndowMode=0&_afrWindowId=psvfeqdw9&_adf.ctrl -state=dqsb68lo2_2 7. 
2 For information on situations where an import permit is not required, see Singapore Customs, Types of 
Import Permits . Viewed at: www.customs .gov.sg/businesses/importing -goods/import -procedures/types -of-
import -permits . 
3 Singapore Customs, Declaring Agent (DA) Account and Declarant . Viewed at: 
https://www.customs.gov.sg/businesses/new -traders -and-registration -services/registration -services/apply -
update -renew -terminate -declaring -agent -account -and-declarant . 
4 Singapore  Customs, Time Release Study for Singapore (2018) . Viewed at: 
https://www.customs.gov.sg/news -and-media/publications/Time%20Release %20Study%20for%20Singapore 
%20(2018).pdf . WT/TPR/S/413 • Singapore  
 
- 42 - 
 
  there is no such requiremen t due to the implementation of paperless clearance.5 Other documents 
that may be required include import licences for controlled goods, phytosanitary certificates, health 
certificates, certificates of conformity, certificates of analysis, and certificates  of origin. Importers 
are required to keep the relevant documents for five years from the date of approval of the permit 
application approval. The ICA conducts physical examination of imports based on risk assessment. 
Information on the annual percentage o f import cargos that is subject to physical examination or 
on documentary examination (or both) is not published. Post -clearance audits may be carried out 
for past shipments.  
3.1.1.2   Trade facilitation  
3.6.  Singapore ratified the WTO Trade Facilitation Agreement (TFA) on 8 January  2015 and notified 
all the TFA provisions under its Category A commitments6, meaning that it has implemented them 
since the entry into force of the TFA (22  February  2017).  
3.7.  For over a decade, Singapore has operated several programmes to facilit ate trade, while at the 
same time making it more secure. Its Trade Facilitation and Integrated Risk -based System 
(TradeFIRST), in place since 2011, provides an integrated framework to assess companies applying 
for a Singapore Customs scheme and determine t he level of trade facilitation to be accorded. Under 
TradeFIRST criteria, companies are assessed and classified into five tiers: basic, standard, 
intermediate, enhanced, and premium. The higher a company's tier classification, the greater the 
level of trad e facilitation it enjoys (Table 3.1). A company that obtains a premium classification will 
enjoy the facilitation measures pertaining to its tier, as well as the ones accorded to all the lower 
tiers. All registered companies are accorded the facilities ava ilable under the basic tier.  
3.8.  The Secure Trade Partnership Programme (STP), which has been operated by Singapore 
Customs since 2007, is a voluntary certification programme that encourages companies to adopt 
strong security measures using a risk -based approa ch in their trading operations in order to enhance 
global supply chain security.7 All supply chain stakeholders, such as importers, exporters, 
manufacturers, freight forwarders, warehouse operators, transporters, and terminal operators, can 
participate in  the programme. Certified companies are considered trusted partners and enjoy 
benefits. Companies with high security standards can be awarded STP -Plus status (the highest tier 
of the certification programme), meaning that their cargos will be considered to  be low -risk and 
subject to less frequent customs inspections, resulting in time -saving benefits at the border. In 
addition, STP -Plus companies may have their certified status recognized under the Mutual 
Recognition Agreements (MRAs) signed by Singapore Cu stoms with other customs administrations. 
Since its previous Review, Singapore has signed new MRAs with Thailand (2018), Australia  (2018), 
and New  Zealand (2019). It also has MRAs with Canada; China; Hong Kong, China; Japan; 
the Republic of Korea; Chinese  Taipei; and the United  States. In August 2020, there were 108  STP 
and 88 STP -Plus certified companies (compared with 72 and 77, respectively, in January 2016).  
Table 3.1 Overview of the TradeFIRST Assessment F ramework, August 2020  
Trade facilitation and customs schemes included under each tier  Number of 
certified 
companies  
Basic:  
 - Waiver of the requirement to lodge a security for certain transactions, such as the storage or 
 temporary import of dutiable goods, if the amount required is SGD  2,000 or less;  
 - Temporary Import Scheme (temporary import of goods with suspension of duty  and GST 
 (Goods and Services Tax), or temporary export of GST -paid goods and their re -import 
 without GST and duty);  
 - Cargo Agent's Import Authorization (CAIA) Scheme (option for cargo agents to take delivery 
 of their air cargos before obtaining the relevant customs permits);  
 - Certificate of Origin (CO); and  
 - TradeNet account.  All registered 
entities 
 
5 Singapore Customs, Quick Guide for Importers . Viewed at: 
https://www.customs.gov.sg/businesses/importing -goods/overview . 
6 WTO document WT/PCTF/N/SGP/1, 18 June 2014.  
7 Singapore Customs, Secure Trade Partnership (STP) & STP -Plus. Viewed at: 
https://www.customs.gov.sg/businesses/customs -schemes -licences -framework/secure -trade-partnership -stp. WT/TPR/S/413 • Singapore  
 
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  Trade facilitation and customs schemes included under each tier  Number of 
certified 
companies  
Standard:  Basic, plus:  
 - Licensed Warehouse (LW) Schemea Type I;  
 - Zero-GST Warehouse Type 1 (for operators that store imported goods with at least 80% 
 intended for re -export);  
 - Microbrewery; and  
 - Compressed Natural Gas Station.  57 
Intermediate:  Standard, plus:  
 - Licensed Warehouse Scheme Type II ; 
 - Zero-GST Warehouse Scheme Type II  (for operators that store imported goods at one 
 location, for regional/international and/or local distribution); and  
 - Secure Trade Partnership . 145 
Enhanced:  Intermediate, plus:  
 - Strategic Trade Scheme Bulk Permit;  
 - Licensed Warehouse Scheme Type III;  
 - Zero-GST Warehouse Scheme Type III (for operators that store imported goods at different 
 locations, for international/regional and/or local distribution);  
 - Petroleum and Biodiesel Blends Licence (to manufacture dutiable petroleum products and 
 store dutiable and non -dutiable petroleum products in licensed premises with suspension of 
 duty and GST);  
 - Air Store Bond Scheme (licensed premises for storing dut iable goods intended for supply to 
 airlines operating out of Changi airport terminals, with suspension of duty and GST);  
 - Duty-Free Shop Scheme (for the sale of dutiable goods at duty -free prices to travellers 
 departing from or returning to Singapore);  
 - Excise Factory Scheme (licensed premises for manufacturing and storing dutiable goods with 
 suspension of duty and GST);  
 - Container Freight Warehouse Licence (allows logistics operators to conduct bulk breaking 
 and consolidation operations on cargos  with less than full container load outside a free trade 
 zone); and  
 - Company Declaration Scheme (allows approved operators to remove local goods or goods 
 with GST accounted for from the Airport Logistics Park of Singapore into the customs 
 territory us ing a Company Declaration form in lieu of TradeNet permits).  161 
Premium:  Enhanced (above), plus:  
 - Waiver of security for most types of transactions;  
 - Reduced container sealing;  
 - Waiver of post -importation documentation checks;  
 - Secure Trade Partnership Plus;  
 - APEX Licence (savings in licence fees and simplified documentation requirements);  
 - Consolidated declaration; and  
 - Bonded Truck Scheme (facilitated time -sensitive transhipments between land checkpoints 
 and Changi Free Trade Zone).  111 
a The LW Scheme allows approved companies to store imported dutiable goods (liquor, tobacco, motor 
vehicles, petroleum, and biodiesel blends) for an indefinite period of time in a designated area licensed 
by Singapore Customs, with the duty and GST su spended. These will be payable only when the goods 
are removed into the local market. There are three LW licence types (Type I, Type II, and Type III). 
The level of facilitation granted and the criteria on the company's record -keeping and internal controls  
standards increase from Type I to Type III.  
Source:  Singapore Customs, TradeFIRST . Viewed at: https://www.customs.gov.sg/businesses/customs -
schemes -licences -framework/trade -first. 
3.9.  The services provided to the trade and logistics community through the old TradeXchange 
platform were migrated to the NTP in May 2018. In addition to providing a one -stop portal for 
business -to-government transactions, the NTP offers an ecosystem of busine ss-to-business 
trade -related services. It enables businesses to share data and documents with partners and the 
Government, and to reuse their data in subsequent operations, thus reducing multiple data entries 
and enabling faster completion of trade -related  processes. Government services offered through the 
NTP include, inter alia, TradeNet registration, import permit return, electronic submission and 
exchange of preferential certificates of origin, electronic application and digital retrieval of certificate s 
of non -manipulation, and digital Customs endorsements for goods exported under the Hand -Carried 
Export Scheme.8 The business -to-business trade -related services currently offered on the NTP 
include the electronic Certificate of Origin Preparation service , which enables shippers and their 
authorized agents to reuse data from Customs' approved permits to apply for non -preferential 
 
8 Services offered by the NTP can be accessed at: https://www.ntp.gov.sg/public/government -services . WT/TPR/S/413 • Singapore  
 
- 44 - 
 
  certificates of origin electronically, trade financing services, and trade permit preparation and permit 
report services.9 
3.10.   During the review period, Singapore actively engaged in trade facilitation initiatives within the 
Association of Southeast Asian Nations (ASEAN) community. Some of the main developments in this 
regard include: (i)  the adoption of the ASEAN Trade Facilitation F ramework in 2016; (ii)  the launch 
and gradual implementation of the ASEAN Single Window, which was completed in December  2019; 
(iii) the implementation of the ASEAN -Wide Self -Certification Scheme in September 2020; and 
(iv) the launch of the ASEAN Customs Transit System Live Operation, including six  member 
states  (Cambodia, Lao  People's Democratic Republic, Malaysia, Thailand, Singapore, and Viet  Nam) 
in 2020.  
3.1.1.3   Customs valuation  
3.11.   There have been no amendments to Singapore's customs valuation regime since the previous 
Review. The value of goods for customs purposes is determined according to the Customs 
(Valuation) Regulations10, which follow the valuation methods sequencing established in the 
WTO Agreement on Customs Valuation. The primary basis of valuation i s the transaction value, 
i.e. the price paid or payable for the imported goods when sold for export to Singapore. Cost, 
insurance, freight, handling charges, and all other charges incidental to the sale and delivery of the 
goods are considered in determini ng the customs value. If any component of the customs value is 
settled in a foreign currency, it is converted into Singapore dollars using the selling rate of that 
currency prevailing at the time when customs duties and/or excise duties are paid for the im ported 
goods.  
3.12.   Importers may apply for an advance ruling on customs valuation to Singapore Customs.11 A 
fee of SGD  165 is charged for each application. An advance ruling is valid for three years after the 
date of issuance, or until the date a provision of t he Customs Act (including its subsidiary legislation) 
is repealed or amended to the extent that the repeal or amendment changes the way that provision 
applies to the advance ruling, whichever comes earlier. The authorities indicate that there were no 
advan ce rulings issued during the review period.  
3.1.2   Rules of origin  
3.13.   There were no changes to the regulations on rules of origin during the reporting period. 
Singapore does not apply MFN rules of origin nor require certificates of origin for such imports. 
Preferent ial rules of origin are applied in accordance with the requirements set out in the free trade 
agreements (FTAs) to which Singapore is a party.  
3.14.   Singapore Customs issues non -preferential certificates of origin for locally manufactured or 
processed goods. A f ew organizations (i.e. chambers of commerce) are authorized to issue 
non-preferential certificates of origin for goods that are locally manufactured or processed, and for 
goods from other countries that are re -exported from Singapore. Only Singapore Custom s has the 
authority to issue preferential certificates of origin.  
3.15.   Through the ASEAN Single Window, Singapore -based traders can transmit 
"Form  D" (combined declaration and certificate of origin) electronically under the ASEAN Trade in 
Goods Agreement (ATIGA ) to other ASEAN member states (except the Philippines) to claim 
preferential tariff treatment. The ASEAN -Wide Self -Certification (AWSC) scheme, under the ATIGA, 
was implemented on 20  September  2020. The AWSC enables registered certified exporters in all 
ASEAN  member states to self -declare the origin for their exports under the ATIGA, instead of 
applying for a certificate of origin with the competent authority in their respective State.12 
 
9 NTP, Value -Added Services (VAS) . Viewed at: https://www.ntp.gov.sg/public/browse -vas-catalogue . 
10 Customs Act (Chapter 70, RG 8). 
11 Applications can be submitted online at: https://www.customs.gov.sg/businesses/valuation -duties -
taxes -fees/application -for-customs -ruling -on-valuation . 
12 For more information, see Singapore Customs, Handbook for ASEAN -Wide Self -Certification (AWSC) 
under the ASEAN Trade in Goods Agreement (ATIGA) , December 2020. Viewed at: 
https://www.customs.gov.sg/documents/businesses/Handbook%20on%20the%20implementation%20of%20th
e%20ASEAN%20WIDE%20SELF%20(final).pdf . WT/TPR/S/413 • Singapore  
 
- 45 - 
 
  3.16.   Under the Singapore -China FTA, the customs authorities of both partie s agreed to establish 
the Electronic Origin Data Exchange System (EODES) to allow for the electronic transmission of 
preferential certificates of origin and certificates on non -manipulation between Singapore and China. 
The EODES came into effect on 1  Novem ber 2019.  
3.1.3   Tariffs  
3.17.   Singapore uses the ASEAN Harmonized Tariff Nomenclature (AHTN) as the basis for classifying 
its traded goods.13 At present, the AHTN is based on the 2017 version of the Harmonized 
System  (HS).  
3.18.   In 2021, Singapore's applied MFN tariff consi sts of 10,813 tariff lines at the 8 -digit level. All 
tariff lines are zero -rated, except for two product categories (comprising four tariff lines): stout or 
porter, and other beer made from malt, including ale. These products are subject to specific and 
bound tariffs (Table 3.2). On 15  April 2020, medicated samsu and other samsu were exempted from 
import duties in accordance with the Declaration on Trade in Essential Goods for Combating the 
COVID -19 Pandemic.14 
Table 3.2 Applied and bound MFN tariff rates, 2021  
HS code  Product description  MFN applied rate  Bound rate  
2203.00.11  Stout or porter of alcoholic strength not exceeding 
5.8% vol.  SGD 16.00/litre of 
alcohol  SGD 4.80/litrea 
2203.00.19  Stout or porter of alcoholic strength exceeding 
5.8% vol.  SGD 16.00/litre of 
alcohol  SGD 4.80/litrea 
2203.00.91  Other beer including ale, of alcoholic strength not 
exceeding 5.8% vol.  SGD 16.00/litre of 
alcohol  SGD 4.80/litrea 
2203.00.99  Other beer including ale, of alcoholic strength 
exceeding 5.8% vol.  SGD 16.00/litre of 
alcohol  SGD 4.80/litrea 
a The bound rate is specified per litre of beverage; the rate per litre of alcohol is not available.  
Source:  Information provided by the authorities.  
3.19.   As part of its Uruguay Round market access commitments, Singapore bound 69.6% of its 
tariff lines (100% of the tariffs on agricultural products and 65.1% of the tariffs on non -agricultural 
products). The fact that s ome 30% of tariff lines remain unbound could impart some degree of 
unpredictability to trade operators. Most bound tariffs are ad valorem , and range from 0% to 10%. 
The simple average bound rate is 6.6% (Table 3.3).  
Table 3.3 Summary analysis of bound rates, 2021  
Description  No. of 
lines Average 
bound 
rate 
(%) Range  
(%) Duty -
free lines  
(%) Bound 
tariff 
lines  
(%) Ad 
valorem 
rates  
(%) 
Total  10,813  6.6 0-10 18.8 69.6 99.0 
WTO agriculture  1,369  9.3 0-10 5.6 100.0  92.8 
 Animals and products thereof  152 9.1 0-10 8.6 100.0  100.0  
 Dairy products  45 6.2 0-10 37.8 100.0  100.0  
 Fruit, vegetables and plants  356 9.4 0-10 5.6 100.0  100.0  
 Coffee and tea  43 10.0 10 0.0 100.0  100.0  
 Cereals and preparations  200 8.7 0-10 12.5 100.0  97.8 
 Oil seeds, fats and oils and their 
 products  222 10.0 10 0.0 100.0  100.0  
 Sugar and confectionery  31 10.0 10 0.0 100.0  100.0  
 Beverages, spirits and tobacco  122 10.0 10 0.0 100.0  31.5 
 
13 The AHTN is harmonized at th e 8-digit level across all ASEAN member states.  
14 The Declaration, signed by Singapore and New  Zealand, commits Participants to eliminate tariffs on 
essential goods, not to apply export prohibitions or restrictions on essential goods, and facilitate trade.  WTO 
document G/C/W/777, 16 April 2020.  WT/TPR/S/413 • Singapore  
 
- 46 - 
 
  Description  No. of 
lines Average 
bound 
rate 
(%) Range  
(%) Duty -
free lines  
(%) Bound 
tariff 
lines  
(%) Ad 
valorem 
rates  
(%) 
 Cotton  5 10.0 10 0.0 100.0  100.0  
 Other agricultural products, n.e.s.  193 9.4 0-10 0.5 100.0  100.0  
WTO non -agriculture (incl. 
petroleum)  9,444  6.0 0-10 20.7 65.1 100.0  
 Fish and fishery products  437 9.4 0-10 6.2 100.0  100.0  
 Minerals and metals  1,554  5.0 0-10 25.2 52.4 100.0  
 Chemicals and photographic 
 supplies  1,506  5.1 0-10 18.9 97.3 100.0  
 Wood, pulp, paper and furniture  557 3.8 0-10 60.3 97.3 100.0  
 Textiles  855 9.9 0-10 0.4 70.1 100.0  
 Clothing  351 10.0 10 0.0 100.0  100.0  
 Leather, rubber, footwear and 
 travel goods  322 10.0 10 0.0 28.6 100.0  
 Non-electric machinery  1,329  6.5 0-10 24.2 71.8 100.0  
 Electric machinery  719 4.0 0-10 37.1 63.7 100.0  
 Transport equipment  1,019  7.2 0-10 2.1 7.5 100.0  
 Non-agriculture articles, n.e.s.  751 1.6 0-10 40.1 48.5 100.0  
 Petroleum  44 n.a. n.a. n.a. 0.0 n.a. 
n.a. Not applicable.  
Note:  Calculations are based on Singapore's 2020 tariff schedule. They exclude specific rates and include 
partially bound rates. The latest certified bound rates, available in the WTO CTS database, are in 
HS 07 nomenclature. Concordance to HS  17 has been done to  the best extent possible.  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
3.20.   Singapore does not apply tariff rate quotas.  
3.21.   In the context of its FTAs, Singapore accords to its trade partners preferential tariff treatment 
at a zero-rate on the eight tariff lines subject to MFN tariffs.  
3.1.4   Other charges affecting imports  
3.1.4.1   Goods and Services Tax (GST)  
3.22.   The GST is a consumption tax levied on both imported and domestically supplied goods and 
services at the standard rate of 7%, which has  remained unchanged since the previous Review. A 
zero-rate applies to the export of goods and the supply of international services.15 On imports of 
goods, the GST is collected by Singapore Customs at the point of entry and is based on the c.i.f. 
value of the goods, plus import duty and any other applicable charges, such as excise duty. Since 
January 2020, GST has been extended to import ed services, with the tax levied on imported 
business -to-business services and business -to-consumer digital services via a reverse charge 
mechanism and an overseas vendor registration mechanism, respectively. Supplies exempt from 
GST include most financial  services, the sale or lease of residential property, investment -grade gold 
and precious metals, and since 1  January  2020, digital payment tokens that are exchanged for other 
tokens or for currency.  
 
15 The zero -rate applies to international transport for goods and services, lease or hire of transport, 
services related to land/buildings/goods located overseas, services related to goods for export, services 
perform ed completely overseas, services supplied to overseas persons, supplies related to ships or aircraft, 
telecommunications services, trust services, colocation services for computer server equipment, services 
related to electronic systems for the import and export of goods, advertising services, supplies related to air 
and sea containers, and services performed on goods stored in a warehouse under the Specialised Warehouse 
Scheme.  WT/TPR/S/413 • Singapore  
 
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  3.23.   Singapore maintains several general or industry -specific GST relief schemes for businesses, 
which have remained practically unchanged since the previous Review. The only modification relates 
to the Specialised Warehouse Scheme16 (Table 3.4).  Generally, businesses can use the privileges of 
the relief schemes only  for their own goods or goods belonging to their non -GST-registered overseas 
customers.  
Table 3.4 GST relief schemes, August 2020  
Scheme  Description  Developments from 
2016 -20 
General    
Cash Accounting 
Scheme  Allows eligible small businesses (annual sales of less 
than SGD  1 million) to account for output tax upon 
receipt of payment from customers, instead of at the 
time of supply.  No change  
Discounted Sale Price 
Scheme  Allows dealers to charg e GST on 50% of the selling price 
of a used vehicle that was purchased free of GST.  No change  
Gross Margin Scheme  GST is accounted for on the gross margin instead of on 
the full value of goods supplied (available for second -
hand dealers).  No change  
Hand-Carried Exports 
Scheme (HCES)  For businesses wishing to zero -rate their supplies to 
overseas customers for goods hand -carried out of 
Singapore via Changi International Airport.  No change  
Import GST 
Deferment Scheme 
(IGDS)  Allows businesses to pay GST on imports with their 
monthly GST returns instead of at the point of 
importation.  No change  
Major Exporter 
Scheme (MES)  GST suspension on non -dutiable goods at the point of 
import and also when the goods are removed from an 
approved warehouse (unless the goo ds are for local 
consumption).  No change  
Zero-GST Warehouse 
Scheme  GST suspension on the import of non -dutiable overseas 
goods when these are moved to a Zero -GST warehouse.  No change  
Industry -specific    
Approved Contract 
Manufacturer and 
Trader (ACMT) 
Scheme  Eligible businesses are relieved of the need to account 
for GST on value -added activities supplied to non -GST-
registered overseas customers.  No change  
Approved Refiner and 
Consolidator Scheme 
(ARCS)  Benefits include GST suspension on qualify ing imports.  No change  
Approved Import GST 
Suspension Scheme  Additional import GST suspension benefits for qualifying 
aircraft parts (aerospace industry).  No change  
Approved Marine 
Customer Scheme  Zero-rating on purchases or rental of goods, and repair 
or maintenance services on ship parts or components.  No change  
Approved Marine Fuel 
Trader (MFT) Scheme  Exemption from GST payment when making local 
purchases of approved marine fuel oil.  No change  
Approved Third Party 
Logistics (3PL) 
Company Scheme  Exemption from the payment of GST on imports, or from 
charging GST on the supplies of overseas clients.  No change  
Specialised 
Warehouse Scheme 
(SWS)  Allows the zero -rating for qualifying services performed 
on qualifying goods stored in an Approved Specialised 
Warehouse, and for the lease/tenancy/licence to occupy 
a storage space in an Approved Specialised Warehouse.  Zero-rating of services 
extended to qualifying 
services that are 
supplied to an overseas 
person and directly 
benefit a GST -registered 
person in Singapore.  
Source:  Inland Revenue Authority of Singapore (IRAS). Viewed at: 
https://www.iras.gov.sg/irashome/GST/GST -registered -businesses/GST -schemes/ . 
3.24.   The GST remains a major source of tax revenue in Singapore. In FY  2019, total net GST 
collection on all goods and services consumed in Singapore (regardless of whether they were 
 
16 Prior to 1  January  2020, a supply of qualifying services had to directly bene fit persons outside 
Singapore for the GST zero -rating to apply. With the introduction of reverse charge (i.e. the extension of GST 
to imported business -to-business services) from 1  January  2020, suppliers may also zero -rate qualifying 
services supplied to an overseas person where the services directly benefit GST -registered persons in 
Singapore.  WT/TPR/S/413 • Singapore  
 
- 48 - 
 
  imported or not) was SGD  11.18 billion, or 16.5% of total tax revenue.17 GST collected on imports 
amounted to SGD  5.97 billion.18 
3.1.4.2   Other charges  
3.25.   A surcharge of SGD  10,000 is levied on each imported used car registered in Singapore.  
3.1.4.3   Excise duties  
3.26.   Excise duties are levied on local and imported alcohol products, tobacco and toba cco products, 
motor vehicles, and motor fuels. Since the previous Review, excise duties were increased on tobacco 
and tobacco products, and some motor fuel products. Also, the number of tariffs lines subject to 
excise duties was increased for three of thes e product groups, and new excise duties were introduced 
for diesel fuels in February 2017 (Table 3.5).  
Table 3.5 Excise duty rates and changes, 2016 -21 
Product  Rate Number of 
tariff linesa 
Alcohol 
products  SGD 88 per litre of alcohol, except for:  
- Stout, beer, porter, cider, perry, shandy: SGD  60 per litre of alcohol; and  
- Certain alcoholic preparations or concentrates: SGD  113 per kg.  62 
(up from 50)  
Tobacco 
and 
tobacco 
products  SGD 388 per kg (up from SGD  352 as at 19  February  2018), except for:  
- Certain tobacco products: SGD  427 per kg (up from SGD  388 per kg as 
at 19 February  2018);  
- Certain cigarettes: SGD 0.427 or every gram or part thereof of each stick 
of cigarettes (up from SGD 0.388 as at  19 February  2018); and  
- Beedies, Ang Hoon, and chewing and sucking tobacco: SGD  329 per kg 
(up from SGD  299 per kg as at 19  February  2018).  31 
(up from 30)  
Motor 
vehicles  20% of the vehicle's open market value (OMV), except for mopeds, motor 
scooters, certain motorized bicycles, and motorcycles (12%).  478 
Motor fuels  - Motor spirit:  
• RON 97 and above, leaded: SGD  7.10 per dalb; 
• RON 90 and above, but below RON 97, leaded: SGD  6.80 per dal;  
• Below RON 90, leaded: SGD  6.30 per dal;  
• RON 97 and above, unleaded: SGD  7.90 per dal;  
• RON 90 and above, but below RON 97, unleaded: SGD  6.60 per dal; 
and 
• Below RON 90, unleaded: SGD  3.70 per dal.  
 
- Automotive diesel fuel, other diesel fuels and biodiesel blends:  
SGD 2 per dal (up from SGD  1 as at 18 February  2019); and  
- Compressed natural gas: SGD  0.20 per kg.  17 
(up from 7)  
a Figures are based on number of HS codes.  
b One decalitre (dal) is equivalent to 10 litres.  
Source:  Singapore Customs, Duties and Dutiable Goods . Viewed at:  
https://www.customs.gov.sg/businesses/valuation -duties -taxes -and-fees/duties -and-dutiable -
goods . 
3.1.5   Import prohibitions, restrictions, and licensing  
3.27.   The overall framework for the application of import controls has remained fundamentally 
unaltered since the previous Review. Import prohibitions and licensing requirements are applied 
 
17 These figures are arrived at after netting off the refund of GST paid on imported inputs. Data from 
Ministry of Finance. Viewed at: https://www.singaporebudget.gov.sg/budget_2019/revenue -expenditure . 
18 Singapore Customs, Statistics . Viewed at: https://www.customs.gov.sg/news -and-
media/publications/statistics/ . WT/TPR/S/413 • Singapore  
 
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  mainly for health, safety, security, and environmental purposes, or to c omply with international 
agreements.  
3.28.   Prohibited imports include, inter alia, chewing gum, chewing tobacco, controlled drugs, 
certain chemicals, asbestos, and certain ozone -depleting substances. Since the previous Review, 
imitation tobacco products and merc ury-added products have been added to the list of prohibited 
items. In line with UN Security Council Resolutions, prohibitions are also maintained on imports of 
arms and related materials from a few countries. Imports of used motor vehicles that are over 
three years old (except vintage and classic cars) are not allowed.  
3.29.   A number of goods are subject to import licensing requirements, which can be either 
automatic or non -automatic depending on the product. Three categories of products are subject to 
automatic  import licensing: (i)  mastering and replication equipment for CDs, CD -ROMs, VCDs, DVDs, 
and DVD -ROMs; (ii)  films, video tapes, and video games; and (iii)  publications (books, magazines, 
other printed materials, and audio recordings).19 Table 3.6 lists the  products subject to import 
prohibition or non -automatic import licences, and identifies the relevant legislation and government 
agencies administering the restrictions.  
3.30.   Singapore has regularly submitted to the WTO Committee on Import Licensing its replies  to 
the Questionnaire on Import Licensing Procedures, which contains details on the eligibility criteria, 
documentation and other requirements, procedures, conditions, and timeframes for the issuance of 
import licences for each category of products subject  to licensing.20 The import licensing procedures 
are statutorily required and published in government gazettes, and while the administration of the 
licensing system is carried out by the relevant government agencies, the designation of the products 
to be s ubjected to licensing and the abolishment of the licensing system require legislative approval.  
Table 3.6 Goods subject to import prohibitions or non -automatic licensing  
Type of restriction/product  Legal basis  Administering 
agency  
Prohibitions    
Piranhas  Animals and Birds Act (1965) (revised 
edition 2002)  National Parks Board 
(NParks)  
Selected breeds of dogs and their 
crosses (Pit Bull, Neapolitan Mastiff, 
Tosa, etc.)  Animals and Birds Act (1965)  NParks  
Bengal and Savannah cat 4th 
generation crosses and below from 
the ancestral stock of Prionailurus 
bengalensis  and Leptailurus serval , 
respectively  Animals and Birds Act (1965)  NParks  
Chewing gum (except for therapeutic 
or research and development 
purposes)  Regulation of Imports and Exports Act and 
its Regulations (1995)  Singapore Customs 
(SC) 
Shisha tobacco  Tobacco (Control of Advertisements and 
Sale) (Prohibited Tobacco Products) 
Regulations (2014)  Ministry of Health 
(MOH)  
Emerging tobacco products  
(effective from 1  August  2016)  Tobacco (Control of Advertisements and 
Sale) (Prohibited Tobacco Products) 
Regulations (2014)  MOH 
Electronic nicotine delivery system 
(ENDS)/vaporizers  
(effective from 1  August  2016)  Tobacco (Contr ol of Advertisements and 
Sale) (Prohibited Tobacco Products) 
Regulations (2014)  MOH 
Medicines containing amygdalin, 
danthron, pangamic acid, and 
suprofen  Sale of Drugs Act (1919) and its 
Regulations (1985)  Health Sciences 
Authority (HSA)  
Polychlorinated biphenyl (PCB)  Environmental Protection and 
Management Act (EPM Act) and its 
Regulations (1999); Rotterdam and 
Stockholm Conventions  National Environment 
Agency (NEA)  
 
19 WTO document G/LIC/N/3/SGP/14, 26 November 2018.  
20 WTO document G/LIC/N/3/SGP/15, 24  April 2020.  WT/TPR/S/413 • Singapore  
 
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  Type of restriction/product  Legal basis  Administering 
agency  
Asbestos  EPM Act and its Regulations (1999); 
Rotterdam Convention  NEA 
Ozone -depleting substances 
(including chlorofluorocarbons)  EPM Act and EPM (Ozone Depleting 
Substances) Regulations (2008); Montreal 
Protocol  NEA 
Polychlorinated naphthalenes (PCN) 
and short -chained chlorinated 
paraffins (SCCP)  EPM Act and its Regulations; Rotterdam 
Convention and Stockholm Convention  NEA 
Mercury -added products  
(effective from 1  January 2020)  EPM Act and its Regulations; Minamata 
Convention  NEA 
- Arms and related materials, goods 
and technology related to nuclear, 
ballistic missile, and weapons of 
mass destruction programmes 
from the Democratic People's 
Republic of Korea;  
- Arms and related materials from 
the Islamic Republic of Iran and 
Libya;  
- Charcoal from Somalia; and  
- Chemical weapons, related 
equipm ent, goods, and technology 
from Syria  Regulation of Imports and Exports Act and 
its Regulations (1995); UN Security 
Council Resolutions  SC 
Scheduled chemicals under the 
Chemical Weapons Convention 
(CWC)  Chemical Weapons (Prohibition) Act and 
its Regulations (2000); CWC  National Authority 
(NA); CWC  
Prohibited telecommunications 
equipment (scanning receivers, 
military communication equipment, 
telephone voice -changing equipment, 
radio-communication jamming 
devices operating in any frequency 
band, ra dio-communication 
equipment operating in frequency 
bands 880  MHz-915 MHz, 925  MHz-
960 MHz, 1900  MHz-1980 MHz, and 
2110 MHz-2170 MHz, except cellular 
mobile phones or such other 
equipment approved by Infocomm 
Media Development Authority)  Telecommunications Act (Cap. 323) and 
the Telecommunications (Dealers) 
Regulations  Infocomm Media 
Development 
Authority (IMDA)  
Fireworks  Arms and Explosives Act (1913) 
Dangerous Fireworks Act (1972)  Singapore Police Force  
Rough diamonds  Regulations of Imports and Exports 
(Kimberly Process) Regulations; UN 
Security Council Resolution S/RES/1459 
(2003)  SC 
Non-automatic import licensing    
Specific plants, plant products, and 
other materials (insects, micro -
organisms, soil)  Control of Plants Act (1993)  NParks  
Animals and animal products 
(including ornamental fish and 
livestock), eggs and veterinary 
biologics/vaccines, animal feed  Animals and Birds Act (1965); Feeding 
Stuffs Act  NParks  
Singapore Food 
Agency (SFA)  
Endangered animal and plant species 
(CITES speci mens and products)  Endangered Species (Import and Export) 
Act (2006); CITES  NParks  
Meat and fish products  Wholesome Meat and Fish Act (1999)  SFA 
Fresh fruits and vegetables  Control of Plants Act (1993)  NParks  
Processed food  Sale of Food Act (1973)  SFA 
Sand and granite (essential 
construction materials)  Building and Construction Authority Act 
(1999)  Building and 
Construction Authority 
(BCA)  
Poppy seeds  Regulation of Imports and Exports 
Regulations (1995)  Central Narcotics 
Bureau (CNB)  WT/TPR/S/413 • Singapore  
 
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  Type of restriction/product  Legal basis  Administering 
agency  
Controlled materials or substances 
used for the manufacturing of 
controlled drugs  Misuse of Drugs Act (1973); UN 
Convention Against Illicit Traffic in 
Narcotic Drugs and Psychotropic 
Substances (1988)  CNB 
Therapeutic products  Health Products Act (2007); Health 
Products (Therapeutic Products) 
Regulations (2016)  HSA 
Cell, tissue, and gene therapy 
products  Health Products Act (2007); Health 
Products (Cell, Tissue and Gene Therapy 
Products) Regulations  HSA 
Chinese proprietary medicines  Medicines Act (1975)  HSA 
Clinical research material  Health Products Act (2007); Health 
Products (Clinical Research Materials) 
Regulations (2016)  HSA 
Therapeutic products containing 
psychotropic substances  Health Products Act (2007); Health 
Products (Therapeutic Products) 
Regulations (2016)  HSA 
Clinical research material containing 
psychotropic substances  Health Products Act (2007); Health 
Products (Clinical Research Materials) 
Regulations (2016)  HSA 
Poisons  Poisons Act (1938)  HSA 
Tobacco products  Tobacco (Control of Advertisements and 
Sale) Act and its Regulations  HSA 
Medical devices  Health Products Act (2007); Health 
Products (Medical Devices) Regulations 
2010 HSA 
Controlled drugs  Misuse of Drugs Act (1973); UN  Single 
Convention on Narcotic Drugs (1961) as 
amended by the 1972 Protocol, and 
Convention on Psychotropic Substances 
(1971)  HSA (delegated 
licensing authority by 
Ministry of Home 
Affairs)  
Controlled telecommunication 
equipment  Telecommunications Act (Cap. 323) and 
its Regulations (1999)  IMDA  
Rice (excluding rice bran)  Price Control Act (1990)  Enterprise Singapore  
Merchandise/products containing a 
photograph, drawing, or design 
resembling or used in/on Singapore 
currency notes and coins  Currency Act (1967)  Monetary Authority of 
Singapore (MAS)  
Biological agents capable of causing 
death, disease, or other biological 
malfunction in a human; certain 
microbial toxins  Biological Agents and Toxins Act (2005)  MOH 
Hazardous substances  EPM Act and EPM (Hazardous Substances) 
Regulations (2008)  NEA 
Hazardous waste  Hazardous Waste (Control of Export, 
Import and Transit) Act (1997); Basel 
Convention  NEA 
Radioactive materials, ionizing and 
non-ionizing radiation irradiating 
apparatus  Radiation Protection Act (2007)  NEA 
Trichlorfon  EPM Act and EPM (Hazardous Substances) 
Regulations (2008); Rotterdam 
Convention  NEA 
Hydrofluorocarbons (HFCs)  
(effective from 1  January  2019)  EPM Act; Montreal Protocol  NEA 
Petroleum and flammable materials  Fire Safety Act (1993)  Singapore Civil 
Defence Force  
Natural gas and liquified natural gas  Gas Act  Energy Market 
Authority  
Fruit or jackpot machines  Private Lotteries Act (2011)  Ministry of Home 
Affairs  
Arms and explosives; swords; 
daggers; bayonets; spears, 
spearheads; and nitro -cellulose  Arms and Explosives Act (1913); 
Convention on the Marking of Plastic 
Explosives for the Purpose of Detection  Singapore Police Force 
(SPF)  WT/TPR/S/413 • Singapore  
 
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  Type of restriction/product  Legal basis  Administering 
agency  
Handcuffs; articles of clothing 
intended as protection against attack 
(bullet -proof vests); steel helmets; 
toy guns; toy or replica explosives, 
grenades, ammunition, or improvised 
explosive devices (IEDs)  Regulation of Imports and Exports Act and 
its Regulations (1995)  SPF 
Amusement machines, coin - or disc - 
operated, including pintables, 
shooting galleries, and 
cinematography machines  Regulation of Imports and Exports Act and 
its Regulations (1995)  SPF 
Source:  WTO documents G/MA/QR/N/SGP/4, 15  January  2019, and G/LIC/N/3/SGP/15, 24  April 2020.  
3.31.   Singapore maintains a motor vehicle quota system to control its vehicle population. Under the 
system, the Government fixes the annual number of new motor vehicles allowed on p ublic roads. 
The licences are allocated by auction. Licensees are issued a Certificate of Entitlement (COE) granting 
them the right to own a vehicle for 10 years (8 years for taxis). The COE is a prerequisite for a 
vehicle to be used in Singapore.  
3.32.   Rice, a key staple in Singapore, remains a controlled item for food security and price stability 
purposes, given that there is no local production of the crop. Import licences are required for all rice 
imports. In addition, import permits must be obtained for ever y import (and re -export) consignment 
of rice. There are different licences depending on the type of rice and purpose of the import. 
A "stockpile licence" is needed for imports of stockpile -grade rice (white rice, basmati rice, ponni 
rice, and parboiled ric e) to be sold for local consumption, and importers of stockpile rice are required 
to participate in the Rice Stockpile Scheme (RSS). Under the RSS, importers have to pre -commit to 
importing a monthly quantity destined for the local market, and keep a presc ribed stockpile quantity 
in a government -designated warehouse. There is no maximum quota for the importation of rice.  
3.1.6   Anti-dumping, countervailing, and safeguard measures  
3.33.   There have been no changes to the legal framework governing the application of anti -dumping 
and countervailing measures since the previous Review. The relevant legislation remains the 
Countervailing and Anti -Dumping Duties Act, under which the Ministry of Trade and Industry (MTI) 
may initiate an investigation to determine whether goods are  being dumped or whether a 
countervailable subsidy is being granted. Singapore has no anti -dumping or countervailing measures 
in force. It does not have any safeguard legislation.  
3.1.7   Other measures affecting imports  
3.34.   Singapore does not apply local content requ irements.  
3.2  Measures Directly Affecting Exports  
3.2.1   Customs procedures and requirements  
3.35.   Exports are regulated under the Customs Act (Chapter 70), the Regulation of Imports and 
Exports Act (Chapter 272A), the Strategic Goods (Control) Act (Chapter 300), and other  legislation 
enforced by relevant competent authorities. There were no major changes to customs procedures 
and requirements regarding exports during the review period.  
3.36.   Prior to undertaking any export activities, businesses must obtain a Unique Entity Numbe r 
and activate an account with Customs Singapore. Pursuant to the Regulation of Imports and 
Exports  Act, an export permit is required for all exports, with some exceptions.21 In order to apply 
for an export permit (or any certificate or authorization), an exporter may either register as 
 
21 Certai n goods are exempted from an export permit unless they are dutiable or controlled items. These 
include parcel post; documents; personal or household effects (except motor vehicles); trade samples, 
specimens for analysis or test, and gifts, not exceeding SG D 400 in total value; goods exported by air not 
exceeding SGD  1,000 in total value; and locally sourced stores loaded for use on board the vessel (including oil 
rig) and aircraft.  WT/TPR/S/413 • Singapore  
 
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  a declaring agent and obtain a TradeNet user ID, or appoint a declaring agent to apply for an export 
permit on his/her behalf. A fee of SGD  2.88 is charged per permit application. Export permit 
applications are submitted ele ctronically via TradeNet.  
3.37.   Exporters or their declaring agents are required to submit an advance export declaration and 
the attendant documentation for each export consignment to Singapore Customs. For conventional 
cargo, the approved export permit and supp orting documents (invoice, packing list, bill of lading, 
or airway bill) must be produced at the checkpoint, if it is so specified in the permit conditions or if 
the goods are dutiable or controlled. For containerized cargo, the goods, the permit, and the said 
documents must be produced at the exit checkpoint.22 Exporters must retain the relevant documents 
for five  years, counting from the day of the approval of the export permit.  
3.38.   Singapore Customs and a few authorized organizations issue certificates of or igin for exports. 
Certificates of origin for preferential treatment under FTAs are issued by Singapore Customs only.  
3.2.2   Taxes, charges, and levies  
3.39.   Singapore does not apply any taxes, charges, or levies on exports.  
3.2.3   Export prohibitions, restrictions, and licens ing 
3.40.   Export controls are maintained on a number of products, mainly for security, safety, health, 
and environmental purposes, or to comply with UN Security Council Resolutions and international 
agreements. The main piece of legislation governing export cont rols remains the Regulation of 
Imports and Exports Act and its Regulations. Export controls can take the form of prohibitions, or 
licensing or permit requirements. Table 3.7 lists the products subject to export prohibitions or 
non-automatic licensing and i dentifies the relevant legislation and the government agencies 
administering the controls.  
Table 3.7 Goods subject to export prohibitions and non -automatic licensing  
Type of restriction/product  Legal basis  Administering 
agency  
Export prohibitions    
Selected breeds of dogs and their crosses 
(Pit Bull, Neapolitan Mastiff, Tosa, Akita, 
Dogo Argentino, Boerboel, Fila Brasileiro, 
and Perro de Presa Canario)  Animals and Birds Act (1965)  National Parks 
Board (NParks)  
Bengal and Savannah cat 4th generation 
crosses and below from the ancestral stock 
of Prionailurus bengalensis  and Leptailurus 
serval, respectively  Animals and Birds Act (1965)  NParks  
- Arms and related materi als, goods and 
technology related to nuclear, ballistic 
missile and weapons of mass destruction 
programmes to the Democratic People's 
Republic of Korea (DPRK) and the Islamic 
Republic of Iran;  
- Luxury items and any goods for the 
purposes of trade with any pe rson in the  
DPRK;  
- Arms and related materi als to the Central 
African Republic, Democratic Republic of 
the Congo, Iraq, Lebanon, Libya, Somalia, 
South Sudan, Sudan and all the territory of 
Darfur, including the new states of Eastern 
and Central Darfur; an d 
- Chemical weapons to Syria  Regulation of Imports and Exports Act 
and its Regulations (1995); UN Security 
Council Resolutions  Singapore 
Customs (SC)  
 
22 Customs Singapore, Quick Guide for Exporters . Viewed at: 
https://www.customs.gov.sg/businesses/exporting -goods/overview . WT/TPR/S/413 • Singapore  
 
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  Type of restriction/product  Legal basis  Administering 
agency  
Polychlorinated naphthalenes (PCN) and 
short-chained chlorinated paraffins (SCCP)  Environmental Protection and 
Management (EPM) Act, and EPM 
(Hazardous Substances) Regulations 
(2008); Rotterdam and Stockholm 
Conventions  National 
Environment 
Agency (NEA)  
Ozone -depleting substances (including 
chlorofluorocarbons, halons)  EPM (Ozone Depleting Substances) 
Regulations (2008); Montreal Protocol  NEA 
Mercury -added products  
(effective from 1  January  2020)  EPM Act (1999); Minamata Convention  NEA 
Scheduled chemicals under the Chemical 
Weapons Convention (CWC)  Chemical Weapons (Prohibition) Act 
and its Regulations (2000); CWC  SC 
Rough diamonds  Regulations of Imports and Exports 
(Kimberly Process) Regulations; UN 
Security Council Resolution 
S/RES/1459 (2003)  SC 
Non-automatic licensing    
Strategic goods and technology  Strategic Goods (Control) Act (2002)  SC 
Military equipment and other munitions  Strategic Goods (Control) Act (2002)  SC 
Specific plants, plant products and other 
materials (insects, micro -organisms, soil)  Control of Plants Act (1993)  NParks  
Meat and fish products  Wholesome Meat and Fish Act (1999)  Singapore Food 
Agency (SFA)  
Endangered animal and plant species 
(specimens and products)  Endangered Species (Import and 
Export) Act (2006); Convention on 
International Trade in Endangered 
Species of Wild Fauna and Flora 
(CITES)  NParks  
Animals and animal products (including 
ornamental fish and livestock), eggs, 
veterinary biologics and vaccin es, animal 
feed Animals and Birds Act (1965); Feeding 
Stuffs Act (1966)  NParks and SFA  
Precursor substances  Misuse of Drugs Act (1973)  Central Narcotics 
Bureau (CNB)  
Therapeutic products containing 
psychotropic substances  Health Products Act (2007);  Health 
Products (Therapeutic Products) 
Regulations (2016)  Health Sciences 
Authority (HSA)  
Clinical research material containing 
psychotropic substances  Health Products Act (2007); Health 
Products (Clinical Research Materials) 
Regulations (2016)  HSA 
Controlled drugs  Misuse of Drugs Act (1973); UN Single 
Convention on Narcotic Drugs (1961), 
as amended by the 1972 Protocol and 
Convention on Psychotropic Substances 
(1971)  HSA (delegated 
licensing authority 
by Ministry of 
Home Affairs)  
Psychotropic substances  Medicine (Export Licence for 
Psychotropic Substances) Regulations 
(1994); UN Convention on Psychotropic 
Substances (1971)  HSA 
Rubber  Rubber Industry Act (1992)  International 
(Enterprise 
Singapore)  
Hazardous substances  EPM Act and EPM (Hazardous 
Substances) Regulations (2008)  NEA 
Hazardous waste  Hazardous Waste (Control of Export, 
Import and Transit) Act (1997); Basel 
Convention  NEA 
Chemical pesticides  EPM Act and its Regulations (1999); 
Rotterdam Convention; Stockholm 
Convention  NEA 
Radioactive materials, ionizing and non -
ionizing radiation irradiating apparatus  Radiation Protection Act (2007)  NEA WT/TPR/S/413 • Singapore  
 
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  Type of restriction/product  Legal basis  Administering 
agency  
Trichlorfon  EPM Act; EPM (Hazardous Substances) 
Regulations (2008); Rotterdam 
Convention  NEA 
Hydrofluorocarbons (HFCs)  EPM Act (1999); Montreal Protocol  NEA 
Arms and explosives; swords; daggers; 
bayonets; spears, spearheads; and 
nitrocellulose  Arms and Explosives Act (1913); 
Convention on the Marking of Plastic 
Explosives for the Purpose of Detection  Singapore Police 
Force (SPF)  
Handcuffs; articles of clothing intended as 
protection against attack (bullet -proof 
vests); steel helmets; toy guns; toy or 
replica explosives, grenades, ammunition, or 
improvised explosive devices (IEDs)  Regulation of Imports and Exports Act 
and its Regulations (1995)  SPF 
Source:  WTO document G/MA/QR/N/SGP/4, 15  January  2019; and information provided by the authorities.  
3.41.   Under the Strategic Goods (Control) Act and its Regulations, Singapore controls trade in, or 
transfer of, strategic goods and strategic goods technology that can be used to produce weapons of 
mass destruction, and missiles capable of delivering such weapons. Exporters of strategic goods 
must obtain a permit granted by Singapore Customs prior to ex portation. Goods controlled under 
the Act comprise conventional arms; nuclear, chemical, and biological materials; and other dual -use 
products. Moreover, goods intended or likely to be used for, or in connection with, weapons of mass 
destruction are also c ontrolled under the Act. Singapore's list of controlled strategic goods includes 
items from four multilateral export control regimes, and it is regularly updated to keep it aligned 
with such regimes.23 
3.42.   The Strategic Goods (Control) Order 2020, effective fr om 16  November  2020, contains the 
schedule of strategic goods and related technology currently subject to control.24 The system is 
administered through the Strategic Trade Scheme (STS), a permit scheme that encourages 
companies' internal export control com pliance and facilitates declaration procedures involving 
strategic goods and related technology.25 
3.2.4   Export support and promotion  
3.2.4.1   Support for internationalization  
3.43.   Given the limited size of its domestic market, Singapore considers the expansion of overseas 
markets an essential element of its overall policy of encouraging enterprise development. Enterprise 
Singapore (ESG), a statutory board created in April 2018 from the merger of International Enterprise 
Singapore and SPRING Singapore, is today the sole agency  responsible for the promotion of 
Singapore -based enterprises. ESG supports all types of businesses, from start -ups to small and 
medium -sized enterprises (SMEs) and high -growth companies, while at the same time adopting a 
company -centric approach tailored to individual companies' needs. ESG helps companies to upgrade 
capabilities, innovate, and internationalize. It also promotes the growth of Singapore as a global 
trading hub.26 
3.44.   In the area of export promotion and marketing assistance, no new schemes have b een 
introduced since the previous Review. Like its predecessor, ESG organizes business missions and 
other outreach events to help Singapore -based companies explore opportunities in foreign markets, 
establish networks with potential business partners, and b uild market knowledge. The assistance 
provided by ESG includes advisory services, information resources, and seminars and workshops to 
support companies' internationalization efforts. ESG is also engaged in promoting the use of 
Singapore's FTAs by locally based companies, through outreach events and one -to-one 
consultations, to raise awareness about market access opportunities and potential benefits under 
the agreements. The authorities indicate that, during the review period, ESG worked on expanding 
 
23 These regimes are the Australia Group, the Nuclear Suppliers Group, the Missile Technology Control 
Regime, and the Wassenaar Arr angement.  
24 Singapore Statutes Online. Viewed at: https://sso.agc.gov.sg/SL/SGCA2002 -S786-
2020?DocDate=20200915&TransactionDate=20200915235959 . 
25 Singapore Customs, Strategic Trade Scheme Handbook. Viewed at: 
https://www.customs.gov.sg/documents/businesses/SEB/STS%20Handbook%202020.pdf . 
26 ESG, Overview . View ed at: https://www.enterprisesg.gov.sg/about -us/overview . WT/TPR/S/413 • Singapore  
 
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  its reach to more companies, including through closer cooperation with partners such as chambers 
of commerce and business federations.  
3.45.   ESG's broad -based assistance also includes financial support programmes operated in 
collaboration with private financial instit utions (Section 3.2.5), as well as tax incentives 
schemes  (Section 3.3.1). Among the financial support programmes, the Market Readiness 
Assistance scheme is specifically targeted to companies' internationalization efforts: it provides 
financial assistance to companies embarking on promotional activities and identifying business 
partners in new overseas markets  (Table A3.1).  
3.46.   Regarding fiscal incentives, ESG administers the Global Trader Programme (GTP), which 
provides a reduced corporate tax rate of 5% or 10 % on qualifying income from international trading 
activities for three or five years. In the 2020 budget, the GTP was extended until 2026. Under 
another scheme, the Double Tax Deduction for Internationalisation (DTDi), businesses registered in 
Singapore ar e entitled to double tax deductions (of up to 200%) on qualifying expenses incurred on 
marketing expansion and investment development activities abroad (e.g. overseas business 
development trips and missions, overseas investment study trips, and overseas an d local trade 
fairs). From year of assessment 2019 onwards, the maximum amount of expenditures covered under 
DTDi was raised to SGD  150,000 (up from SGD  100,000) (Table A3.1).  
3.47.   In promoting companies' internationalization efforts, ESG relies on its network of overseas 
centres in 36 locations worldwide. In 2019, ESG helped with 13,560 company projects, of which 
3,000  were internationalization projects, benefitting 2,600 enterprises.27 In 2020, it assisted 
1,600  enterprises with internationalization projects. In 2019 and 2020 combined, ESG facilitated 
over SGD  28 million in grants to help companies expand overseas, about SGD  1.5 billion in trade 
and financing loans, and insurance schemes covering SGD  1 billion worth of investment.28 
3.2.4.1.1   Free Trade Zones (FTZs)  
3.48.   Singapore's FTZs provide extensive storage facilities and services to support the country's 
substantial entrepôt trade and transhipment activities. All goods imported by sea or air must first 
be landed and deposited in an FTZ, unless they are exempted from thi s requirement by the Director -
General of Singapore Customs and can be imported via authorized private landing piers.  
3.49.   FTZs are located at seaports and the main airport, thus offering companies quick access to 
transportation infrastructure. Currently, there are three private FTZ authorities, which administer, 
maintain, and operate the FTZs under their respective management:  
• PSA Corporation Limited, which manages Brani Terminal, Keppel Distripark, Keppel 
Distripark Linkbridge, Pasir Panjang Te rminal, Sembawang Wharves, Tanjong Pagar 
Terminal, and Keppel Terminal;  
• Jurong Port Pte Limited, which manages Jurong Port (including Pulau Damar Laut); and  
• Changi Airport Group (Singapore) Pte Limited, which manages Airport Logistics Park of 
Singapore and  Changi Airport Cargo Terminal Complex.  
3.50.   The main legislation governing FTZs is the Free Trade Zones Act (1969), which was last 
amended in 2014. Supplementary legislation includes the Free Trade Zones Regulations, the 
Free Trade Zones (Declared Areas) Notif ication, the Free Trade Zones (Appointment of Authorities 
to Administer Free Trade Zones) Notification, the Free Trade Zones (Manufacture) Regulations, and 
the Free Trade Zones (Prescribed Goods) Notification.29 There were no amendments to this 
legislation  during the review period.  
3.51.   Companies operating in the FTZs enjoy several advantages: (i)  no customs permit is required 
for the transhipment of non -controlled goods; (ii)  customs duties and GST are not payable on goods 
 
27 ESG, Year-in-Review 2019 . Viewed at: https://www.enterprisesg.gov.sg/about -us/year -in-review -
2019. 
28 Information provided by the authorities.  
29 Singapore Customs, Free Trade Zones Act . Viewed at: https://www.customs.gov.sg/businesses/acts -
and-subsidiary -legislation/free -trade -zones -act. WT/TPR/S/413 • Singapore  
 
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  imported and stored in FTZs, provided that these products are thereafter re -exported; and (iii)  they 
are eligible for simplified customs procedures. In addition, no customs duty or GST is payable on 
goods moved from one FTZ into another FTZ, a licensed warehouse, or an excise factory (an area 
authorized by Singapore Customs for manufacturing and storing dutiable goods). Customs duties 
and GST are payable only when the goods are consumed within the FTZ or enter Singapore's customs 
territory for local sale or consumption. Tobacco and liquor may b e temporarily stored in FTZs only if 
they are to be transhipped or exported. Companies in FTZ can undertake activities such as 
re-packaging, sorting, and grading of goods. Manufacturing may also be carried out upon approval 
from Singapore Customs. Activiti es performed within the FTZs are tax exempt.  
3.52.   In order to operate in an FTZ, local and foreign investors must obtain a permit from one of 
the three authorities responsible for administering the relevant FTZ. The requirements for obtaining 
a permit are estab lished by each authority.  
3.2.4.1.2   Major Exporter Scheme  
3.53.   The Inland Revenue Authority of Singapore (IRAS) administers the Major Exporter Scheme 
(MES), which aims to alleviate the cash flow situation of companies that re -export a substantial 
amount of what they impo rt. Companies authorized under the MES benefit from GST suspension on 
non-dutiable goods imported into Singapore, and on goods removed from a zero -GST warehouse.  
3.2.5   Export finance, insurance, and guarantees  
3.54.   Export finance and insurance are only available thro ugh private sector institutions. However, 
as part of its mandate to help businesses build capabilities, innovate, and internationalize, ESG 
administers several financial support programmes, which rather than providing direct assistance to 
companies, are in stead aimed at encouraging lending from private financial institutions to Singapore -
based companies. ESG provides risk -sharing to participating financial institutions, which in turn 
provide loans for working capital, fixed assets, venture debt, trade finan ce, mergers and acquisitions, 
and overseas projects to eligible enterprises. In 2019, ESG launched the Enterprise Financing 
Scheme (EFS), grouping several existing financing schemes under one umbrella in order to expedite 
companies' access to financial res ources. Among these schemes are the Loan Insurance Scheme, 
the Political Risk Insurance Scheme, and the Trade Credit Insurance Scheme (Table A3.1).  
3.55.   Under the Supplementary Budget for 2020, the Temporary Bridging Loan Programme was put 
in place in March 202 0, with a validity until 31  March  2021, to alleviate the cashflow needs of 
enterprises affected by the COVID -19 pandemic. In addition, several existing programmes were 
enhanced to help mitigate the economic impact of the pandemic.  
3.3  Measures Affecting Produc tion and Trade  
3.3.1   Taxation and incentives  
3.3.1.1   Corporate taxation  
3.56.   Singapore has a competitive tax system with relatively low rates and a variety of tax relief 
measures and incentives. The IRAS is responsible for collecting taxes and enforcing tax regulation. 
Incom e is taxed on an arising and remittance basis, and there is no tax differential between business 
conducted in Singapore by residents and by non -residents.  
3.57.   Singapore operates a  one-tier corporate tax system, where tax paid by a resident company 
on its profi ts is final, and the dividends paid to its shareholders are not taxed. The headline corporate 
tax rate is 17%. Companies are entitled to a partial tax exemption on SGD  200,000 of taxable 
income, with the first SGD  10,000 exempt at 75%, and the next SGD  190,000 at 50%.  
3.58.   A withholding tax (ranging from 10% to 20%) is levied on payments, such as interest 
payments, rent payments, royalties, and business management fees, made to non -residents. Real 
estate is subject to a property tax, which is levied on a progres sive scale based on the annual value 
of the property. Stamp duties are levied on dutiable documents relating to the transfer of immovable 
property in Singapore and on stocks and shares. There is no capital gains tax.  WT/TPR/S/413 • Singapore  
 
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  3.3.1.2   Tax and non -tax incentives  
3.59.   Singapore ha s regularly notified the WTO that it does not grant or maintain any subsidy 
notifiable under Article  XVI:1 of the GATT  1994 and Article  25.2 of the Agreement on Subsidies and 
Countervailing Measures.30 
3.60.   A variety of tax and non -tax incentives are provided t o support companies of all sizes, if their 
activities are deemed beneficial to the country's economic development (Table A3.1). Incentives are 
mostly aimed at: encouraging companies to expand production  and invest in training and research 
and development ( R&D); promoting investment in and adoption of new technologies; and supporting 
the development of SMEs31 and start -up companies. Some incentives are also intended to promote 
the use of Singapore as a base from which to implement regional growth strategies and the 
internationalization of companies (Section 3.2.4.1).  
3.61.   The main legal basis for the granting of tax incentives are the Income Tax Act and the 
Economic Expansion Incentives Act. Tax incentives usually provide some kind of relief from corporate 
income tax and/or withholding tax, and can take the form of tax exemptions, tax breaks, rebates 
and concessionary rates, deductions of eligible expenses from taxable income, and allowances on 
qualifying costs incurred. Non -tax incentives include financial assista nce programmes, co -funding, 
and grants.  
3.62.   Some incentives schemes are targeted to specific industries or activities, such as financial 
services, tourism, shipping and maritime services, processing services, R&D, headquarters activities, 
legal services, e -commerce, and events organization. Depending on the type of incenti ve, the 
schemes are administered by various government agencies, including ESG, the Singapore Economic 
Development Board (EDB), the IRAS, the Monetary Authority of Singapore (MAS), and the Maritime 
and Port Authority of Singapore (MPA).  
3.63.   Certain tax incenti ves require no prior approval (such as the tax deduction for R&D), so 
companies may avail themselves of these incentives when they file their annual tax returns, as long 
as they engage in qualifying activities. In many cases, however, incentives are subjec t to prior 
approval, and applicants must meet the requirements pre -established by the relevant administering 
agency and the Ministry of Finance. Generally, to be eligible, companies are required to carry out 
substantive operations in Singapore and commit t o certain levels of investment, expenditure, and 
skilled employment. They may also be required to introduce leading -edge skills and technologies or 
contribute to R&D and innovation capabilities. Incentives are granted for periods ranging from 5 to 
10 years , depending on the activities being incentivized.  
3.64.   Most of the tax and non -tax incentive schemes reported in the previous Review remain in 
place (a few have lapsed). Some have been renamed or merged32, while a few others have been 
introduced. For example, a  new tax incentive scheme, the Intellectual Property Development 
Incentive (IDI) was announced in 2017 to encourage the use of intellectual property rights (IPRs) 
arising from R&D. Under the IDI, Singapore -registered companies that are commercializing IPRs  
arising from their R&D activities are entitled to a reduced tax rate (5% or 10%) on a percentage of 
qualifying intellectual property income.33 Effective on 1  January  2019, a new non -tax incentive 
scheme, the Resource Efficiency Grant for Energy (REG(E)), provides co -funding of up to 50% of 
qualifying costs to Singapore -registered companies in the manufacturing sector to help them become 
more energy efficient and reduce carbon emissions.34 
3.65.   As part of the annual budgetary process, the authorities conduct rev iews of the incentives 
granted to ensure they remain consistent with the country's economic development objectives. 
Incentives that are assessed to be less or no longer relevant are scaled down or phased out.35 
 
30 WTO documents G/SCM/N/315/SGP, 14 July 2017, and G/SCM/N/343/SGP, 16 July 201 9. 
31 In Singapore, SMEs are enterprises with annual sales turnover of less than SGD  100 million or with no 
more than 200 workers.  
32 The Enterprise Development Grant was launched in October 2018 through the merger of the 
Capability Development Grant and the  Global Partnership Grant (Table A3.1).  
33 At the same time, the scope of two existing incentives – the Pioneer Service Companies Incentive and 
the Development and Expansion Incentive – was amended to exclude intellectual property income.  
34 The REG(E) is pa rt of the Enhanced Industry Energy Efficiency package.  
35 For example, the authorities tightened the Start -Up Tax Exemption and Partial Tax Exemption in 2018 
and allowed the Angel Investors Tax Deduction to lapse after 31  March  2020.  WT/TPR/S/413 • Singapore  
 
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  However, information about the economic costs  (i.e. tax revenue forgone) of the incentive schemes 
is not publicly available, which prevents carrying out a cost -benefit analysis of the incentives. It has 
been suggested that enhancing transparency in this regard would be desirable.36 
3.66.   To mitigate the ad verse economic effects of the COVID -19 pandemic, the Government 
approved five Budgets in 2020, containing relief and support measures for firms, workers, and 
households. For firms, the measures include financing schemes to support access to credit, rental 
relief, and incentives to kick -start technology adoption and business transformation. For example, 
the Enterprise Development Grant was enhanced by raising the funding support level up to a 
maximum of 90% of a company's project costs, while under the Produ ctivity Solutions Grant the 
support levels were raised up to 80% and its scope was expanded to include COVID -19-support 
solutions such as remote working and virtual collaboration. Also, a cash grant of up to SGD  10,000 
is provided under the Digital Resilie nce Bonus scheme for firms taking up IT solutions.37 
3.67.   The Special Situation Fund for Start -ups (SSFS) was introduced to help high -potential 
start-ups sustain their growth momentum despite the COVID -19 pandemic shock. Under this 
scheme, EDBI (the corporate investment arm of EDB) and SEEDS Capital (the investment arm 
of ESG) will co -invest via convertible notes into selected start -ups with private sector co -investors 
up to a 1:1  basis. Target start -ups should have developed or commercialized innovative or key 
capabilities, and have demonstrated good traction pre -COVID -19. The SSFS scheme has a budget 
of SGD  285 million and will end when the funds are fully committed or by 31  October  2021, 
whichever is e arlier.38 Separately, as an additional broad -based corporate tax relief by the IRAS, all 
companies have benefited from tax payments deferrals, and they have been given a 25% corporate 
income tax rebate for the 2020 year of assessment (up from 20% in 2019),  capped at 
SGD 15,000  (see also Section 1.2.3).  
3.3.2   Standards and other technical requirements  
3.3.2.1   Standards  
3.68.   In 2018, ESG became the national standards and accreditation body, taking over this function 
from SPRING Singapore. ESG is responsible for developing, prom oting, and reviewing standards; 
overseeing the safety of consumer goods; and providing quality assurance infrastructure. It is also 
in charge of publishing Singapore Standards (SSs) and Technical References (TRs)39, representing 
the country in regional and  international standards bodies, and managing the weights and measures 
system. Aside from this institutional change, Singapore's regime concerning standards and technical 
regulations remained unchanged during the review period.  
3.69.   For the purposes of the WTO  Agreement on Technical Barriers to Trade, Singapore has 
three  national enquiry points: ESG (previously SPRING Singapore), the Singapore Food Agency 
(SFA), and the Ministry of Trade and Industry. During the review period, Singapore regularly 
submitted notif ications to the Committee on Technical Barriers to Trade (TBT Committee) concerning 
its technical regulations and conformity assessment procedures.40 No measure adopted by Singapore 
was the object of specific trade concerns raised by other WTO Members in t he TBT  Committee during 
the review period.  
3.70.   Alignment of national standards to international standards remains a core principle of 
Singapore's standardization policy. Singapore encourages the adoption of international standards 
whenever possible. SSs and TR s are developed when international standards do not exist or where 
 
36 See, for example, Boulogne, F. (2018), Reviewing the OECD's and the EU's Asse ssment of 
Singapore's Development and Expansion Incentive, Prepared for IFA's Asia – Pacific Regional Conference 2016. 
Viewed at: https://www.taxacademy.sg/research/research -papers/   
37 MTI, Economic Survey of Singapore Second Quarter 2020 . Viewed at: 
https://www.mti.gov.sg/Resources/Economic -Survey -of-Singapore /2020/Economic -Survey -of-Singapore -
Second -Quarter -2020. 
38 ESG, EDBI and SEEDS Capital to Provide S$285 Million in Financing to Promising Startups to Tide 
through COVID -19 Period , 5 June 2020. Viewed at: https://www.enterprisesg.gov.sg/media -centre/media -
releases/2020/june/edbi -and-seeds -capital -to-provide -S$285-million -in-financing -to-promising -startups -to-
tide-through -COVID -19-period . 
39 A TR is a pre -Singapore Standard developed to address an urgent industry demand (i.e. no public 
comments are invited for the TR) and is used for industry trials over a short pe riod of time (two years).  
40 WTO documents G/TBT/N/SGP/23, 13 January 2016, to G/TBT/N/SGP/51/Add.1, 23 September 2020.  WT/TPR/S/413 • Singapore  
 
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  there is a need to customize standards to meet unique domestic requirements. In certain cases, SSs 
have themselves developed into international standards, such as those related to bunkering  and to 
the water efficiency management system. As at the end of December 2020, Singapore had a total 
of 821 standards, of which 448 were adopted from international standards.  
3.71.   Singapore participates actively in global and regional standards -setting fora, w ith the aim of 
promoting international cooperation and facilitating trade through mutual recognition agreements 
among national regulators. Singapore is a member of the International Organization for 
Standardization (ISO)41, the International Electrotechnic al Commission (IEC)42, the International 
Telecommunication Union (ITU), and the Codex Alimentarius Commission. It has hosted the IEC's 
Asia-Pacific Regional Centre since 2002. At the regional level, Singapore is represented in the ASEAN 
Consultative Commit tee on Standards and Quality, the Asia -Pacific Economic Cooperation (APEC) 
Subcommittee for Standards and Conformance (SCSC), and the Pacific Area Standards Congress.  
3.72.   ESG administers the national standardization programme and appoints the Singapore 
Standar ds Council (SSC). The SSC leads and facilitates the development of SSs and TRs, through a 
private -public partnership, including representatives of industry, government agencies, academia, 
and professional and consumer bodies. The SSC set up several industr y-specific standards 
committees to carry out the development of standards in particular sectors.43 A proposal to develop 
a new standard or to review an existing standard may be submitted to ESG by stakeholders such as 
industry associations, companies, inst itutes of higher learning, or government agencies. The 
proposal is then assessed by the relevant standards committee, which will set up a working group 
to prepare a draft standard. The draft SS is released for public comment for a 60 -day period. 
Comments r eceived during this period may be incorporated into the draft SS if deemed appropriate 
by the standards committee.44 Upon approval by the SSC, the standard is published in the National 
Gazette. SSs are reviewed every five years on average, upon support by the SSC and approval by 
ESG, to ensure that they remain relevant to the needs of regulators and industry; as a result of the 
review, they may be confirmed, revised, amended, or withdrawn.  
3.3.2.2   Technical regulations  
3.73.   Technical regulations are developed by the relevant government regulators of specific sectors 
or areas.  An SS becomes a technical regulation (i.e. mandatory) when it is referenced by an Act or 
Regulation. As at end -2020, about 270 standards were referred to in technical regulations, mainly 
in the f ollowing sectors: consumer, household and industrial appliances/machinery, 
telecommunications, electrical and electronic products, medical and pharmaceutical products, food, 
and hazardous substances.  
3.74.   ESG is also the authority responsible for administering the Consumer Protection (Safety 
Requirements) Regulations (CPSR) and the Consumer Protection (Consumer Goods Safety 
Requirements) Regulations (CGSR), which aim to protect consumers from unsafe consumer goods.  
3.75.   The CPSR regulates specific categories of house hold electrical, electronic, and gas appliances 
included on a list of "Controlled Goods". These products must meet applicable safety requirements 
through pre -market testing, certification, and registration, and be affixed with the SAFETY Mark 
before they c an be supplied, displayed, and/or advertised in Singapore. A Suppliers Declaration of 
Conformity may be accepted for certain categories of Controlled Goods considered to be of relatively 
lower risk. An amendment to the CPSR, effective from 15  January  2018,  removed obsolete goods 
from the list of Controlled Goods, resulting in a reduction from 45 product categories to 33. The list 
is reviewed every three to five years.  
 
41 Since 2019, Singapore has held the position of Vice President (Technical Management) and Chair of 
the Technical Management Board at the  ISO. 
42 Singapore has been a member of the IEC Council Board since 2016.  
43 There are 11 standards committees: biomedical and health, building and construction, chemical, 
electrical and electronic, environment and resources, food, information technology, ma nufacturing, services, 
trade and connectivity, and quality and safety. There are also three coordinating committees: smart nation, 
cybersecurity, and silver industry.  
44 Public comments on draft SSs can be posted through the ESG website at: 
https://www.enterprisesg.gov.sg/quality -standards/standards/for -companies/comment -on-draft-standards . WT/TPR/S/413 • Singapore  
 
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  3.76.   The CGSR regulates many other general consumer goods, such as toys, children's products, 
apparel, sports and recreation products, furniture, mattresses and bedding, and "do -it-yourself" 
tools. For these products, compliance with specified safety requirements is verified through post -
market surveillance activities. Prior testing, certification, or approval is not required.  
3.77.   ESG has the power to stop the sale of consumer goods that do not meet applicable safety 
standards, and it may also order suppliers to recall such products or inform consumers of the 
potential dangers thereof. Non -compliance wit h requirements is subject to a fine of up to 
SGD 10,000 and/or imprisonment for a maximum term of two years.  
3.78.   Other consumer products are subject to the safety requirements established by other 
regulatory agencies, including the Singapore Food Agency, the H ealth Sciences Authority, the Land 
Transport Authority, the Traffic Police, and the National Environment Agency.  
3.3.2.3   Conformity assessment  
3.79.   Controlled Goods must be registered on the basis of a certificate of conformity issued by a 
designated conformity assessm ent body. ESG implements a third -party certification scheme under 
which it accepts certificates from designated conformity assessment bodies that are: (i)  located in 
Singapore; (ii)  in a country/customs territory specified in the First Schedule of the Ente rprise 
Singapore Board (Conformity Assessment) Regulations 201845, or (iii)  in a country/customs territory 
that has an MRA with Singapore.  
3.80.   ESG will consider applications for designation only from conformity assessment bodies that 
have been accredited eithe r as a product certification body (ISO/IEC 17065) or a product testing 
body (ISO/IEC 17025).  
3.3.2.4   Accreditation  
3.81.   The Singapore Accreditation Council (SAC), under ESG, is responsible for the accreditation of 
conformity assessment bodies. Accreditation is voluntar y and based on international standards. Local 
and foreign conformity assessment bodies may be accredited by the SAC.  
3.82.   The SAC provides independent assessment and formal recognition of conformity assessment 
services such as testing, calibration, certificatio n, inspection, and related activities, performed by 
auditing organizations, management system certification bodies, product certification bodies, 
personnel certification bodies, laboratories, inspection bodies, proficiency testing providers, and 
validation  and verification bodies. It also administers the  Singapore Good Laboratory Practice 
Compliance Programme.46 
3.83.   Over the past few years, the SAC developed the following new accreditation programmes: 
Information Security Management Systems, Industrial Automati on and Control Systems 
Cybersecurity Certification, Organic Primary Produce, Programme for the Endorsement of Forest 
Certification, and Greenhouse Gas Validation and Verification. The latter, launched in August  2018, 
aims to support the aviation industry f or the Carbon Offsetting and Reduction Scheme for 
International Aviation initiated by the International Civil Aviation Organization.  
3.84.   The SAC is a signatory to 26 regional and international MRAs covering more than 
100 economies. The MRAs include those signe d in the framework of the Asia Pacific Accreditation 
Cooperation (APAC)47, the International Laboratory Accreditation Cooperation, the International 
Accreditation Forum, and the OECD's Good Laboratory Practice Compliance Programme. These MRAs 
allow signato ries to recognize as equivalent to their own standards the accredited test reports and 
certifications issued by overseas partners, avoiding the need for exporters to duplicate testing and 
certification procedures in destination markets. Since 2016, 13 new MRAs have been concluded in 
 
45 The Enterprise Singapore Board (Conformity Assessme nt) Regulations were amended in 2018 to allow 
ESG to accept a certificate of conformity issued by a designated conformity assessment body located in 
countries that are parties to the European  Union -Singapore FTA for the registration of Controlled Goods.  
46 ESG, Accreditation Schemes . Viewed at: https://www.enterprisesg.gov.sg/quality -
standards/accreditation/for -confor mity-assessment -bodies/copy -of-accreditation -schemes . 
47 The Asia Pacific Laboratory Accreditation Cooperation (APLAC) and the Pacific Accreditation 
Cooperation (PAC) merged to form the APAC as at 1  January  2019.  WT/TPR/S/413 • Singapore  
 
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  areas such as environmental management systems, information management systems, and medical 
devices management systems.  
3.3.2.5   Labelling requirements  
3.85.   Labelling requirements apply to Controlled Goods (33 household electrical, electronic , and 
gas appliances) and to imported food (Section 3.3.3), medicinal products, liquors, and paints and 
solvents. Labels must specify the country of origin.  
3.86.   ESG administers the SAFETY Mark label, which helps consumers and suppliers identify 
registered Cont rolled Goods. The products are individually marked with the SAFETY Mark either on 
the product or the packaging. Products bearing the SAFETY Mark can also be traced with a unique 
8-digit registration number to the registrant and the registered models.  
3.87.   Label ling requirements apply to therapeutic products, as mandated in relevant legislation, 
and are subject to the Health Sciences Authority's surveillance programme. The label must include 
the name of the product, quantitative particulars of the active ingredie nt, batch control number, 
expiry date, and the registration number assigned to the registered therapeutic product.48 There are 
other administrative (i.e. non -statutory) labelling requirements, which are specified in the Guidance 
on Therapeutic Product Regi stration in Singapore.  Compliance is checked during the product 
registration process, prior to the granting of marketing approval.49 
3.3.3   Sanitary and phytosanitary (SPS) requirements  
3.3.3.1   Overview  
3.88.   During the review period, Singapore made changes to the institution al setup governing its 
SPS regime. The Agri -Food and Veterinary Authority (AVA) was dissolved in April 2019, and its 
functions were transferred to two regulatory bodies: the new Singapore Food Agency (SFA) for food 
safety matters and the National Parks Boa rd (NParks) for the animal and plant health aspects 
(including CITES).  
3.89.   Presently, the main laws regulating SPS measures include the Singapore Food Agency Act, 
the National Parks Board Act, the Animals and Birds Act, the Control of Plants Act, the Wholesome  
Meat and Fish Act, the Sale of Food Act, and their respective subsidiary legislation. The relevant laws 
have been amended to reflect the institutional changes that took place in 2019  (Table 3.8). Apart 
from these, there have been no major changes to Singa pore's SPS regulatory framework.  
Table 3.8 Main amendments to SPS legislation, 2016 -August 2020  
Name of legislation  Date of 
amendment  Description  
Singapore Food Agency Act (2019)  1 April 2019 Created the Singapore Food Agency to implement 
the legal framework for food safety, taking over this 
function from the former Agri -Food and Veterinary 
Authority (AVA).  
National Parks Board Act (2019)  1 April 2019 Provided the National Parks Board (NParks) with 
powers to administer the legal framework for animal 
health and welfare, and plant health, taking over 
these functions from the former AVA.  
Control of Plants Act (1993)  1 April 2019  The Control of Plants Act and its subsidiary 
legislation were amended to replace the AVA with 
NParks, with effect from the transfer of plant health 
functions to NParks.  
a. Control of Plants (Cultivation 
of Plants) (Licencing and 
Certification) Rules  1 April 2019  
b. Control of Plants (Import and 
Transhipment of Fresh Fruits 
and Vegetables) Rules  1 April 2019  
 
48 Health Products (Therapeutic Products) Reg ulations – for legal labelling requirements.  
49 Health Science Authority, Guidance Documents for Therapeutic Products . Viewed at: 
https://www.hsa.gov.sg/therapeutic -products/guid ance-documents . WT/TPR/S/413 • Singapore  
 
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  Name of legislation  Date of 
amendment  Description  
c. Control of Plants 
(Registration of Pesticides) 
Rules  1 April 2019  
d. Control of Plants (Plant 
Importation) Rules  1 April 2019  
e. Control of Plants 
(Phytosanitary Certification) 
Rules  1 April 2019  
f. Control of Plants (Analysis 
and Inspection Service Fees) 
Rules  1 April 2019  
g. Control of Plants (Authorized 
Analysts) Rules  1 April 2019  
h. Control of Plants 
(Accreditation, Certification 
and Inspection Marks) Rules  1 April 2019 These Rules replaced the previous AVA Act (Chapter 
5) Agri -Food and Veterinary Authority (Certification 
Mark) (No.  3). 
Animals and Birds Act (1965)  1 April 2019 The Animals and Birds Act and its subsidiary 
legislation were amended to replace the former AVA 
with NParks, with effect from the transf er of animal 
health and welfare functions to NParks.  
a. Animals and Birds 
(Exemption) Notification  1 April 2019  
b. Animals and Birds (Fees) 
Rules (2009)  1 April 2019  
c. Animals and Birds 
(Importation) Order (2009)  1 April 2019  
d. Animals and Birds (Live Fish) 
Rules  1 April 2019  
Sale of Food Act (1973)  1 April 2019 Amended to change the administrator of the Act 
from the Director -General under the Animals and 
Birds Act to the Director -General, Food 
Administration, under the Sale of Food Act.  
Wholesome Meat and Fish Act (1999)  1 April 2019 Amended to change the administrator of the Act 
from the Director -General under the Animals and 
Birds Act to the Director -General, Food 
Administration, under the Sale of Food Act.  
Source:  Information provided  by the authorities.  
3.90.   The SFA, under the Ministry of Sustainability and the Environment, is the body in charge of 
implementing legislation on food safety, food security, and other food matters, bringing together the 
relevant functions formerly exercised by the AVA and other regulatory agencies.50 Having a more 
holistic oversight is intended to enable the SFA to strengthen the management of foodborne disease 
outbreaks to protect public health and, at the same time, facilitate business -friendly relations. The 
National Centre for Food Science, established under the SFA, brings together all laboratory testing 
infrastructure previously managed by other agencies.  
3.91.   The National Parks Board, under the Ministry of National Development, is empowered to 
administer the le gal framework for animal health and welfare, and plant health. To discharge the 
functions relating to animal health and welfare, a new Animal and Veterinary Service (AVS) was 
established as a cluster under NParks in April 2019. In addition, NParks, with th e collaboration of 
SFA officers, implements the legal provisions regulating farms, as well as imports of fruits, 
vegetables, livestock, and table eggs for food safety.  
3.92.   Singapore maintains two national enquiry points under the WTO  Agreement on Sanitary and 
Phytosanitary Measures: the SFA for food safety matters, and NParks for animal health and plant 
health issues. The national notification authority is the MTI. Singapore regularly submits notifications 
to the SPS Committee. No specific trade concerns were r aised in the Committee regarding measures 
notified by Singapore during the review period.  
3.93.   The authorities indicate that Singapore ensures that its SPS measures are consistent with the 
international standards, guidelines, and recommendations of the Codex Al imentarius, the World 
 
50 The SFA groups the food -related functions of the former AVA, the National Environment Agency 
(NEA), and the Health Sciences Authority (HSA).  WT/TPR/S/413 • Singapore  
 
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  Organization for Animal Health (OIE), and the International Plant Protection Convention (IPPC). 
Where international/regional standards are not available, Singapore conducts its own risk 
assessment and makes risk -management decisions, taking into account economic, technical, and 
other relevant factors.  
3.3.3.2   Food products  
3.94.   The main focus of Singapore's food import policy is to ensure and secure a steady and 
sufficient supply of safe food from a large number of sources. Imports of food are regu lated by the 
Control of Plants Act (fresh fruits and vegetables), the Animals and Birds Act (live animals and fresh 
eggs), the Wholesome Meat and Fish Act (meat and fish products), and the Sale of Food Act (all 
other foods).  
3.95.   Operators wishing to import foo d products or food contact articles (i.e. food appliances) must 
obtain a trader's licence and/or register with the SFA. An import permit is required for every 
consignment of food products.51 The SFA and NParks inspect import consignments to assess whether 
they are free from disease, contaminants, and spoilage, by implementing inspections, samplings, 
and laboratory tests. Entry is refused to non -compliant consignments, which are either destroyed or 
sent back to the country of origin. In addition, traceabilit y requirements, identifying the country of 
origin and often also the farm or establishment, apply to all food products.  
3.96.   Imports of high -risk food products, such as dairy, livestock, meat, and fish, are subject to 
more stringent controls, including health c ertificates, laboratory analysis reports, or proof that the 
source or factory is regulated by the competent authority of the exporting country. To ensure 
compliance with food safety requirements, the authorities implement integrated measures, including 
foreign farm accreditation, inspections, and regular testing.  
3.97.   The SFA and NParks jointly carry out accreditation of overseas farms and establishments, 
based on risk assessment and taking into account factors such as veterinary infrastructure, disease 
status, hygiene, legislation, and other SPS measures. Imports of meat and meat products are 
allowed only from accredited establishments, located in countries that have been approved to export 
meat to Singapore.52 For example, chilled pork can be imported only from accredited farms in 
Australia, Canada, Denmark, New  Zealand, Sweden, and the United  States.  
3.98.   Fresh eggs are imported only from accredited farms in Australia, Denmark, Finland, Japan, 
Malaysia, the Netherl ands, New  Zealand, Poland, the Republic of Korea, Sweden, Thailand, Ukraine, 
and the United  States. Imports of broiler chickens and ducks are allowed only from accredited farms 
in Malaysia. Pigs may be imported only from one farm in Indonesia and one in Ma laysia. Dairy 
products from countries that are not free from Foot and Mouth Disease may be imported only if 
subjected to treatment in accordance with OIE guidelines.  
3.99.   Imports of high -risk shellfish products (e.g. oysters, cockle meat, cooked prawns, and coo ked 
crab meat) must be accompanied by a health certificate from the country of origin. Imports of live 
oysters are limited to those sources with recognized sanitation programmes, namely Australia, 
Canada, France, Ireland, the Netherlands, New  Zealand, the United Kingdom, and the United  States. 
All consignments of high -risk shellfish products are subjected to laboratory testing upon arrival in 
Singapore.  
3.100.   Between October 2015 and August 2020, Singapore notified 11 changes to SPS requirements 
regarding food pr oducts, of which 10 entered into force within that period, and 1 is to become 
effective in June 2021. The amendments relate to the Food Regulations (concerning, inter alia , 
partially hydrogenated oils, food additives, preservatives, and maximum residue lim its), subsidiary 
legislation under the Sale of Food Act, and changes to veterinary import conditions for several meat 
and egg products (Table A3.2).  
 
51 A permit is also required to export or tranship food products.  
52 The SFA's accreditation criter ia and veterinary import conditions can be found at: 
https://www.sfa.gov.sg/food -import -export/commercial -food-imports . WT/TPR/S/413 • Singapore  
 
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  3.3.3.3   Animal and plant health  
3.101.   Under the National Parks Board Act (2019), NParks is empowered to administer the le gal 
framework for all sanitary measures relating to non -food plants and animals. The Animal and 
Veterinary Service (AVS) was established as a cluster under NParks in April 2019 to safeguard the 
health and welfare of animals, and it serves as the main conta ct point for animal -related issues  
in Singapore.53 
3.102.   All animals entering Singapore are required to undergo inspection by AVS officers. Moreover, 
depending on the country they come from, some dogs, cats, and small mammals may also be subject 
to quarantine up on arrival. Between 2016 and 2020, the authorities conducted regular reviews of 
the rabies risk status of countries and territories exporting dogs and cats to Singapore, resulting in 
the amendment of the risk categorization of several of them (Germany, Jer sey, Latvia, Luxem bourg , 
New Caledonia, and Slovakia).  
3.103.   The Animals and Birds (Importation) Order , under the Animals and Birds Act, establishes 
the import requirements for various types of animal products, such as animal semen, fertilizers 
containing any animal products, feed containing animal products, and clinical and pathological 
specimens and anim al carcasses. The Animals and Birds (Live Fish) Rules specify the conditions 
applicable to live ornamental fish, including the requirement to submit a health certificate and the 
penalties to be applied in case of non -compliance.  
3.104.   During the review period, S ingapore revised the list of countries that are authorized to export 
live horses to its territory. In April 2019, the Kingdom of Bahrain was included in the list of countries 
allowed to export horses to Singapore on a temporary basis, and in June 2019, Uru guay was added 
to the list of countries that may export horses to Singapore on a regular basis.  
3.105.   All imports of plants and plant products are regulated under the Control of Plants Act to 
prevent the introduction of exotic plant pests and diseases into the c ountry. Domestically produced 
plants cultivated in agrotechnology parks are also regulated by NParks, together with the SFA.  
3.106.   Operators wishing to import plants must obtain a prior import permit from NParks. All plant 
consignments must be accompanied by phy tosanitary certificates issued by the competent 
authorities of the country of origin. Additional documentation may be required for the importation 
of some plants, including, for example, a declaration of freedom from an endemic plant disease, 
where applica ble. 
3.107.   NParks and the SFA are the authorities in charge of issuing SPS certificates for Singaporean 
exports of food, animals, and plants, in accordance with the requirements of importing countries. 
Moreover, NParks manages export accreditation schemes for pl ants and ornamental fish, in order to 
ensure the quality of the products for export. Under these schemes, traders set up quality assurance 
systems to ensure the health and quality of their exports. NParks conducts regular audits of the 
participants in the accreditation schemes.  
3.3.3.4   Food labelling  
3.108.   The Sale of Food Act (Cap. 283) and the Food Regulations establish the labelling 
requirements for prepacked food products. Accordingly, a label must contain the following general 
information in English54: (i) name or d escription to adequately reflect the true nature of the food; 
(ii) country of origin; (iii)  statement of ingredients, including declaration of ingredients that would 
cause hypersensitivity in individuals (e.g. allergens declarations); (iv)  net quantity of the food, 
i.e. net weight (for solid food) and volume (liquid food), and for food packed in liquid medium, the 
net weight and drained weight; and (v)  the name and address of the importer or seller. Illustrations 
on the label must accurately describe the tr ue nature or origin of the food. Foods subject to defined 
standards must be labelled to conform to those standards and be free from added foreign 
substances. Packages of food described as "enriched", "fortified", "vitaminized", or in any other way 
 
53 AVS. Viewed at: https://www.nparks.gov.sg/avs . 
54 A description in English of the content of the package may be added to the face of the label, providing 
the additional language is not contrary to, or a modification of, any state ment on the label.  WT/TPR/S/413 • Singapore  
 
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  that imp lies that the article contains added vitamins or minerals must show the quantity of vitamins 
or minerals added per metric unit.  
3.109.   Apart from the above general requirements, specific labelling requirements may apply to 
certain prepacked foods. That is the cas e, for example, of 19 groups of food products included in the 
Second Schedule of the Food Regulations, which must bear the expiry dates on their labels. In 
another example, labels for bottled natural mineral water and spring water are required to indicate 
the source of the water, the analytical composition giving the water its characteristics, and advisory 
statements relating to sulphate and fluoride content. Labels on edible fats and oils must include a 
nutrition information panel, indicating the trans -fatty acids content. Prepacked food products 
containing phytosterols, phytosterol esters, phytostanols, and phytostanol esters are required to be 
labelled with advisory statements.55 
3.110.   Currently, prepacked genetically modified (GM) food products are not subject  to specific 
labelling requirements. Through its Labelling Subcommittee, the Genetic Modification Advisory 
Committee (GMAC) follows international trends on GM food labelling. The authorities indicate that 
the SFA, together with the GMAC, will assess the is sue in relation to Singapore, and implement a 
GM food labelling policy if, and when, the need arises.  
3.3.4   Competition policy and price controls  
3.3.4.1   Competition policy  
3.111.   The 2004 Competition Act (Chapter 50B) is the general legal framework for the protection 
of busin esses and consumers from anti -competitive practices.56 It is supplemented by guidelines, 
guidance notes, and statements issued by the competition authority. During the review period, some 
changes were introduced to the legislation and guidelines, mainly to  enhance the enforcement 
powers of the competition authority and increase the transparency and clarity of the competition 
regime (see below).  
3.112.   The Competition Commission of Singapore (CCS) was set up in 2005 to oversee the 
administration and enforcement of the Competition Act. In 2018, it was given the additional 
responsibility of administering the Consumer Protection (Fair Trading) Act and was renamed the 
Competition and Consumer Commission of Singapore (CCCS). The CCCS is funded through an 
operating grant from the MTI.  
3.113.   The competition legislation applies to all undertakings, i.e. all natural or legal persons 
capable of commercial or economic activity, regardless of whether they are foreign -owned, 
Singapore -owned, or owned by the Government or its statutory boards. Some sectors are, however, 
excluded from the law due to public interest considerations (e.g. national security and defence), or 
because they are sectors that already have sectoral competition frameworks. Examples of the latter 
are the energy sector , telecommunications and postal services, media, and airport services.  
3.114.   The Competition Act prohibits anti -competitive activities that unduly prevent, restrict, or 
distort competition. The three main prohibited activities are anti -competitive agreements, de cisions, 
and practices (Section 34 prohibition)57; abuse of dominant market position (Section 47 
prohibition)58; and mergers and acquisitions that substantially lessen competition (Section 54 
 
55 For more information on food labelling in Singapore see SFA, A Guide to Food Labelling and 
Advertisements , April 2019. Viewed at: https://www.sfa.gov.sg/docs/default -source/tools -and-
resources/resources -for-businesses/aguidetofoodlabellingan dadvertisements.pdf . 
56 The Competition Act is available at: https://sso.agc.gov.sg/Act/CA2004 . 
57 Section 34(2) of the Competition Act provides an illustrative list of anti -competitive agreements that: 
(a) directly or indirectly fix purchase or selling prices or any other trading conditions; (b) limit or control 
production, markets, technical development, or investment; (c) share markets or sources of supply; (d) apply 
dissimilar conditions to equivalent tran sactions with other trading parties, thereby placing them at a 
competitive disadvantage; or (e) make the conclusion of contracts subject to acceptance by the other parties 
of supplementary obligations which, by their nature or according to commercial usage , have no connection with 
the subject of such contracts.  
58 Section 47 of the Competition Act prohibits abuse of a dominant market position, not a dominant 
position per se . There are no market share thresholds for defining market dominance. Section 47(2) of  the 
Competition Act contains an illustrative list of conducts that constitute abuse of dominant position: (a) 
predatory behaviour towards competitors; (b) limiting production, markets, or technical development to the WT/TPR/S/413 • Singapore  
 
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  prohibition).59 There is no mandatory merger notification in Singapore; however, merger parties can 
opt to notify their merger to the CCCS and apply for a decision as to wheth er the merger situation 
infringes or will infringe the Section 54 prohibition.  
3.115.   The Minister of Trade and Industry, based on a recommendation of the CCCS, may issue a 
block exemption order to exempt certain categories of agreements from the Section 34 prohi bition. 
Exemptions may be granted to agreements that may contribute to promoting technical or economic 
progress or to improving production and distribution.  
3.116.   The Competition Act was amended in 2018 to empower the CCCS to accept binding and 
legally enforceab le commitments for cases involving Section 34 (the prohibition against 
anti-competitive agreements) and Section  47 (the prohibition against abuse of a dominant position). 
The amendments also enabled the CCCS to conduct general interviews during inspections  and 
searches carried out under Section  64 (the power to enter premises without warrant) and Section  65 
(the power to enter premises under warrant). In addition, the process of providing confidential 
advice on anticipated mergers was codified.  
3.117.   The CCCS reg ularly publishes Guidelines, Guidance Notes, and Practice Statements to 
improve transparency and assist businesses in understanding how it administers and enforces the 
provisions of the Competition Act. To date, some 12 Guidelines and 2 Guidance Notes have  been 
issued.60 The CCCS develops such guidelines after seeking input from the public. The latest public 
consultation on proposed changes to the Competition Guidelines closed on 8  October  2020.  
3.118.   In November 2016, a review of the Guidelines was completed and  several reforms were 
introduced, including a new Fast Track Procedure, which allows businesses under investigation to 
enter into an agreement with the CCCS if they admit their liability early by acknowledging their 
participation in an anti -competitive act ivity, in return for a reduction of the financial penalty. Other 
reforms included a change in the reference year for the calculation of relevant turnover, guidance 
on how the Commission would calculate financial penalties, and simplified processes to help 
businesses save time.  
3.119.   Moreover, in 2018, the Commission issued a first Guidance Note to streamline the review of 
Airline Alliance Agreements and provide more clarity on procedural and substantive matters. In 
2020, in the context of the COVID -19 pandemic, t he Commission issued a second Guidance Note to 
provide businesses with more clarity regarding collaborations between competitors in relation to the 
supply of essential goods or services in Singapore.  
3.120.   To deter and sanction infringements, the Competition Act  empowers the CCCS to impose 
penalties for infringements that have been committed intentionally or negligently. The amount of 
financial penalty that may be imposed is at the CCCS's discretion. However, the Competition Act 
sets the maximum amount at 10% of the turnover of the undertaking in Singapore for each year of 
infringement, up to a maximum of three years.  
3.121.   The CCCS maintains a leniency programme, under which a cartel member who is the first 
to come forward to provide information on the cartel may be gr anted total immunity from financial 
penalties subject to certain conditions being met. Other cartel members who apply for leniency but 
are not the first to come forward may qualify for a reduction of their financial penalty by up to 50%. 
Between 2015 and 2 019, there were 16 leniency applications.  
 
prejudice of consumers; (c) applying d issimilar conditions to equivalent transactions with other trading parties, 
thereby placing them at a competitive disadvantage; and (d) making the conclusion of contracts subject to 
acceptance by the other parties of supplementary obligations which, by the ir nature or according to commercial 
usage, have no connection with the subject of the contracts.  
59 As set out in the CCCS Guidelines on the Substantive Assessment of Mergers, the CCCS is generally of 
the view that competition concerns are unlikely to aris e in a merger situation unless the merged entity will 
have: (a) a market share of 40% or more; or (b) a market share of between 20% and 40%, and the post -
merger combined market share of the three largest firms (CR3) is 70% or more.  
60 CCCS, Competition Act and Guidelines . Viewed at: https://www.cccs.gov.sg/legislation/competition -
act. WT/TPR/S/413 • Singapore  
 
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  3.122.   Appeals against decisions of the CCCS may be lodged before the Competition Appeal 
Board  (CAB), established under the Competition Act. Further appeals may be made to the High 
Court, and thereafter to the Court of Ap peal, but only on points of law and on the amount of the 
financial penalty. In 2019, the CCCS initiated eight preliminary enquiries, conducted four 
investigations, received four new merger notifications (Phase 1 review), and four leniency 
applications (Tab le 3.9).61 
Table 3.9 Competition statistics, 2015 -19 
  2015  2016  2017  2018  2019  Total 
2015 -19 
Preliminary enquiries  10 10 8 7 8 43 
Investigations  7 3 2 3 4 19 
Notifications for guidance or 
decision  1 2 0 2 0 5 
Merger Phase 1 review  3 7 5 11 4 30 
Merger Phase 2 review  1 0 0 2 1 4 
Pre-notification discussion  1 4 0 3 2 10 
Leniency  2 6 2 2 4 16 
Appeals  0 1 1 0 0 2 
Competition advisories  28 27 34 20 26 135 
Market studies  1 3 2 2 2 10 
Note:  Data are on a  fiscal year basis (1  April to 31  March of the following year).  
Source:  Competition and Consumer Commission of Singapore.  
3.123.   Between 2015 to 2019, the CCCS issued a number of infringement decisions involving 
several types of industries, including manufacturin g, transport, and food distribution. In 2018, the 
CCCS issued an infringement decision in connection with an anti -competitive merger by two 
ride-hailing firms and imposed directions to restore market contestability and financial penalties for 
a total of SG D 13 million, based on the harm done to the market through an irreversible merger. 
One of the firms concerned appealed against the CCCS's decision. On 29  December  2020, the CAB 
dismissed the appeal. It upheld: (i)  the directions issued by the CCCS to the t wo ride -hailing firms 
to lessen the impact of the transaction on drivers and ensure the ride -hailing platform market 
remained open to new players; and (ii)  the financial penalty. The appealing party was also ordered 
to pay CCCS's cost in relation to the ap peal. 
3.124.   In 2018, the CCCS penalized fresh chicken distributors for coordinating the amount and 
timing of price increases and agreeing not to compete for each other's customers in the market for 
the supply of fresh chicken products in Singapore. The cartel co nduct had gone on for more than 
seven years, during which time the distributors controlled over 90% of the market and a total 
turnover of approximately SGD  500 million annually. The CCCS imposed its highest financial 
penalties to date, amounting to almost SGD 27 million, and directed the distributors to provide a 
written undertaking to refrain from using any other industry association as a platform for 
anti-competitive activities. The decision was appealed. The CAB dismissed the parties' appeals on 
their li abilities for price -fixing agreements but allowed the appeals on liabilities for market -sharing 
agreements. As a result, the CAB reduced financial penalties payable by all parties (except one); it 
also order the parties to bear their own legal costs.  
3.125.   The C CCS participates in various regional and international competition platforms such as 
the Competition Policy and Law Group in APEC, the ASEAN Experts Group on Competition in ASEAN, 
the International Competition Network, and the OECD.  
 
61 CCCS, Annual Reports . Viewed at: https://www.cccs.gov.sg/resources/publications/annual -reports . WT/TPR/S/413 • Singapore  
 
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  3.126.   Most of Singapore's bil ateral62 and regional63 trade agreements contain provisions on 
competition policy.  
3.3.4.2   Price controls  
3.127.   Generally, Singapore does not regulate or control the prices of goods or services. However, 
the Price Control Act (1990) allows for the exceptional imposition  of a maximum price for gazetted 
goods or services to curb profiteering during times of crisis, subject to the approval of the Minister 
of Trade and Industry. Also, price controls may be imposed on certain operators deemed "dominant", 
and that have the pot ential to abuse their market position and engage in anti -competitive practices, 
or for the protection of the public interest. For instance, dominant operators must file the price of 
any telecommunication service with the Infocomm Media Development Authorit y (IMDA) for prior 
approval. Also, since 2009 the Civil Aviation Authority of Singapore has operated a regulatory 
framework to control the pricing of aeronautical facilities and services provided by monopoly airport 
operators. Fares for public transport se rvices (bus and railway) are regulated by the Public Transport 
Council to ensure a sustainable and affordable public transport system.  
3.3.5   State trading, state -owned enterprises (SOEs), and privatization  
3.128.   In its notifications to the WTO, Singapore indicated tha t, during the review period, it did not 
maintain any state trading enterprises of the kind described in paragraph 1 of the Understanding on 
the Interpretation of Article  XVII of the GATT  1994.64 
3.129.   Singapore's SOEs, also referred to as government -linked corpo rations (GLCs), helped 
jump-start industrialization in the late 1960s and have played an important role as engines of growth 
and development in the economy. In 1974, Temasek Holdings Pte Limited (Temasek) was 
incorporated under the Companies Act to take ow nership and commercially manage a portfolio of 
companies previously under state bodies, thus allowing the separation of government regulatory 
functions from ownership. Temasek's sole shareholder is the Minister for Finance.65 Another 
government -owned inves tment company, GIC Pte Limited, manages the Government's foreign 
reserves.66 
3.130.   As at 31  March  2020, Temasek's net portfolio value was SGD  306 billion (USD  214 billion), 
compared with SGD  242 billion at the end of March 2016. Its investments are diversified i nto various 
economic sectors: financial services (23%); telecommunications, media and technology  (21%); 
consumer and real estate (17%); transportation and industrials (16%); life sciences and 
agri-business (8%); multi -sector funds (8%); energy and resources (2%); and others  (5%). 
Two thirds of Temasek's underlying exposure remains concentrated in Asia (including Singapore with 
24%), although there has been a rebalancing towards North America and Europe in recent years.67 
3.131.   Temasek manages its investme nts on a commercial basis for long -term returns. It pays 
taxes to the authorities and distributes dividends to its shareholder. Temasek receives no special 
treatment from the Government by virtue of its ownership. The company's Board of Directors and 
manag ement make their own investment and disinvestment decisions, as well as other business and 
operational decisions. The Government is not involved in any such decisions, according to the 
authorities. Instead, the Government ensures that a competent Board of Directors is in place and 
holds the Board accountable for delivering long -term shareholder returns. The appointment and 
 
62 These are the bilateral agreements signed by Singapore with Australia (SAFTA); Costa Rica (SCRFTA); 
China (CSFTA); EFTA (ESFTA); the Eurasian Economic Union (EAEUSFTA); the European  Union (EUSFTA); 
Japan (JSEPA); New  Zealand (ANZSCEP); Panama (PSFTA); Peru (PeSFTA); Sri Lanka (SLSFTA); the Republic 
of Korea (KSFTA); the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (ASTEP); Turkey 
(TRSFTA); and the United  States (USSFTA).  
63 The regional agreements are the ASEAN -Australia -New Zealand Free Trade Area (AANZFTA), the 
Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP), the Regional Comprehensive 
Economic Partnership (RCEP), and the Trans -Pacific Strat egic Economic Partnership (TPSEP).  
64 WTO documents G/STR/N/16/SGP, 7 April 2016; G/STR/N/17/SGP, 8 January 2018; and 
G/STR/N/18/SGP, 13 October 2020.  
65 Under the Singapore Minister for Finance (Incorporation) Act (Chapter 183), the Minister for Finance 
is a body corporate.  
66 For more information about GIC Pte Limited, see: https://www.gic.com.sg/ . 
67 Temasek (2020), Temasek Review 2020: Committed, Resilient, Together . Viewed at: 
https://www.temasekreview.com.sg/#performance -overview . WT/TPR/S/413 • Singapore  
 
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  removal of Temasek's Board members and the CEO are subject to the concurrence of the President 
of Singapore. Likewise, in line with the President's custodial role to safeguard the country's reserves, 
his or her approval is required for any transaction that would result in a reduction of Temasek's past 
reserves. These two safeguards are mandated in the Constitution.  
3.132.   As a shareholder, Temase k promotes sound corporate governance in its portfolio companies, 
which are guided by their own respective boards and management. Temasek does not direct their 
business decisions or operations. Temasek's major sources of funds come from divestment proceeds , 
dividends, and distributions received from its portfolio. These are supplemented by Temasek Bonds 
and Temasek Euro -commercial Paper, bank borrowings, and capital from its shareholder. As an 
investor, Temasek aims to deliver sustainable value over the lon g term. Between its inception in 
January 1974 and March 2020, Temasek generated an annualized compound return of 14%. 
Its shareholder return for FY  2020 was -2.28% (in SGD  reporting currency).68 
3.133.   A feature of Singapore's government structure is the existenc e of a number of statutory 
boards. These are autonomous government agencies established by legal statutes passed as Acts in 
Parliament, to deliver public services or perform activities that are an integral part of the core 
functions of their line ministry,  to which they report. The statutes define the purpose, rights, and 
powers of each agency.  
3.134.   There are currently 65 statutory boards, operating in various economic and social sectors.69 
During the review period, six statutory bodies were created or restructu red: 
• The Government Technology Agency (GovTech) was established in 2016 to lead the 
Government's digital and data strategy.  
• The Infocom m Media Development Authority (IMDA) was formed in 2016 with the 
restructuring and merger of the Infocomm Development Authority and the Media 
Development Authority.  
• Enterprise Singapore (ESG) was established in 2018, combining the functions of 
International  Enterprise Singapore and SPRING Singapore.  
• The Competition Commission of Singapore was renamed as the Competition and Consumer 
Commission of Singapore (CCCS) in 2018, taking on the administration of consumer 
protection as an additional function.  
• The Home Team Science and Technology (HTX) was formed in 2019 as Singapore's science 
and technology agency for homeland security.  
• The Singapore Food Agency (SFA) was established in 2019, taking over the food -related 
activities undertaken carried by the now -defunct Agri-Food and Veterinary Authority 
(AVA), and assimilating the food -related functions previously under the Health Sciences 
Authority.  
3.3.6   Government procurement  
3.135.   The total value of procurement contracts awarded annually by the Government of Singapore 
(excluding  the classified purchases of the Ministry of Defence) ranged between SGD  26.6 billion and 
SGD 40.7 billion in the period 2015 -19, representing 5.9% to 8.5% of Singapore's GDP (Table 3.10). 
According to the authorities, during the same period, open tenderin g procedures were used for 80% 
of the contracts awarded each year, which made up around 90% of total contract value. SMEs have 
been relatively successful in participating in government procurement, as they secured more than 
75% of the contracts awarded in the period 2015 -19, accounting for around 40% of the contract 
value.70 
 
68 Temasek (2020), Temasek Review 2020: Committed, Resilient, Together . Viewed at: 
https://www.temasekreview.com.sg/#performance -overview . 
69 The list of statutory boards can be viewed at: https://www.sgdi.gov .sg/statutory -boards . 
70 Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
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  3.136.   In 2019, the total value of procurement contracts awarded was SGD  28.3 billion. In terms 
of the type of procurement, 62% of the total value awarded went to construction contracts, 28.7%  
to services contracts, and 9.4% to the acquisition of goods.  
Table 3.10 Government procurement, FY 2015/19  
  2015 2016 2017 2018 2019 
Total value awarded (SGD  billion)  32.1 26.6 40.7 30.0 28.3 
Total value awarded (% of GDP)  7.5 5.9 8.5 5.9 5.6 
Share by sector (%)       
 Construction (%)  57.2 43.5 53.8 56.9 62.0 
 Services (%)  34.1 46.0 27.9 32.7 28.7 
 Goods (%)  8.6 10.4 8.2 10.4 9.4 
Source:  Information provided by the Ministry of Finance.  
3.137.   Singapore has been a party to the WTO  Agreement on Government Procurement (GPA) since 
1997. It ratified the Protocol Amending the WTO  Agreement on Government Procurement adopted 
in March 2012, and the revised GPA entered into force for Singapore on 6  April 2014. Under the 
revised Agreement, Singapore expanded the coverage of its commitments by including executive 
search services (CPC 87201).71 Singapore maintains the thresholds provided for under the GPA for 
covered procurements. In 2018 (latest year for wh ich data were available at the time of writing), 
the total value of contracts awarded above the GPA thresholds was SGD  6.5 billion for goods and 
services (excluding construction) and SGD  15.8 billion for construction services.  
3.138.   The legal framework on govern ment procurement has not changed since the previous 
Review. The Government Procurement Act (Cap. 120)72 is the overarching law regulating public 
procurement and comprises three main pieces of subsidiary legislation: the Government 
Procurement (Application)  Order, the Government Procurement (Challenge Proceedings) 
Regulations, and the Government Procurement Regulations 2014.73 The latter set out the overall 
rules on how government agencies should procure and also incorporated the requirements under 
the revis ed GPA. The above laws are supplemented by orders and guidelines issued by the Ministry 
of Finance, including a guide for suppliers that provides practical information about bidding for 
government contracts.74 
3.139.   The Government Procurement Act applies to procurements of covered goods and services 
by specified contracting authorities. A list of designated contracting authorities is found in the Second 
Schedule of the Government Procurement (Application) Order, while the covered goods and services 
are set ou t in several Schedules of the same Order.75 
3.140.   The procurement function in Singapore is largely decentralized, meaning that procurement 
activities are generally carried out by individual ministries, agencies, and statutory boards. 
Nevertheless, some centraliz ed purchasing is carried out by the Ministry of Finance and other lead 
agencies. In any case, all government agencies must adhere to the central procurement rules issued 
 
71 Executive search services (CPC 87201) are "services consisting in the search for [and] selection and 
referral of executive personnel for employment by others. Included in this category are services provided by 
senior administrators and managers whose functions generally include planning, organizing, directing and 
controlling activities of private or public sector businesses through subordinate administrators. The services 
may be supplied to the potential employer or to the prospective employee and may involve the formulation of 
job descriptions, the screening and testing of applicants, the investigation of references, and other research".  
72 Government Procurement Act. Viewed at: https://sso.agc.gov.sg/Act/GPA1997 . 
73 The Government Procurement (Application) Order can be viewed at: 
https://sso.agc.gov.sg/SL/GPA1997 -OR1?DocDat e=20191210 ; the Government Procurement (Challenge 
Proceedings) Regulation at: https://sso.agc.gov.sg/SL/GPA1997 -RG1?DocDate=20040229 ; and the 
Government Procurement Regulations 2014 at:  https://sso.agc.gov.sg/SL/GPA1997 -S269-
2014?DocDate=20140404 . 
74 The Supplier Guide can be viewed at: https://www.gebiz.gov.sg/docs/Supplier_Guide_Detailed.pdf  
(comprehensive version) and https://www.gebiz.gov.sg/docs/Supplier_Guide_Summarised.pdf  (summary).  
75 The Third, Fourth, Fifth , Eighth, Ninth, Tenth, and Eleventh Schedules of the Order.  WT/TPR/S/413 • Singapore  
 
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  by the Ministry of Finance. The Government may also engage the private sector in the d elivery of 
public services through public -private partnerships, usually in relation to large projects.76 
3.141.   The core principles of government procurement in Singapore are open and fair competition, 
transparency, and value for money. The principles of national  treatment and non -discrimination are 
set out in the Government Procurement Regulations 2014 (Regulation 4(1)). Most of Singapore's 
international trade agreements contain Government Procurement chapters, including provisions on 
national treatment and non -discrimination. According to the authorities, open sourcing and 
non-discrimination are also the default practices for procurements that are not covered by 
Singapore's trade agreements.  
3.142.   Procurement procedures have remained generally unchanged since 2016. Dep ending on the 
estimated procurement value, procurement may be carried out by "small value purchase" or through 
quotations or tenders. For procurement of an estimated value not exceeding SGD  6,00077, procuring 
entities can buy off the shelf or directly from  known suppliers. For procurement with a value above 
SGD 6,000 but below SGD  90,00078, open quotations are used. In this process, at least two officials 
are responsible for the purchase: one to invite, receive, and evaluate offers, and recommend a 
supplier; and the other to approve the recommendation. For procurement with an estimated value 
above SGD  90,000, open tenders should be used by default. However, in certain circumstances, 
such as when there is a national security consideration, a need to p rotect public health and safety, 
or a single supplier in the market for a good or service, procuring entities may call for limited 
quotations or limited tenders.  
3.143.   Tenders may be carried out by using open, selective, or limited tendering procedures:  
• Open ten dering: All interested suppliers may participate and submit a bid in response to 
an invitation to tender. This procedure must be used for all procurements with an 
estimated value above SGD  90,000.  
• Selective tendering: This is a two -stage procedure that may  be used for complex projects. 
In the first stage, interested suppliers are shortlisted based on their capabilities through 
an open pre -qualification exercise. In the second stage, only shortlisted suppliers are 
invited to submit their bids. Suppliers who did not participate at the first stage are given 
an opportunity to qualify in order to take part in the second stage. There is no threshold 
for using selective tendering.  
• Limited tendering: Under this procedure, only one or a few selected suppliers are inv ited 
to bid. It is permitted under the following circumstances (regardless of the procurement 
value): (i)  when there has been no response to previous open or selective calls for tender; 
(ii) when there is only one supplier (in cases of works of art, or to protect intellectual 
property rights); (iii)  to ensure compatibility with existing equipment; (iv)  in cases of 
extreme urgency brought about by unforeseeable circumstances; (v)  for the development 
of prototypes for research; (vi) for goods purchased on a c ommodity market; (vii)  when 
there are exceptionally advantageous conditions that only arise in the very short term; 
and (viii)  for a design contest. A procuring entity shall not carry out limited tendering to 
avoid competition, protect suppliers establishe d in Singapore, or otherwise discriminate 
against any applicable supplier.79 
3.144.   Demand aggregation is allowed and may be carried out by the procuring entity for its own 
needs or on behalf of other entities. Usually, such contracts are signed as a result of op en tendering 
or a quotation process. Demand aggregation can take the form of a so -called period contract or a 
framework agreement. Period contracts are used when the procurement subject and the unit price 
are fixed for the entire duration of the contract. Framework agreements can be signed where the 
price of the procurement subject is prone to fluctuation. Contracts under framework agreement 
schemes are awarded after requesting quotations from all eligible suppliers.  
 
76 Ministry of Finance, Public Private Partnership Handbook , Version 2, March 2012. Viewed at: 
https://www.mof.gov.sg/docs/default -source/policies/procurementprocess/ppphandbook2012.pdf . 
77 Increased from SGD  5,000 since the previous Review.  
78 Increased from SGD  70,000 since the previous Review.  
79 Government Procurement Regulations 2014, Regula tion 26(1) -(2). WT/TPR/S/413 • Singapore  
 
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  3.145.   Tender notices are published electronica lly on the Government Electronic Business 
System  (GeBIZ) website.80 Suppliers can also access the online Listing of Indicative Government 
Procurement Opportunities, generally for procurement above SGD  200,000.81 Tender 
documentation must contain all necess ary information to enable suppliers to prepare and submit 
responsive tenders. Tenders must be open for at least 14 calendar days (25 days for tenders covered 
under Singapore's international trade agreements) to ensure that suppliers have sufficient time to  
submit their bids. Technical specifications shall not be prepared in such a way as to limit 
competition; they shall refer to performance and functional requirements (rather than design or 
descriptive characteristics), and be based on international standar ds, where applicable.82 Procuring 
entities shall not seek or impose any "offsets", i.e. any conditions or undertakings, such as domestic 
content, licensing of technology, investment, counter -trade, or similar requirements.83 
3.146.   Suppliers interested in partici pating in government procurement are required to register as 
GeBIZ Trading Partners in order to bid for tenders. Currently, there are over 100,000 registered 
GeBIZ Trading Partners. Non -GeBIZ Trading Partners can still view tender opportunities and registe r 
as a GeBIZ Trading Partner to participate in a particular tender. Some tenders may require suppliers 
to be registered as a government supplier in order to qualify; such a requirement must be stated in 
the relevant notice and documentation.84 There are tw o central Government Registration Authorities: 
(i) the Ministry of Finance for procurement of general goods and services85; and (ii)  the Building and 
Construction Authority for construction -related goods and services.  
3.147.   The evaluation of bids is based on the  tender specifications and the evaluation criteria 
contained therein. Bids are evaluated holistically, taking into account the price and other factors 
such as the quality of the goods and services, timeliness in delivery, reliability, and after -sales 
service. Complex tenders are evaluated by a team of officers with the requisite technical 
competencies. Procurements with a value exceeding SGD  90,000 must be approved by a tender 
board comprising a minimum of three senior officers. There are no preferences or set-asides 
accorded to domestic suppliers. For open and selective tenders, the procuring entity must publish 
an award notice and inform all the participants in the procedure of its decision as soon as possible 
after the award of the contract.  
3.148.   Complaints ab out alleged non -compliance cases are handled by the Government 
Procurement Adjudication Tribunal. The Minister of Finance appoints the Commissioner and Deputy 
Commissioners of the Tribunal. A tenderer may challenge the award decision on grounds of the 
procuring entity's breach of duty, which has resulted in loss or damage. The onus of proving that 
the procuring entity is in breach of duty is on the unsuccessful tenderer. A challenge must be 
submitted to the Tribunal within 15 days of the date on which the f acts constituting the basis of the 
challenge first took place. A copy of the notice of challenge must be transmitted to the relevant 
procuring entity. The authorities indicate that, to date, there has been no case that went through 
the entire review proces s before the Tribunal, and that no cases were initiated during the period 
2015-19. Challenges regarding government procurement decisions by way of court proceedings are 
not allowed; all such challenges must be dealt with within the framework of the Governm ent 
Procurement Act and its subsidiary legislation.  
3.149.   There are regular external audits concerning compliance with Singapore's procurement 
rules. These include the auditing activities of the Auditor -General's Office, which are published 
annually. The Report of the Auditor -General for the Financial Year FY  2019/20 highlighted some 
issues, such as inadequate assessment of the price reasonableness of a single bid, not evaluating 
bids in accordance with published criteria, parameters related to volume not having been determined 
before the closing of the tender, and pricing errors in tenders not being detected.86 Another issue 
 
80 This is the Government's one -stop business portal where suppliers can transact electronically with all 
Government agencies.  
81 GeBIZ, Indicative Government Procurement Opportunities . Viewed at: 
https://www.gebiz.gov.sg/ptn/ppplisting/search.xhtml . 
82 Government Procurement Regulations 2014, Regulation 18.  
83 Government Procurement Regulations 2014, Regulation 9.  
84 The requirement for government supplier registration applies only to some procurement with a value 
above SGD  90,000, where greater assurance of the tenderer's financial and other capacity is needed.  
85 The Ministry of Finance has appointed CrimsonLogic Pte Ltd to undertake the registration process.  
86 Republic of Singapore, Report of the Auditor -General for the Financial Year  2019/20. Viewed at: 
https://www.ago.gov.sg/docs/default -source/report/871d5a31 -829c-4682-9716-8c61cf742c49.pdf . WT/TPR/S/413 • Singapore  
 
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  identified by the Auditor -General's Office is the lack of scrutiny of contract variations at the contract 
management stage.87 
3.3.7   Intellectual p roperty rights  
3.3.7.1   Introduction  
3.150.   During the review period, Singapore's intellectual property (IP) regime continued to evolve 
and offer some of the strongest IP protection in the world.88 The Intellectual Property Office of 
Singapore (IPOS) is considered to be o ne of the most respected, dynamic, and innovative IP offices 
in the world, symbolized by the election of its former Chief Executive, Daren Tang, as Director 
General of the World Intellectual Property Organization (WIPO) in 2020.89 
3.151.   Singapore believes that intangibles such as IP will increasingly propel its growth, and it aims 
to be an Asian hub for the global flow of IP assets.90 Trade receipts from IP royalties and licensing 
fees grew from USD  1.4 billion in 2009 to USD  8.5 billion in 2019, a nd its trade deficit has narrowed 
significantly since 2010 (Chart 3.1). Singapore's capital stock related to IP products, a subset of 
intangible capital that mostly comprises R&D and software investment, grew by around 
12% annually from 2006 to 2016, reach ing a level relative to GDP similar to that of the 
United  States, and contributing, on average, 0.6% annually to real GDP growth between  2011 
and 2016.91 
Chart 3.1 Charges for the use of intellectual property, n.i.e., 2010 -19 
(USD million)  
 
Source:  WTO data portal. Viewed at:  http://data.wto.org . 
3.152.   In 2013, the Government launched its 10 -year Intellectual Property Hub Master Plan ( Master 
Plan), with the aim of leveraging Singapore's strong IP protection regime, legal and financial 
infrastructure, educated workforce, global interconnectedness, and pro -enterprise culture to attract 
 
87 Republic of Singapore, Report of the Auditor -General for the Financial Year  2019/20.  
88 The World Economic Forum ranked Singapore's protection of IP second in the world (to Finland). WEF, 
The Global Competitiveness Report 2019 , pp. 506 -08. Viewed at: 
http://www3.weforum.org/docs/W EF_TheGlobalCompetitivenessReport2019.pdf . 
89 World Trademark Review recently ranked IPOS as the most innovative IP registry in the world, just 
ahead of the EU IPO. Lince T., "Singapore Ranked World's Most Innovative IP Office in Exclusive Research", 
World Trademark Review , 6 April 2020. Viewed at: https://www.worldtrademarkreview.com/enforcement -and-
litigati on/singapore -ranked -worlds -most-innovative -ip-office -in-exclusive -research . 
90 MTI, Speech by Minister Chan Chun Sing at IP Week @ SG 2019 , 27 August 2019. Viewed at: 
https://www.mti.gov.sg/Newsroom/Speeches/2019/08/Speech -by-Minister -Chan-Chun-Sing-at-IP-Week -at-
SG-2019. 
91 IPOS, "Transformation of the Intellectual Property Office of Singapore to Strengthen the Innovation 
Ecosystem of Sing apore", WIPO Regional Seminar, 24 August 2020. Viewed at:  
wipo_webinar_wso_2020_1_sg.pdf ; IMF (2018), Singapore: Staff Report for the 2018 Arti cle IV Consultation , 
Country Report No.  18/245, p. 7. Viewed at:  
https://www.imf.org/en/Pu blications/CR/Issues/2018/07/27/Singapore -2018-Article -IV-Consultation -Press -
Release -Staff-Report -and-Statement -by-the-46131 . 
05,00010,00015,00020,00025,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Imports ExportsChart 3.[IP]
Source:WT/TPR/S/413 • Singapore  
 
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  IP assets and become a hub for: (i)  IP transactions a nd management; (ii)  quality IP filings; and 
(iii) IP dispute resolution. A 2017 update to the Master Plan incorporated recommendations from the 
Committee on the Future Economy, namely, to strengthen enterprise capabilities to innovate and 
scale up by build ing greater capacity for IP commercialization.92 Several Government initiatives 
observed during the review period can be traced to this Master Plan.  
3.3.7.2   Policies on promotion and commercialization of innovation  
3.153.   Singapore was declared the most competitive econo my in the world in the World Economic 
Forum's 2019 Global Competitiveness Report. It ranked 13th in the sub -criterion of innovation 
capability and 14th in business dynamism.93 The 2020 Global Innovation Index ranked Singapore 
first in the Asia -Pacific regi on and 8th overall. However, it noted that Singapore produced fewer 
creative, knowledge, and technology outputs – including patent, trademark, and industrial design 
filings by residents – than expected, considering its innovative investments.94 
3.154.   As a percen tage of GDP, Singapore's gross domestic expenditure on R&D trended downward 
during the review period, standing at 1.84% in 2018, lower than the OECD average of 2.38%, 
despite an increase in government financing during the same period. A greater proportion of 
Singapore's R&D is government -financed compared with the OECD average.95 The Government 
committed SGD  19 billion in R&D funding from 2016 to 2020 in furtherance of the sixth five -year 
science and technology plan, the Research Innovation Enterprise 2020 Plan. With support from 
cross-cutting academic research, manpower, and innovation and enterprise programmes, the Plan 
focused on four strategic technology domains: advanced manufacturing and engineering, health and 
biomedical sciences, urban solutions and sustainability, and services and digital economy.96 
3.155.   In addition to its own R&D efforts, the Government offers schemes through various agencies, 
including ESG, the Agency for Science Technology and Research, the Economic Development Board, 
and IPOS to suppo rt the development of R&D expertise, new technologies, and IP creation. The 
agencies often partner with one another, research institutes, trade associations, the private sector, 
and other entities.97 
3.156.   IPOS transitioned during the review period from a regist ration and regulatory agency into 
an "innovation agency", and broadened its focus to include the commercialization of IP.98 To this 
end, it has undertaken, often in collaboration with others, a number of initiatives, including a new 
national skills framewo rk to build the local IP talent pool; IP audit and strategy consultancy services; 
and programmes to improve IP disclosures, IP valuation, and access to finance and insurance for 
IP-rich start -ups and other enterprises. Grants and funding schemes are availa ble to local enterprises 
to defray IP costs, and tax breaks are available to encourage the use and commercialization of IP 
 
92 IPOS, Update to the Intellectual Property Master Plan , May 2017. Viewed at:  
https://www.ipos.gov.sg/docs/default -source/about -ipos-doc/full -report_update -to-ip-hub-master -
plan_final.pdf . See also MTI, Report of the Committee on the Future Economy: Pioneers of the Next 
Generation , February 2017. Viewed at:  https://www.mti.g ov.sg/ -/media/MTI/Resources/Publications/Report -
of-the-Committee -on-the-Future -Economy/CFE_Full -Report.pdf . 
93 World Economic Forum, The Global Competitiveness Report 2019 , pp. 506 -08. Viewed at: 
http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf . 
94 Dutta, S., Lanvin, B., and Wunsch -Vincent, S. (eds.) (2020), Global Innovation Index 2020: Who Will 
Finance Innovation?  13th ed., Cornell University, INSE AD, and WIPO. Viewed at: 
https://www.wipo.int/edocs/pubdocs/en/wipo_pub_gii_2020.pdf . 
95 OECD, Main Science and Technology Indicators, Vol. 2020, Issue 1, Table 2 – Gross domestic 
expenditure on R&D (GERD) as a percentage of GDP, and Table 12 – Government -financed GERD (gross 
domestic expenditure on R&D) as a percentage of GDP . Viewed at: https://doi.org/10.1787/e3c3bda6 -en. 
96 MTI, Research Innovation Enterprise 2020 Plan: Winning the Future Through Science and Technology . 
Viewed at:  https://www.mti.gov.sg /-/media/MTI/Resources/Publications/Research -Innovation -and-Enterprise -
RIE-2020/RIE2020.pdf . 
97 WTO document IP/C/M/91/Add.1, 2 April 2019, para.  228; ESG, Growing Enterprises . Viewed at: 
http://enterprisesg.gov.sg ; EDB Singapore, How We Help – Incentives and Schemes . Viewed at: 
https://www.edb.gov.sg/en/how -we-help/incentives -and-schemes.html . 
98 WTO document IP/C/M/90/Add.1, 15  January  2019, para.  481; Koh, D., "Exclusive – The Ongoing 
Journey of the Intellectual Property Office of Singapore (IPOS) from Registry and Regulator to Builder of 
Singapore's Innovation Ecosystem", OpenGov , 21 November 2017. Viewed at:  
https://opengovasia.com/exclusive -the-ongoing -journey -of-the-intellectual -property -office -of-singapore -ipos-
from-registry -and-regulator -to-builder -of-singapores -innovation -ecosystem/ . WT/TPR/S/413 • Singapore  
 
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  generated from R&D activities.99 IPOS also assists public agencies with managing and 
commercializing IP arising from publicly funded R&D, pursuant to a National IP Protocol that gives 
agencies flexibility to grant licences or assign IP to industry.100 
3.157.   IPOS has also undertaken to promote innovation and IP commercialization by reducing 
application pendency periods with fast -track or accele ration programmes. Initially reserved for 
financial technology and artificial intelligence (AI) patents, IPOS unveiled a new sector - and 
IP-neutral programme in 2020. Under SG IP Fast Track (SG IP FAST), patent applications that are 
first filed in Singapor e can be granted in as few as six months. Applicants who have successfully 
requested patent acceleration under SG IP FAST can also request accelerated review of related 
trademark and registered design applications: a straightforward trademark application c an be 
registered in as few as three months, and a straightforward industrial design application can be 
registered in just one month. The initiative seeks to give innovators and enterprises certainty about 
the scope of their rights, which can be leveraged i nto funding and used as a springboard into global 
markets.101 
3.3.7.3   International context  
3.158.   Singapore is committed to harmonizing its policies and legislation with international 
standards. It has joined several international conventions and treaties relating to IP, including 
15 treaties administered by WIPO. During the review period, it acceded t o the WIPO Locarno 
Agreement Establishing an International Classification for Industrial Designs (Locarno Agreement), 
which entered into force for Singapore on 19  March  2020.102 The Protocol Amending the 
TRIPS  Agreement entered into force for Singapore on 2 3 January  2017. Singapore is also a signatory 
to the Anti -Counterfeiting Trade Agreement (not yet in force).  
3.159.   Singapore is also party to a range of bilateral, regional, and multilateral instruments, 
including regional trade agreements (RTAs), investment tre aties, framework agreements, and 
memoranda of understanding and cooperation that address IP. Nearly all of Singapore's RTAs in 
force contain IP provisions, and those with developed economies, including the United  States and 
Australia, tend to include detai led mandates for IP protection. The Comprehensive and Progressive 
Agreement for Trans -Pacific Partnership (CPTPP) and the European  Union -Singapore Free Trade 
Agreement (EUSFTA), both of which entered into force during the review period, and the Regional 
Comprehensive Economic Partnership  (RCEP), which was signed during the review period, contain 
lengthy IP chapters and high levels of protection . 
3.160.   Singapore continues to strengthen its links to other IP regimes. Thus far, it has built a 
network of agreements w ith over 70 markets, covering 90% of world trade, to facilitate the export 
and trade of IP. The Global Patent Prosecution Highway (Global PPH), the ASEAN Patent Examination 
Cooperation, and bilateral pilot PPH programs with China, Brazil, Mexico, and the E uropean Patent 
Office reduce the time needed to obtain patents in partner jurisdictions, allowing right holders to 
enter new markets more quickly.103 
3.161.   Singapore also collaborates with countries that have appointed IPOS as a competent 
International Searching Authority and International Preliminary Examining Authority for international 
applications filed under WIPO's Patent Cooperation Treaty (PCT). Thus far, Brunei  Darussalam, 
Cambodia, Indonesia, Japan, the Republic of Korea, Lao People's Democratic Republic,  Mexico, 
 
99 IPOS, The Innovation Universe , 2019. Viewed  at: https://www.ipos.gov.sg/docs/default -
source/media -events -docs/publications/ipos -brochure -2019.pdf ; IPOS, Annual Report 2019/2020 – IP Inc .: 
Bringing Value to Enterprises of the Future . Viewed at: https://www.ipos.gov.sg/docs/default -source/about -
ipos-doc/annual -reports/ ipos-annual -report -2019-2020.pdf . 
100 WTO document IP/C/M/91/Add.1, 2 April 2019, paras.  225-226. See also IPOS, Managing IP in the 
Public Sector by IP Management (Govt) . Viewed at: https://www.ipos.gov.sg/understanding -innovation -
ip/public -sector . The National IP Protocol is confidential and not publicly available . 
101 IPOS, Acceleration Programs . Viewed at: http://www.ipos.gov.sg/protecting -your-
ideas/patent/application -process/accelerated -programmes . 
102 WIPO, WIPO -Administered Treaties . Viewed at: 
https://www.wipo.int/treaties/en/ShowResults.jsp?country_id=154C&start_year=ANY&end_year=ANY&treaty_
all=ALL&search_what=C . 
103 MTI, Speech by Minister Chan Chun Sing at IP Week @ SG 2019 , 27 Aug ust 2019. Viewed at: 
https://www.mti.gov.sg/Newsroom/Speeches/2019/08/Speech -by-Minister -Chan-Chun-Sing-at-IP-Week -at-
SG-2019. WT/TPR/S/413 • Singapore  
 
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  Thailand, Uganda, the United  States, and Viet  Nam allow their enterprises to submit a search and 
examination report issued by IPOS in support of a patent grant.104 
3.162.   Singapore also actively engages with ASEAN member states in the ASEAN Working Group 
on IP Cooperation to harmonize and improve members' IP regimes, including through the 
implementation of the strategic goals and initiatives in the ASEAN IPR Action Plan 2016 -25.105 
3.3.7.4   Regulatory framework  
3.163.   The institutional framework of Singapore's IP regime di d not change during the review 
period. The Ministry of Law is responsible for formulating IP policies and strategies, in close 
collaboration with IPOS, which, inter alia, implements legislation, administers IP registries, 
represents the Government internationally on IP matters, and promotes IP awareness. 
IPOS International, a wholly owned corporate subsidiary of IPOS, helps enterprises to commercialize 
their IP and other intangible assets, and provides IP management services to public age ncies.  
3.164.   Table A3.3 summarizes the substantive laws addressing each main type of IP right. Several 
IP laws were modified during the review period, as discussed in the relevant sections below. The 
amendments have yet to be notified to the TRIPS Council.  
3.3.7.5   Paten ts 
3.165.   The Patents Act and related rules were amended during the review period. The grace period 
for disclosures was expanded to include any disclosure by the inventor 12 months prior to filing in 
recognition of modern business realities. Amendments were also made to transition towards a 
system in which all applications are substantively examined under local law, as done in the largest 
patent jurisdictions. New procedures were also introduced to allow third parties to submit 
observations on the patentability of  patent applications before they are granted or to challenge the 
validity of patents after they are granted. Other amendments relate to paperless filing, patent agent 
qualification and registration, fee reductions, and the acceptance of Chinese as a langua ge for 
PCT international applications filed with IPOS as the Receiving Office.  
3.166.   Singapore's patent regime also evolved outside of the legislative context. IPOS conducted a 
review on the patentability of genes, taking into consideration court decisions from various 
jurisdictions on the matter, and established that isolated or purified materials or microorganisms 
found in nature are considered discoveries rather than inventions, and are thus not patentable. 
However, new uses of such materials or microorganisms  can be claimed as inventions.106 In the 
judicial domain, the Court of Appeal confirmed the application of the purposive approach to patent 
claim construction in an infringement action, following a UK decision where the doctrine of 
equivalents had been appl ied.107 
3.167.   Table A3.4 presents patent application and registration statistics for the review period. The 
number of patent applications grew by 21% from 2016 to 2020. During the same period, the number 
of patents granted, however, fell by nearly 27%. Inventors seeking and obtaining patent protection 
in Singapore are overwhelmingly of foreign origin, a reflection of Singapore's relatively small size 
yet significant status as an IP hub for Southeast Asia. Most foreign applicants originate from the 
United  States, J apan, China, and Germany, with applications from China having increased at an 
average annual rate of 55% from 2017 to 2019. IPOS receives a sizeable majority of its applications 
through the WIPO PCT. The top class in which patents were filed in 2019 was "c hemistry, 
 
104 Choo, C. Y. and Zou, C., "IPOS Expands Cooperation with the Republic of Korea and Lao People's 
Democratic Republic for PCT applications",  Spruson & Ferguson , 1 September 2020. Viewed at: 
https://www.spruson.com/patents/ipos -expands -cooperation -with-the-republic -of-korea -and-lao-peoples -
democratic -republic -for-pct-applications/ . 
105 ASEAN, The ASEAN Inte llectual Property Rights Action Plan 2016 -2025. Viewed at:  
https://www.aseanip.org/Portals/0/ASEAN%20IPR%20ACTION %20PLAN%202016 -
2025%20(for%20public%20use).pdf?ver=2017 -12-05-095916 -273.  
106 IPOS, Examination Guidelines for Patent Applications at IPOS , April 2019, para.  8.12. Viewed at:  
https://www.ipos.gov.sg/docs/default -source/resources -library/patents/guidelines -and-useful -
information/examination -guidelines -for-patent -applications -at-ipos_2019 -apr.pdf . See Assoc. for Molecular 
Pathology v Myriad Genetics, Inc. , 569 U.S. 576 (2013); and D'Arcy v Myriad Genetics Inc  [2015] HCA 35.  
107 Lee Tat Cheng v Maka GPS Tech. Pte Ltd  [2018] 1 SLR 856. See Eli Lilly v Actavis  [2017] UKSC 48.  WT/TPR/S/413 • Singapore  
 
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  metallurgy", followed by "human necessities", "physics", "electricity", and "performing operations; 
transporting".108 
3.3.7.6   Industrial designs  
3.168.   During the review period, Singapore made several amendments to the Registered Designs 
Act and related rules, f ollowing a comprehensive review undertaken in conjunction with the 
Singapore Design 2025 Master Plan.109 Among other things, the amendments expanded the scope 
of registrable designs to include virtual designs of non -physical products that can be projected o nto 
any surface, and removed the requirement that a design be applied to an article via an "industrial 
process". Colours are also now recognizable design features. The grace period for disclosures was 
also aligned with that for patents to include any discl osure made by the designer within 12  months 
of a filing. Default ownership for commissioned works was also changed from the commissioner to 
the designer, although parties may contract otherwise. These modifications, together with fee 
reductions and Singapo re's accession to the Locarno Agreement, seek to, inter alia , stimulate design -
based industries and value -creation, align Singapore's design regime with that of major jurisdictions, 
and increase its attractiveness as a filing venue for international applic ants. 
3.169.   The number of design applications filed in Singapore, after growing steadily from 2005 to 
2015, remained fairly steady during the review period, despite modest annual fluctuations. In 2020, 
12% fewer designs were registered as compared with 2016 (Tab le A3.4). At the same time, foreign 
applicants made up a growing proportion of registrants (73% in 2020). Jewellery and communication 
devices were the most popular categories in which design rights were sought during the review 
period.110 In addition, desig n applications in the area of graphical user interfaces (GUI) increased 
steadily at an average annual rate of 27% from 2016 to 2019.  
3.3.7.7   Trademarks  
3.170.   In 2019, the Trade Marks Act was amended consequent to the implementation of the 
Geographical Indications Act 20 14. The amendments provided that registration must be refused if: 
(i) the trademark contains or consists of a registered geographical indication (GI) or a GI for which 
an application for registration has been made under the Geographical Indications Act bef ore the date 
of the trademark application; ( ii) the goods for which the trademark is sought to be registered are 
identical or similar to the goods for which a GI is registered or for which GI registration is sought; 
and do not originate in the place indica ted by the GI. However, registration must not be denied on 
this ground if the application was made in good faith or the trademark had been used continuously 
in good faith, either before the date of the application for registration of the GI in Singapore or  
before the GI became protected in its country of origin.  
3.171.   The annual number of trademark applications and registrations in Singapore has been 
steadily increasing. Trademark applications increased by nearly 30% from 2016 to 2020. The 
number of trademark reg istrations in force grew by over 50% from 2012 to 2019.111 In 2020, 80%  of 
the applications and registrations were from foreign applicants, with the majority originating from 
the United  States, China, Japan, and Germany (Table A3.4). The top classes of goods and services 
for which trademarks were sought in 2019 were: (i)  "scientific, nautical, surveying, photographic, 
cinematographic etc."; (ii)  "advertising, business management, business administration, office 
functions"; and (iii)  "scientific and techn ological services and research and design relating 
thereto  etc.".112 The Madrid System became an increasingly important channel for trademark 
 
108 IPOS, Annual Report 2019/2020 – IP Inc.: Bringing Value to Enterprises of the Future , p. 58. 
Viewed  at: https://www.ipos.gov.sg/docs /default -source/about -ipos-doc/annual -reports/ipos -annual -report -
2019-2020.pdf . 
109 DesignSingapore Council, Design 2025 Masterplan , 2015. Viewed at: 
https://www.designsingapore.org/r esources/design -2025.html . 
110 IPOS, Annual Report 2019/2020 – IP Inc.: Bringing Value to Enterprises of the Future , p. 59. Viewed 
at: https://www.ipos.gov.sg/docs/default -source/about -ipos-doc/annual -reports/ipos -annual -report -2019-
2020.pdf . 
111 IPOS, Annual Report 2013/ 2014 – Ideas , p. 53. Viewed at: https://www.ipos.gov.sg/docs/default -
source/about -ipos-doc/annual -reports/ipos -ar-2013-2014.pdf ; and IPOS, Annua l Report 2019/2020 – IP Inc.: 
Bringing Value to Enterprises of the Future , p. 61.  
112 IPOS, Annual Report 2019/2020 – IP Inc.: Bringing Value to Enterprises of the Future , pp. 57, 65 -70. WT/TPR/S/413 • Singapore  
 
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  applications during the review period, with more applicants choosing to submit applications through 
WIPO than to IP OS directly for the first time in 2019, and again in 2020.  
3.172.   To improve the efficiency of trademark filings, IPOS released the world's first trademark 
registration mobile application in 2019. IPOS GO allows users to search for different forms of 
registered I P (not only trademarks) and submit trademark applications directly from the mobile 
application. The application further integrates AI technology to enhance searches for similar 
trademarks on the IPOS register.  
3.3.7.8   Geographical indications  
3.173.   The Geographical Indi cations Act 2014 entered into force in 2019, in tandem with the general 
ratification timeline for the EUSFTA. The Geographical Indications Rules 2019 were promulgated to 
provide operational guidance for the new registration system. The Act and Rules were a mended in 
2020 to provide greater clarity for traders and producers in light of lessons learned during the 
first year of implementation. The amendments specify the treatment of variants of an indication 
constituting a GI, clarify the requirements for filin g a qualification of rights request, and replace the 
post-registration qualification of rights procedure with a new post -registration limitation of scope of 
rights procedure. As at August 2020, 141 GIs, out of 143 applications, had been registered; all 
except 1 originate from the European  Union.113 More than half were for wines or spirits.114 
3.3.7.9   Copyright  
3.174.   The Copyright Act and associated regulations were amended on several occasions during the 
review period. In 2017, Singapore updated the positive list of except ions to the general ban on 
circumventing technological protection measures.115 In 2019, the Act was amended to permit the 
National Library Board (NLB) to copy copyrighted materials of historical value published in electronic 
form and make them available on the premises of libraries and archives in Singapore, with 
safeguards to prevent further copying or distribution. The amendments allow the NLB to 
automatically "web harvest" materials from .sg domain sites free from copyright liability.  
3.175.   In order to address the evolution of technology and the protection of creative works in the 
digital age, the Ministry of Law and IPOS undertook extensive public consultations in 2016 and 2017 
and issued a comprehensive review of Singapore's copyright regime in 2019.116 Wide-ranging 
changes were recommended, including restructuring and rewriting the Copyright Act in plain English, 
implementing a new copyright exception for text and data mining, and creating a new collective 
management organization licensing scheme. A draft bill was released for public feedback 
in February  2021.117 
3.3.7.10   Enforcement  
3.176.   Singapore's ports remain leading transit points for global trade in counterfeit goods.118 
The OECD and the European  Union Intellectual Property Office (EUIPO)  ranked Singapore 25th as a 
provenance economy in terms of its propensity to export counterfeit products.119 In 2017, the 
 
113 Information provided by the authorities. One registered GI originate s from the United Kingdom, 
which subsequently left the European  Union on 31 January 2020, and another originates from Japan.  
114 IPOS, Annual Report 2019/2020 – IP Inc.: Bringing Value to Enterprises of the Future , p. 76.  
115 For a list of excluded works, see Copyright (Excluded Works) Order 2017. Viewed at: 
http://sso.agc.gov.sg . 
116 Ministry of Law and IPOS, Singapore Copyright Review Report , 17 January 2019. Viewed at:  
https://www.mlaw.gov.sg/files/news/press -releases/2019/01/Annex%20A%20 -
%20Copyright%20Review%20Report%2016%20Jan%202019.pdf . 
117 Ministry of Law, Public Consultation on the  Proposed Copyright Bill , 5 February 2021. Viewed at: 
https://www.mlaw.gov.sg/news/public -consultation -on-proposed -copyright -bill. 
118 OECD and EUIPO, Trends in Trade  in Counterfeit and Pirated Goods , 2019. Viewed at:  
https://www.oecd -ilibrary.org/docserver/g2g9f5 33-
en.pdf?expires=1605787902&id=id&accname=ocid195767&checksum=3A346901A2AC2570117C0E3D2921899
A. See also The Economist Intelligence Unit, The Global Illicit Trade Environment Index , 2018, pp. 14 -16. 
Viewed at:  https://deliverchange.economist.com/wp -content/uploads/2019/11/EIU -Global -Illicit-Trade -
Environment -Index -2018-FTZ-June-6-FINAL.pdf . 
119 OECD and EUIPO, Trends in Trade in Counterfeit and Pirated Goods , 2019, p. 41.  WT/TPR/S/413 • Singapore  
 
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  International Chamber of Commerce estimated the value of counterfeit goods in Singapore at 
USD 269.3 million.120 
3.177.   Border enforcement gene rally comes under Singapore Customs' purview.  Customs may seize 
goods suspected of IP infringement independently ( ex officio ), but also collaborates with right 
holders to combat trade in infringing goods. Consequent to the EUSFTA, Singapore enhanced its 
border enforcement measures with the enactment of the Intellectual Property (Border Enforcement) 
Act 2018. Trademark and copyright owners can now request the inspection and seizure of suspected 
infringing exports in addition to imports, and Customs may obtai n and provide relevant information  
to the right holder to facilitate the institution of infringement proceedings. Similar rights will enter 
into force for design and GI right holders by the end of 2022. The Act also standardized terms and 
provisions across  the Copyright, Trade Marks, and Registered Designs Acts, and the Geographical 
Indications Act 2014.  
3.178.   The domestic enforcement of IP rights in Singapore is primarily handled by the Intellectual 
Property Rights Branch (IPRB) of the Singapore Police Force. Un der the collaborative approach, the 
right holder will first obtain a search warrant from the courts, and the IPRB will assist to seize 
counterfeit and pirated goods. During an ex officio  action, the IPRB will act on its own volition, either 
in the public i nterest or where there is reasonable cause to suspect wilful IP infringement that can 
significantly affect the commercial interest of right holders across an industry. During the review 
period, the number of raids conducted by the IPRB declined, but the ov erall value of seized goods 
remained stable. In 2020, IPRB conducted 62 operations, seizing products with an estimated street 
value of more than SGD  1.8 million (Table 3.11).  
3.179.   Singapore has increased its anti -piracy efforts and has provided regional leaders hip on the 
issue. A 2012 study ranked Singapore 4th among 18 Asian countries and 12th out of 38 countries 
globally in the number of illegal downloads per person.121 Singapore subsequently amended the 
Copyright Act in 2014 to allow right holders to petition the High Court to order Internet service 
providers (ISPs) to block online locations that "clearly and flagrantly infringe" copyright. The first 
such orders were issued in 2016 and have since included "dynamic" injunctions, which require ISPs 
to also block infringing websites' successor URLs and domain names.  
Table 3.11 Number of raids and total value seized, 2016 -20 
 2016  2017  2018  2019  2020  
Copyright raids  2 3 0 1 0 
Trademark raids  121 109 124 83 62 
Total value seized (SGD)  2,561,722  13,442,015  6,258,035  2,412,700  1,896,505  
Source:  IPOS, IPR Statistics by IPRB , Singapore Police Force. Viewed at : https://www.ipos.gov.sg/who -we-
are/statistics ; and information provided by the authorities.  
3.180.   In 2018, the High Court issued its first blocking order against servers in respect of illicit 
streaming devices (ISD).122 A survey found that 10% of Singaporean consumers use an ISD to 
stream pirated content, and 17% access streaming piracy and torrent websites.123 Although ISDs 
are openly sold at retail outlets in Singapore, two enterprises and their director s were convicted of 
criminal copyright infringement for selling such devices in 2019. Given the legal uncertainty around 
ISDs, the Government intends to introduce legislation to make it an offence to sell them.  
 
120 ICC and BASCAP, ICC/BASCAP Comments on Proposed Amendments to the Singapore Customs Act 
in 2017 , 6 June 2017. Viewed at: https://iccwbo.org/content/uploads/sites/3/2017/06/ICC -BASCAP -Singapore -
Comments -on-Proposed -Amendments -to-the-Customs -Act.pdf . Singapore obje cts to the ICC's estimated value 
of counterfeit goods due to a lack of clarity in how the figure was calculated.  
121 Zhi-Hao L. G., "Online Privacy: Issues Faced by Content Holders in Enforcing their Intellectual 
Property Rights", Singapore Law Review , Juris Illuminae , Vol. 8 (2016/17), p. 1. Viewed at:  
http://www.singaporelawreview.com/j uris-illuminae -entries/2017/online -privacy -issues -faced -by-content -
holders -in-enforcing -their-intellectual -property -rights . 
122 BakerMcKenzie, "Singapore High Court Grants First -Ever Siteblocking Order Against Servers in 
Respect of Illicit Streaming Device",  27 November 2018. Viewed at: 
https://www.bakermckenzie.com/en/insight/publications/2018/11/singapore -high-court-grants . 
123 Asia Video Industry Associa tion, "Singapore High Court Blocks Popular Piracy Streaming Websites 
and Illicit Streaming Device Applications", 6 July 2020. Viewed at:  https://avia.org/singapore -high-court-
blocks -popular -piracy -streaming -websites -and-illicit-streaming -device -applications/ . WT/TPR/S/413 • Singapore  
 
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  3.181.   Since the enactment of the Intellectual Prope rty (Dispute Resolution) Act 2019, the 
Singapore High Court has exclusive jurisdiction over most types of IP infringement cases, passing -off 
cases, and declarations of non -infringement to provide greater certainty for right holders and limit 
potential foru m-shopping. High Court (General Division) decisions may be appealed to the High 
Court (Appellate Division), and in certain circumstances to the Court of Appeal.124 See Table A3.3 
for a summary of available remedies by IP right.  
3.182.   Singapore has also undertaken  to position itself as a choice venue for alternative dispute 
resolution in an effort to make it both easier and more cost -efficient to enforce IP rights and related 
agreements. IP disputes are arbitrable under Singapore law. Any resulting awards only bind  the 
parties to the dispute and may not be directly enforced by third parties. Since 2010, Singapore has 
hosted the only WIPO Arbitration and Mediation Center office outside of its headquarters in Geneva. 
In 2016, IPOS launched a mediation promotion scheme , which it enhanced and extended in 2019. 
The scheme encourages parties in proceedings before IPOS to choose mediation by funding 
mediation -related costs up to a maximum of SGD  12,000 per case.  Singapore's Mediation Act (2017) 
and the Singapore Convention on Mediation, a multilateral treaty that entered into force for 
Singapore in 2020 and supports the enforcement of settlement agreements across borders, supply 
the broader legal framework.  
3.3.7.11   IP matters relating to COVID -19 
3.183.   To further community -driven COVID -19 contact tracing, the Government developed and 
then made freely available, via an open -source licence, a software protocol for Bluetooth devices, 
which formed the basis for its pioneering TraceTogether app. The technology was subsequently 
adopted by Austra lia, which incorporated it into its own COVIDSafe app.125 
3.184.   Section 56(1) of the Patents Act allows the Government and any Government -authorized 
third party to use patented inventions for public non -commercial purposes or during a national 
emergency or other circumstances of extreme urgency. Such use must be limited to supplying the 
patented invention predominantly in Singapore. Section 55 also empowers the High Court to grant 
a compulsory licence to a third party to remedy an anti -competitive practice. There has been no use 
under Section 56(1), and no compulsory licences have been issued under Section 55 to date.  
3.185.   Singapore generally permits parallel importation, but Section 66(3) of the Patents Act 
restricts parallel importation of patented pharmaceutical prod ucts that have not previously been sold 
or distributed domestically by or with the consent of the patent owner.  
3.186.   Following the pandemic -related business disruptions of spring 2020, Singapore amended 
procedural rules governing trademarks, patents, designs, g eographical indications, and plant 
varieties to provide for extensions of time for pending deadlines in special circumstances and to 
permit the Registrar to prescribe alternative means for filing or serving documents. IPOS now also 
offers fully online vide o hearings for IP disputes.  
 
 
124 However, appeals from a decision of the  IP Office to the High Court are only further appealable to the 
Court of Appeal with leave of the court.  
125 BlueTrace Protocol. Viewed at : https://bluetrace.io/ ; Goggin, G., "COVID -19 Apps in Singapore and 
Australia: Reimagining Healthy Nations with Digital Technology", Media International A ustralia , 
14 August  2020. Viewed at: https://journals.sagepub.com/doi/10.1177/1329878X20949770 . WT/TPR/S/413 • Singapore  
 
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  4  TRADE POLICIES BY SECTOR  
4.1  Agriculture, Forestry, and Fisheries  
4.1.  The economic significance of the agricultural sector in Singapore is minimal, although there is 
a sizeable food and beverage processing industry (Section 4.3).  
4.2  Mining and Energy  
4.2.  Singapore does not have mineral, oil, or gas extractive industries, although it is a major 
regional hub for oil refining.  
4.3.  The energy sector's key figures are provided in Chart 4.1 . 
Chart 4.1 Key energy statistics, 2015 -19 
 
Source:  Information provided by the authorities.  
4.4.  Imports of energy peaked in 2017, and subsequently decreased in 2018 and 2019; total natural 
gas supply and electricity consumption continued to grow during the period albeit at a different pace. 
CO2 emissions started declining in 2017 in absolute terms; this may suggest an increasing greening 
of the Singaporean economy in general and a possible decoupling trend between growth, which 
remained strong, and emissions.  
4.5.  Singapore accounted for 1.4% of global oil consumption and 0.3% of world natural gas 
consumption in 2019.1 Its per capita gas consumption is relatively high (more than Japan's, and less 
than the United  States'), notably due to the w idespread use of air conditioners and to a sizeable 
manufacturing sector, which includes several refineries and petrochemicals facilities. Due to the 
COVID -19 pandemic, Singapore's total energy consumption declined by 3.3% in 2020.  
 
1 Economist Intelligence Unit, Singapore: Industry Report: Energy , 3rd Quarter 2020, c iting BP (2020),  
Statistical Review of World Energy 2020.  Viewed at: 
http://www.eiu.com/FileHandler.ashx?issue_id=960217879&mode=pdf . 
Chart 4.[SGP]  Key energy statistics, 2015 -19
Source:  Information provided by the authorities.Imports of energy products
MtoeTotal primary energy supply
'000 TJ
Electricity final consumption
TWhGrid emission factor
Average operating margin (kg CO2/kWh)150160170180190200
2015 2016 2017 2018 2019380390400410420430
2015 2016 2017 2018 2019
474849505152
2015 2016 2017 2018 20190.400.410.420.43
2015 2016 2017 2018 2019WT/TPR/S/413 • Singapore  
 
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  4.6.  From 2015 to 2018, total  energy supply grew by 19%. Chart 4.2 details Singapore's energy 
supply by source. Oil accounts for more than two thirds of the total energy supply, and its relative 
share increased during the period 2015 -18. The increase in oil -based energy supply may ref lect an 
increase in the production of the petroleum and/or petrochemicals sectors, driven by external market 
demand. Natural gas provides about a quarter of the energy supply, while the share of coal and 
renewables remains marginal; solar energy supply gre w five -fold during the period, from a very low 
base.  
Chart 4.2 Total energy supply by source, 2015 and 2018  
 
Note:  KTOE = Kilotonne of oil equivalent.  
Source:  International Energy Agency. Viewed at: https://www.iea.org/countries/singapore . 
4.7.  In the framework of the Paris Agreement, Singapore submitted its enhanced Nationally 
Determined Contribution in March 2018 and its Long -Term Low Emissions Development S trategy in 
March  2020 to the secretariat of the United Nations Framework Convention on Climate Change. 
Singapore committed to peak emissions at 65 million tonnes of carbon -dioxide equivalent (MtCO 2e) 
around 2030; it aspires to halve emissions from the peak  to 33 MtCO 2e by 2050 and to achieve net -
zero emissions as soon as viable in the second half of the century.  
4.8.  Singapore introduced a carbon tax on greenhouse gas (GHG) emissions through the Carbon 
Pricing Act that came into force on 1  January  2019. The carb on tax forms part of Singapore's 
comprehensive suite of mitigation measures to reduce emissions; the tax rate is currently set at 
SGD 5 per tonne of carbon -dioxide equivalent (tCO 2e) from 2019 to 2023. The tax is applied 
uniformly to emissions from all sec tors, including those from the manufacturing, power generation, 
and water and waste management sectors, with direct reckonable GHG emissions of 25,000  tCO 2e 
or more annually. This covers around 80% of national emissions.  
4.9.  The carbon tax level and trajectory  (post-2023) will be reviewed by 2022. To support 
companies during the transition, the Government is prepared to spend more than the expected 
carbon tax revenue of about SGD  1 billion in the first five years to help companies, including small 
and medium -sized enterprises (SMEs) and power -generation companies (gencos), improve their 
energy and carbon efficiency by adopting greener and cleaner technologies and practices. In addition 
to making changes in the energy sector, Singapore has taken action across the  economy, such as 
switching to cleaner -energy vehicles and improving energy efficiency in buildings. To encourage 
energy efficiency in the industrial sector, the Energy Conservation Act was revised in 2017 to 
stipulate more energy management practices, whi ch include minimum energy efficiency standards 
for common industrial equipment and systems.  
Chart 4.[SGP]   Total energy supply (TES) by source, 2015  and 2018
O il
69.6%2018 2015
C oal 1.3%
Biofuels & waste 
2.1%Natural gas
26.9%
Source:  International Energy Agency.  Viewed at:  https://www.iea.org/countries/singapore .Total:  31,713 KTOE Total:  37,752 KTOE O il
73.2% 
Biofuels & waste
1.8%Natural gas
23.7% 
C oal 1.3% 
Wind, solar, etc.
0.02%Wind, solar, etc.
0.1%WT/TPR/S/413 • Singapore  
 
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  4.2.1   Coal 
4.10.   Singapore has no proven reserves of coal, and imported coal represented only 1.3% of its 
total energy supply in 2018.2 The only coal -fired electricity plant in Singapore employs a mix of clean 
coal (with low -ash and low -sulphur) and biomass to produce steam that is required by  industries, 
as well as electricity. This co -generation process is in general more efficient than  the separate 
production of steam and power. Measures have been put in place by environmental agencies to 
ensure that the facility meets environmental standards.  
4.2.2   Hydrocarbons  
4.2.2.1   Oil 
4.11.   Singapore has no proven reserves of crude oil. It, therefore, imports all of its crude oil, mainly 
from the Middle East (Table 4.1).  
Table 4.1 Main import partners for crude oil (HS 2709), 2015 -19 
 2015  2016  2017  2018  2019  
  Value 
(USD 
million)  % of 
total  Value 
(USD 
million)  % of 
total  Value 
(USD 
million)  % of 
total  Value 
(USD 
million)  % of 
total  Value 
(USD 
million)  % of 
total  
World  18,202.8   15,047   21,419.9   27,935.6   24,222.3   
United Arab 
Emirates  4,701.2  25.8 4,016  26.7 5,883.7  27.5 5,806.3  20.8 6,620.4  27.3 
Qatar  2,801.0  15.4 2,428  16.1 4,340.1  20.3 5,489.9  19.7 4,408.2  18.2 
Saudi Arabia, 
Kingdom of  3,870.0  21.3 4,292  28.5 4,001.8  18.7 5,733.5  20.5 2,954.8  12.2 
Australia  438.5  2.4 191 1.3 265.8  1.2 752.5  2.7 1,419.7  5.9 
Kuwait , State of  1,999.9  11.0 1,822  12.1 2,441.3  11.4 3,502.6  12.5 1,330.6  5.5 
Iraq 940.5  5.2 364 2.4 377.2  1.8 596.1  2.1 1,238.1  5.1 
Malaysia  476.0  2.6 496 3.3 946.8  4.4 1,271.8  4.6 1,089.5  4.5 
United  States  65.0 0.4 13 0.1 36.8 0.2 671.9  2.4 938.7  3.9 
Russian  Federation  385.3  2.1 252 1.7 553.0  2.6 979.9  3.5 712.0  2.9 
Libya 63.9 0.4 135 0.9 238.3  1.1 650.2  2.3 379.0  1.6 
Note:  Import partners are sorted by the year 2019.  
Source:  UN Comtrade database.  
4.12.   Oil accounted for 73% of the total energy supply of Singapore in 2018, up from 69.6% 
in 2015. Domestically, oil is mainly used for transport, but the largest part of imports is used as an 
input for refineries and petrochemical industries, which export most of their production.  
4.13.   The role of oil is minor in electricity generation, due to a switch by gencos to more efficient 
gas-fired plants.  The budget for FY 2020 /21, adopted in February 2020, decided the phasing -out of 
internal combustion engine vehicles by 2040, which should have a significant long -term bearing on 
the domestic consumption of refined products.  
4.14.   Singapore imports and exports refined oil products (Chart 4.3). Singapore has registered a 
trade deficit for these products since 2016.  
4.15.   The country is a major regional and globa l refining hub, with a production of 1.5 billion barrels 
per day, which represented 1.5% of the world's total refining capacity in 2019.3 In the same year, 
Singapore ranked 4th worldwide for exports of refined oil products.4 Singapore is also the largest  
world bunkering port.  
 
2 International Energy Agency. Viewed at: https://www.iea.org/countries/singapore .  
3 BP (2020), Statistical Review of World Energy . The three refineries in Singapore are ExxonMobil, Shell, 
and Singapo re Refining Company (which is owned by Chevron and PetroChina).  
4 BP (2020), Statistical Review of World Energy . WT/TPR/S/413 • Singapore  
 
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  Chart 4.3 Trade in refined petroleum products, 2015 -19 
(USD billion)  
 
Note:  Refined petroleum products include HS headings 2710 to 2715.  
Source:  WTO Secretariat calculations, based on U N Comtrade database.  
4.2.2.2   Gas 
4.16.   The consumption of gas remained more or less stable in absolute terms during the review 
period. The share of gas consumption between 2015 to 2019 is on average approximately 14% of 
the total supply. About 86% of the gas imported by  Singapore was used for electricity generation 
during the same period.  
4.17.   In terms of supply, Singapore used to rely on imports of natural gas via pipelines from 
Malaysia and Indonesia. However, it has taken steps to diversify its supply sources and now 
increasingly relies on imports by ships of liquefied natural gas (LNG).5 In 2019, it imported 
6.6 million tonnes of oil equivalent (Mtoe) of natural gas through pipelines, and 3.5 Mtoe of LNG. 
The company operating the pipelines is part of SP Group, which is a  Singaporean company.  
4.2.3   Renewables  
4.18.   Due to natural conditions (absence of rivers, low average wind speeds, nature of the subsoil, 
and size and use of the territory), it is not viable to develop hydro -power, tidal energy, nuclear 
energy, wind energy, or geothe rmal energy based on current technologies. As a result, solar, 
biomass, and biofuels are the only feasible options for Singapore's renewable energy supply. 
Renewable energies are essentially used for electricity generation.  
4.2.4   Electricity  
4.19.   Since the early 2000 s, Singapore has progressively switched from fuel oil to natural gas. 
Today, 95% of Singapore's electricity is generated using natural gas. In addition to accelerating 
solar deployment, Singapore is also studying emerging technologies such as hydrogen for power 
generation in the longer term. Due to the lack of alternative energy options, Singapore is also looking 
into leveraging regional power grids to overcome geographical constraints and access other clean 
energy sources. Chart 4.4 provides the energy sou rces mix for the generation of electricity.  
 
5 A government -owned corporation, Singapore LNG, manages the LNG import terminal on Jurong Island, 
which started commercial operation in May 20 13. Its initial capacity of 3.5 million tonnes/year increased to 
11 million tonnes/year in 2018. Singapore also aims to become an LNG trading hub, as well as an LNG 
bunkering trading hub, the way it became an oil bunkering trading hub.  
WT/TPR/S/413 • Singapore  
 
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  Chart 4.4 Energy sources mix for the generation of electricity, 2015 and 2019  
 
Source:  Information provided by the authorities.  
4.20.   Electricity consumption grew by 8.9% between 2015 and 2019. In 2018, the Energy Market 
Authority (EMA) launched the Genco Energy Efficiency (EE) Grant Call, which encourages gencos to 
deploy equipment or technologies that are more energy efficient or compe titive.  
4.21.   In 2018, the Government launched the first grant call for the Genco EE Grant and awarded 
SGD 37 million to PacificLight Power, Tuas Power, Senoko Energy, and YTL PowerSeraya, to embark 
on energy efficiency projects. These projects are expected to r educe carbon emissions by over 
48 kilotonnes per year.  
4.22.   Following this award, the 2nd Genco EE Grant Call was launched on 11  January  2021 to 
continue to support gencos' efforts to improve their energy efficiency and adapt to an increasingly 
carbon -constrain ed future. This second grant call is planned to close on 30  September  2021, and 
the outcome is to be made known to the public by mid -2022.  
4.23.   The remainder of the electricity comes from refuse/biomass, coal, petroleum products, and 
solar, but none of these so urces accounts for more than 3%, even though Singapore has set targets 
for 2030 for solar capacity (2 GWp) and storage (200 megawatts).  
4.24.   The overall share of renewables in Singapore's fuel mix for electricity generation remained 
constant at approximately 2. 8% from 2015 to 2019. The relative share of solar energy increased 
between 2015 and 2019 (slightly more than 0% in 2015 to 0.36% in 2019). Singapore achieved its 
2020 solar capacity target of 350  megawatts peak (MWp) in the first quarter of 2020. The 
Gover nment subsequently announced new targets of 1.5  gigawatts peak (GWp) by 2025 and at least 
2 GWp by 2030.  
4.25.   The Government is accelerating the solar deployment in Singapore, such as through the 
SolarNova programme. The Government has not created feed -in tarif fs. 
4.26.   The Government is also working closely with the industry to develop energy storage 
solutions  (ESS), which aim to support solar deployment. EMA launched the ACCESS programme to 
facilitate ESS adoption in Singapore by promoting use cases and business mod els. The programme 
also looks at securing space, marrying demand with solutions, and facilitating regulatory approvals 
for ESS deployment. ACCESS is led by EMA in collaboration with partners. On top of the 
ACCESS  programme, EMA has issued grant calls for the development of innovative solutions, such 
as under the EMA -Korea Institute of Energy Technology Evaluation and Planning  (KETEP) 
Partnership. Most recently, EMA and Keppel O&M awarded a research grant to pilot Singapore's first 
floating energy stora ge system, which also aims to explore a battery stacking solution.  
4.27.   Rather than producing electricity only locally, Singapore plans to explore ways to access 
cost-competitive energy on regional power grids. This is planned to be achieved through bilateral 
cooperation or regional initiatives.  
Chart 4.[SGP]  Electricity generation by source, 2015 and 2019
Coal 1.2%Refuse/biomass
2.5%Natural gas
95.6%Natural gas
95.3%
Coal 1.2%Refuse/biomass
2.9%
Solar PV 0 .0%
Source:  Information provided by the authoritiesTotal:  50,271 GWh Total:  54,142 GWh Solar PV 0.4%Petroleum products 0.3%2015 2019
Petroleum products 0.7%WT/TPR/S/413 • Singapore  
 
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  4.28.   Singapore is also planning to explore emerging low -carbon solutions (e.g. carbon capture, 
utilization and storage technologies, and hydrogen) to reduce its carbon footprint.  
4.29.   During the review period, Singapore liberalize d the retail electricity market with the so -called 
Open Electricity Market, which was implemented in phases beginning in April 2018 and completed 
in May  2019. This liberalization has given all 1.4 million households and small businesses a chance 
to select their electricity retailer. So far, 14 retailers (including 2 that partnered with telecom 
providers) have been authorized by EMA to retail electricity to households and small businesses with 
an average monthly electricity consumption of less than 2,000 kWh . As at June 2020, 47% of 
residential consumers had switched from regulated electricity tariff to buying electricity from a 
retailer. Consumers who switched have benefited from savings of up to 30%, compared with the 
regulated electricity tariff.6 
4.30.   The mar ket for industrial users has been liberalized since 2001. Industrial users with an 
average monthly consumption over 2,000 kWh can choose among 21 providers. In addition, in 
November  2018, the Singapore Energy Market Company (an ex -state-owned company, whic h was 
acquired in 2012 (49%) and 2014 (100%) by the Singapore stock exchange from EMA) opened an 
online electricity procurement portal for industrial users with a monthly consumption over 
10,000  kWh, through live auctions. The savings from the use of this portal are estimated to be 
around 30%.  
4.31.   The electricity sector is now fully unbundled. There are 15 electricity generation licensees. 
Three of them generate power for their own use or supply power as a by -product 
(e.g. waste -to-energy plants), while the rem aining 12 include 7 gencos, which compete to sell 
electricity to the National Electricity Market of Singapore (NEMS), Singapore's wholesale market for 
electricity.  
4.32.   There are no limitations on foreign investments for electricity generation. Notwithstanding,  
the Electricity Act (Section 30B) and the Gas Act (Section 63A) require a "designated electricity/gas 
licensee" to give notice to EMA if a person holds 5% or more, but less than 12%, of the total equity 
interest in the licensee and to obtain EMA's approva l if the equity interest reaches 12% and/or 30%. 
There is foreign participation in Singapore's genco s. 
4.33.   Responsibility for electricity transmission and distribution remain under SP Group. 
In July 2017, the Government unveiled a plan for a smart grid that co nsolidates thermal, gas, and 
solar powers.  
4.3  Manufacturing  
4.34.   The manufacturing sector remains, alongside services, one of the twin pillars of Singapore's 
economy. It posted an annual average growth rate of 4.6% in terms of output between 2016 and 
2020.7 The C OVID -19 pandemic highlighted the value of having a diverse manufacturing sector, as 
performance of the biomedical, electronics, and precision engineering subsectors performed well in 
2020 and helped other sectors such as logistics.  
4.35.   The contribution of manu facturing to GDP increased to 21.5% in 2020, up from  18.0% 
in 2015. Overall employment in manufacturing declined by 8.4% from 400,173  persons in  2015 
to 366,579  in 2020, while total output and total value added grew by 9.7% and 27.5%, respectively, 
during the same period, showing a marked productivity improvement (Table 4.2).  
4.36.   The manufacturing sector continues to provide skilled jobs and to have positive spill -over 
effects on the rest of the economy. Between 2015 and 2020, the relative shares in total 
manuf acturing employment of the biomedical manufacturing, precision engineering, chemicals and 
food, beverages, and tobacco subsectors increased, while the relative shares of electronics, transport 
engineering, and printing declined. In terms of total output an d value added, the situation is slightly 
 
6 Energy Market Auth ority, Annual Report 2019/20: Smart Energy, Sustainable Future . Viewed at: 
https://www.ema.gov.sg/cmsmedia/Publications_and_Statistics/Publication s/EMA -AR-2019_2020.pdf . 
7 Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
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  different. The biomedical and electronics (in particular semiconductors) subsectors saw an increase 
of their relative share in total output and value added, while other sectors showed a decline.  
Table 4.2 Manufacturing output, value added, and employment by industry cluster, 2015 
and 2020  
(%) 
  Employment  Total output  Value added  Industry 
Transfor -
mation 
Map 
(ITM)  
2015  2020  2015  2020  2015  2020    
Biomedical 
manufacturing  4.7 6.8 9.9 10.8 19.9 17.1 No 
Pharmaceuticals  1.6 2.3 6.3 5.9 14.9 9.5   
Medical 
technology  3.2 4.5 3.6 4.9 5 7.6   
Electronics  17.3 16.8 29.7 42.3 26.7 39.2 Yes 
Semiconductors  9.1 9.1 18 32.7 19.2 31.5   
Computer 
peripherals  1.8 3.4 2.4 4.2 1.4 2.3   
Data storage  2.1 .. 2 .. 3 ..   
Infocomms & 
consumer 
electronics  2.5 2.4 6.4 4.5 1.6 4.2   
Other electronic 
modules & 
components  1.8 2.0 0.9 1.1 1.6 1.2   
Precision 
engineering  22.6 24.8 12.3 13.2 13.4 15.0 Yes 
Machinery & 
systems  11.3 12.3 8.7 9.5 8.3 9.9   
Precision modules 
& components  11.3 12.6 3.6 3.7 5.1 5.0   
Transport 
engineering  25.3 21.3 10.7 6.3 13.6 5.9   
Marine & offshore 
engineering  19 14.0 6.9 2.4 7.8 1.9 Yes 
Aerospace  4.7 5.7 2.9 3.1 4.4 3.0 Yes 
Land transport 
engineering  1.5 1.6 0.9 0.9 1.3 1.0 Yes 
Chemicals  6.3 7.0 28.6 20.4 14.8 14.0 Yes 
Petroleum  1.1 1.3 11.6 7.0 2.8 1.6   
Petrochemicals  1.4 1.5 12.2 7.9 5.8 5.0   
Specialty 
chemicals  2.4 2.5 3.3 3.8 4.1 5.3   
Others  1.4 1.7 1.5 1.6 2.2 2.2   
Printing  7.4 3.0 3.7 0.4 5.3 0.8 No 
Food, beverages 
& tobacco  3.8 8.6 0.8 3.4 1.7 4.7 No 
Miscellaneous 
industries  12.6 11.6 4.2 3.1 4.6 3.3 Yes 
(except 
for 
tobacco)  
Total  
manufacturing  100 
(400,173 
persons)  100 
(366,579 
persons)  100 
(SGD  28.3 
billion)  100 
(SGD  310.34  
billion)  100 
(SGD  70.4 
billion)  100 
(SGD  89.79 
billion)   
  
.. Not available.  
Note:  Figures may not add up due to rounding. 2020 data are preliminary.  
Source:  Information provided by the authorities.  
4.37.   The Government intends to retain existing manufacturing capabilities and capacities, while 
building new ones. As a small and open economy, Singapore recognizes the importance of being 
connected to the rest of the world and intends to keep its borders open to allow manufacturers to 
freely move their goods from, or through, Singapore. Besides connectivity, Singapore aims to 
continue to count on its competitive advantages of legal certainty, intellectual property protection, 
policy consistency and coherence, a nd a highly skilled and educated workforce, so as to overcome WT/TPR/S/413 • Singapore  
 
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  its size constraints in land and labour. It also intends to implement the principles of Industry  4.0, 
i.e. the intelligent networking of industrial machines and processes with the help of inform ation and 
communication technologies.  
4.38.   In January 2016, the Government convened the Committee on the Future Economy  (CFE) to 
develop economic strategies for the next decade. Over 9,000 stakeholders, including trade 
associations and chambers (TACs), public a gencies, unions, companies, executives, workers, 
academics, educators, and students, were consulted in the process.  
4.39.   Drawing on the ideas and feedback shared through these consultations, the CFE identified 
and recommended in a report, published in February 20178, seven mutually reinforcing strategies. 
These strategies aim to enable Singapore to stay open and connected, ensure the acquisition of 
relevant skills for future jobs, and help companies scale up through innovation and transformation. 
The Future Eco nomy Council was subsequently established in 2017 to oversee the implementation 
of the CFE strategies and drive economic transformation.  
4.40.   One of the seven strategies adopts a sectoral approach. The strategy "Develop and implement 
Industry Transformation Map s (ITMs)" is a key element of Singapore's overall economic strategy for 
all economic sectors. According to the authorities, the approach is not to pick winners, but to build 
strategic capabilities at the industry level to give enterprises and workers the b est chance of 
succeeding in the open market. In this regard, ITMs were developed for 23 industries, tailored to 
address the industry's own challenges and opportunities. Together, the 23 ITMs cover about 80% of 
Singapore's  GDP, and are organized into variou s clusters, to foster synergies across industries.  
4.41.   The ITMs bring together all relevant stakeholders – industry partners, TACs, unions, institutes 
of higher learning (IHLs), and public agencies – to address the salient issues in the medium to longer 
term t o comprehensively transform each industry. Each ITM integrates and implements growth and 
competitiveness strategies in four areas: (i)  productivity; (ii)  jobs and skills; (iii)  innovation; and 
(iv) trade and internationalization.  
4.42.   In the manufacturing clust er, five ITMs have been developed. The energy and chemicals 
sector ITM was launched in October 2017 and aims to achieve a value added of SGD  12.7 billion and 
create 1,400 new jobs by 2025. The strategy is two  pronged. First, it aims to transform the existi ng 
base of refineries and crackers through the adoption of innovation technologies. Second, it plans to 
diversify into new growth markets, such as specialty chemicals for both: (i)  end-markets in 
consumer care, agricultural chemicals, and animal nutrition and health; and (ii)  functional segments 
in polymers, surfactants, and industrial biotechnology and synthetic biology.  
4.43.   Electronics is the largest industrial sector of the economy, and its relative shares of output 
and value added increased during the revie w period. Starting out with a labour -intensive system for 
the assembly of consumer products in the 1960s, Singapore's electronic industry has moved towards 
the production of high -value components, such as radio -frequency filters, semiconductors , and 
integr ated circuits. The sector's ITM was launched in September 2017 with the objective of creating 
2,100  additional jobs and a value added of SGD  22.2 billion by 2020. The electronics sector had 
grown its value -added contribution to SGD 39.4 billion by 2019. The sector also added 1,094 net  jobs 
in 2019 – the higher growth subsectors of semiconductors and electronic modules and components 
added 3,136 jobs, exceeding the target of 2,100 jobs, but this growth was offset by a decline 
of 2,042 jobs in two low er growth subsectors: data storage and computer peripherals, and infocomm 
and consumer electronics. The ITMs' aim is to encourage new opportunities and markets, such as 
artificial intelligence (AI), healthcare, the Internet of Things, and autonomous vehicl es, and foster 
the development of start -ups by providing them with ready -made equipment in business incubators. 
The Electronics ITM also aims to increase productivity by anchoring high value -added activities and 
capturing niche new technologies, such as si licon photonics, robotics, and automation. 
The Government also emphasizes a focus on upskilling to ensure that workers' skills match job 
requirements and that Singapore is able to capture the new growth areas through Adapt and Grow 
 
8 Committee on the Future Economy (2017), Report of the Committee on the Future Economy: Pioneers 
of the Next Generation , 2017. Viewed at: 
https://sustainabledevelopment.un.org/content/documents/1529Committee_on_the_Future_Economy_Report.
pdf. WT/TPR/S/413 • Singapore  
 
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  initiatives subsidized b y the State, such as the Professional Conversion Programme, the Career 
Support Programme, and Re -Skilling for Jobs.  
4.44.   The precision engineering sector, with its 2,700 companies, remains the largest 
manufacturing employer, with over 93,000 jobs in 2019 (up fr om 2,000 in 20159). While the sector's 
relative shares in both total manufacturing output and total manufacturing value declined during the 
review period, they grew in absolute terms. The sector plays a crucial role in improving 
manufacturing processes and providing critical support to a wide range of businesses, such as the 
semiconductors, marine and offshore, aerospace, and medical technology industries. Its ITM was 
one of the first to be launched, in October 2016, with the objective of creat ing 3,000 additional jobs 
and a value added of SGD  14 billion by 2020.  
4.45.   Under the Research Innovation Enterprise 2020 Plan, Singapore looks into how research and 
innovation will support the development of a knowledge -based and innovation -driven economy and 
society. For advanced manufacturing and engineering, Singapore has set aside SGD  3.2 billion for 
research and development (R&D) under the RIE 2020 Plan. The Plan prepares the industry for the 
digital manufacturing era ahead by developing complementary capa bilities in robotics, additive 
manufacturing, advanced materials, sensors, lasers, and optics, which are needed to support 
continued growth and competitiveness of Singapore's manufacturing and engineering sectors. To 
that effect, the Government funds a SGD  450 million national robotics programme and a national 
additive manufacturing innovation cluster, as well as digital model factories and "digital champions" 
projects. Under the new RIE 2025 Plan, the Government will continue to support research in 
advance d manufacturing and engineering under the Manufacturing, Trade and Connectivity Domain.  
4.46.   The marine and offshore sector remains one the most important sectors of the economy in 
terms of employment, and to a lesser extent, in terms of output and value added,  but experienced 
a crisis during the review period. Its relative share in total manufacturing employment went down 
from 19% in 2015 to 14.0% in 2020, and employment declined by 33.3% in absolute terms (from 
77,000  jobs to 51,321). Output and value added al so declined during the review period in both 
relative and absolute terms.  
4.47.   To tackle this situation, the Government introduced two interim measures to support the 
sector. Introduced initially in December 2016, both schemes were extended in November  2018 unt il 
November  2019. The first measure is a spring bridging loan, which is a loan of up to six years capped 
at SGD  5 million per borrower (or SGD  15 million per group borrower). The schemes were designed 
to facilitate Marine and Offshore Engineering (M and OE ) companies' access to working capital and 
financing, as the sector experienced a unique and prolonged slowdown. Under the schemes intended 
to catalyze loans to the M and OE companies, the Government provided between 50% to 
70% risk-share to participating financial institutions that granted qualifying loans to the companies. 
This was with the aim of helping viable M and OE companies obtain continued access to finance 
through the downturn, retain critical capabilities, and raise their productivity. Targeted groups 
included shipyards and their contractors, offshore services providers, exploration and production 
companies, and oil and gas equipment and services companies and their suppliers. The conditions 
of eligibility included registration and operation in S ingapore, as well 30% local shareholding. The 
second scheme is the Internationalisation Finance Scheme (Section 3.3.1). Between 2016 and  2018, 
these two schemes catalyzed nearly SGD  730 million in loans to more than 100 companies, 
over 90% of which were SM Es. The Marine and Offshore ITM launched in February  2018 aims to 
create 1,500 new jobs by 2025, by pursuing diversification, notably in the areas of LNG transport 
and storage and offshore oil and wind structures, via the introduction of new technologies, such as 
additive manufacturing, robotics and automation, and professional re -skilling programmes.  
4.48.   The aerospace sector is also a key growth sector for the Singaporean economy; it had a 
compound growth rate of 3.9% in terms of output between 2016 and 202010 and its contribution to 
employment, output, and value added grew both in absolute and relative terms within total 
manufacturing.  There appears to be a synergy between the role of Singapore as an air transport hub 
(Section 4.4.3 ) and as a provider of aeros pace/auxiliary services to an air transport hub. For 
example, Singapore represents 10% of the global maintenance repair and overhaul sector turnover.  
 
9 Information provided by the authorities.  
10 Information provided by the authoritie s. WT/TPR/S/413 • Singapore  
 
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  4.49.   The Aerospace ITM was launched in January 2018 with three main goals: (i)  pursing 
operational excellence; (ii) driving innovation in emerging technologies, such as unmanned aircraft 
systems, advanced materials, non -destructive inspection techniques, process automation, avionics, 
and wireless communications; and (iii)  equipping Singaporeans with relevant skills . In order to 
encourage innovation in emerging technologies, the Government set up Centres of Excellence to , 
inter alia , spur discussions in manufacturing, engineering, design, and development capabilities . The 
aerospace industry has been significantly imp acted by the sharp fall in global demand due to 
COVID -19. Singapore introduced the Enhanced Training Support Package, the Enhanced Job Support 
Scheme, and professional conversion programmes, among other schemes, to upskill, reskill, and 
retain capabilities  within the sector.  
4.50.   Singapore also has a significant food manufacturing sector, which exports a large part of its 
production, mainly to Oceania and Southeast Asia. This sector grew from SGD  3.8 billion in 2016 to 
SGD 3.9 billion in 2018 and contributes to around 1.3% of GDP. It launched its ITM in 
November  2016, with the goal of positioning Singapore as a food and nutrition hub in Asia. Its 
targets were to drive exports, scale innovation, and create good jobs. Initiatives supported include 
encouraging R&D a nd product development via platforms such as FoodInnovate; increasing channel 
partnerships; enhancing capabilities in automation; shelf life extension, branding, and packaging; 
using productivity diagnostics and "walk -through" programmes; and reskilling th e workforce.  
4.4  Services  
4.4.1   Financial services  
4.51.   Box 4.1 details the main economic indicators of the financial services sector during the review 
period.  
Box 4.1 Main economic indicators of the financial services sector,  2015 -19 
Share of financial and insurance services in gross value added : 
 
2015: 12.5% (of which insurance: 2.1%)  
2019: 14.1% (of which insurance: 2.3%)  
Share of financial and insurance services in total employment : 
 
2015: 4.8% (of which insurance: 0.9%)  
2019: 5.3% (of which insurance: 1.1%)  
Net financial and insurance services exports : 
 
2015: SGD  34.2 billion (of which insurance: SGD  5.3 billion)  
2019: SGD  51.0 billion (of which insurance: SGD  8.9 billion)  
 
Net financial and insurance se rvices imports : 
 
2015: SGD  10.6 billion (of which insurance: SGD  4.4 billion)  
2019: SGD  17.4 billion (of which insurance: SGD  7.6 billion)  
Capital stock of financial and insurance services providers abroad : 
 
2015: SGD  538.3 billion (74.1% of capital stock  abroad)  
2019: SGD  641.1 billion (68.6% of capital stock abroad)  
Significance of the financial services arm of Singapore Post (SingPost): While SingPost offers financial 
services, such as AXA@Post insurance solutions for personal and business needs and th e Standard 
Chartered SingPost credit card and business instalment loan , this is not its core business . 
Source:  Information provided by the authorities.  
4.52.   The share of financial and insurance services in gross value added grew from 12.5% to 14.1% 
between 2015 and 2019, a phenomenon common to both insurance services (from 2.1% to 2.3%) 
and to banking and other financial services (from 10.4% to 11.7%). This ratio rose to 15.7% in  2020 
(of which insurance: 2.8%), as financial and insurance services we re less impacted by the COVID -19 
pandemic compared with other sectors in the economy. Banking and other financial services 
continued to expand in 2020, albeit at a slower pace, as growth of non -bank loans to the region WT/TPR/S/413 • Singapore  
 
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  eased and domestic non -bank lending c ontracted. Meanwhile, growth in insurance services picked 
up in 2020, buoyed by strong demand for single premium life insurance products during 
the pandemic. The share of financial and insurance services in the overall economy could normalize 
in 2021, as t he sectors severely hit by the pandemic are expected to gradually recover. The 
contribution of financial services to GDP is one of the highest in the world, highlighting the 
importance of the sector for Singapore's economy and the role of Singapore as a re gional, and even 
global, financial services hub . 
4.53.   In line with its growth, the financial and insurance services sector's contribution to total 
employment rose from 4.8% in 2015 to 5.3% in 2019, with insurance employment growing 
from 0.9% to 1.1% of total em ployment, and employment for banking and other financial services 
rising by 0.3% (from 3.9% to 4.2%). In 2020, the share of financial and insurance services in total 
employment rose further to 5.6%, as the sector continued to add jobs on net, even as total  
employment fell given the broader contraction in economic activity.  
4.54.   The trade balance of financial and insurance services is largely in surplus for Singapore in all 
segments, and the surplus grew during the review period.  
4.55.   An industry transformation map fo r financial services titled "Road Map for a Leading Global 
Financial Centre in Asia" was launched in October 2017. Its aims are to achieve growth in financial 
sector real value added of 4.3% and productivity of 2.4% annually. It also planned to create 
3,000 net jobs annually from 2016 to 2020, and an additional 1,000 jobs in the fintech sector 
annually by 2020. Its sectoral objectives and instruments are detailed below for each subsegment 
of financial services.  
4.4.1.1   Banking services  
4.56.   Box 4.2  details the main econ omic indicators of the banking sector during the review period.  
Box 4.2 Main indicators of the banking sector, 2015 -19 
Number of banks : 
 
2015: 126 banks (of which, foreign banks: 121)  
 
2020: 132 banks (of which, foreign banks: 128)  
 
Recent consolidation (since 2015) : The number of local banks fell from five to four due to the merger of Far 
Eastern Bank with United Overseas Bank in 2017. The number of foreign banks has increased by seven 
since 2015.   
Banking system's total assets (as at end -2019) : SGD  2,875 billion  
 
Share of Domestic Systemically Important Banks (D -SIBs) : 51.8%.  Of the seven D -SIBs, three are local 
banking groups (DBS Bank, Oversea -Chinese Banking Corporation (OCBC), and United Oversea s Bank 
(UOB)), and four are foreign banking groups (Citibank, Standard Chartered Bank (SCB), Maybank, and 
Hongkong and Shanghai Banking Corporation (HSBC)). Bank of Singapore is part of the OCBC banking 
group and is thus listed as one of the four local ban ks alongside DBS Bank, OCBC, and UOB in Singapore's 
financial institutions' directory . 
 
Presence of Global Systemically Important Banks (G -SIBs) : Based on the Financial Stability Board's list of 30 
G-SIBs in 2020, 27 have operations/bank branches in Singap ore. Besides Citigroup, SCB, and HSBC, which 
are also G -SIBs, the rest of the G -SIBs' branches in Singapore are not designated as D -SIBs.  
 
Share of non -D-SIBs:  48.2%  
Banking system's total loans (as at end -2019) : SGD  2,133 billion  
 
Share of domestic lend ing: 44%  
 
Share of foreign lending : 56%  
Non-performing loans as a % of total exposures : 1.64% (Q4 2020)  
Source:  Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
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  4.57.   The banking system in Singapore is composed of 4 locally owned banks and 128 foreign banks 
with various legal status. The following banking groups have been designated as D -SIBs: DBS Bank, 
Oversea -Chinese Banking Corporation, United Overseas Bank, Citibank, Maybank, Standard 
Chartered Bank, and the Hongkong and Shanghai Banking Corporation.11 Table 4 .3 provides data 
on Singaporean banks, while Table 4.4 indicates the location of headquarters and the type of banking 
activities of the top 14 foreign banks established in Singapore.  
Table 4.3 Singaporean -owned banks main economic indicators, end -2019  
(SGD million)  
Bank  Total 
assets  Loans  Total 
customer 
deposits  Share -
holders' 
equity  Net 
interest 
income  Net fees & 
commissions  Profit 
before 
tax Profit 
after 
tax 
DBS Bank  578,922  357,884  404,289  53,096  9,696  3,053  7,654  6,501  
Oversea -Chinese 
Banking Corp 
(OCBC)  491,691  262,349  302,851  47,162  6,331  2,123  5,800  5,022  
United Overseas 
Bank (UOB)  404,409  265,458  310,726  39,637  6,562  2,032  5,174  4,362  
Bank of Singapore 
(owned by OCBC)  35,231  22,533  29,266  2,065  347 428 363 318 
Source:  Monetary Authority of Singapore (MAS).  
Table 4.4 Top 14 foreign banks, June 2020  
(Ranked by licence and number of permitted activities)  
 Group 
headquarters  Qualifying full 
bank privileges  Full Bank 
licence  SGS market 
primary dealer  
BNP Paribas  France  Yes Yes Yes 
Bank of China  China  Yes Yes No 
Citibank Singapore  United  States  Yes Yes No 
HSBC Bank (Singapore)  United Kingdom  Yes Yes No 
ICICI Bank  India Yes Yes No 
Industrial and Commercial Bank of China  China  Yes Yes No 
Maybank Singapore  Malaysia  Yes Yes No 
Standard Chartered Bank (Singapore)  United Kingdom  Yes Yes No 
State Bank of India  India Yes Yes No 
Bank of America  United  States  No Yes Yes 
Citibank NA  United  States  No Yes Yes 
HSBC  United Kingdom  No Yes Yes 
Malayan Banking  Malaysia  No Yes Yes 
Standard Chartered Bank  United Kingdom  No Yes Yes 
Source:  Monetary Authority of Singapore (MAS).  
4.58.   The activity of the sector expanded during the review period, though at lesser pace than in 
2019, and its profitability remained healthy (Table 4.5).  
Table 4.5 Bank performance, 2015 -20 
 2015  2016  2017  2018  2019  2020  
Banking assets (% change in local 
currency)  3.1 2.6 3.8 5.4 5.2 8.1 
Bank loans (% change in local currency)  -1.2 2.9 5.6 3.0 3.1 -2.0 
Bank deposits (% change in local 
currency)  1.8 6.5 1.6 3.5 8.9 11.8 
Net interest income (% change in local 
currency)  8.6 -2.7 14.5 9.6 3.9 .. 
.. Not available . 
Source:  Information provided by the authorities.  
 
11 Monetary Authority of Singapore, MAS Publishes Framework for Domestic Systemically Important 
Banks in Singapore , 30 April 2015. Viewed at: https://www.mas.gov.sg/news/media -releases/2015/mas -
publishes -framework -for-domestic -systemically -important -banks -in-singapore .  WT/TPR/S/413 • Singapore  
 
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  4.59.   The supervisory authority of the banking sector is the Monetary Authority of Singapore  (MAS); 
established in 1971, it is the ce ntral bank of the country and the regulator of the totality of the 
financial services sector. The Competition and Consumer Commission of Singapore (CCCS) is in 
charge of competition issues, including for all types of financial services.  
4.60.   The Banking Act and its subsidiary legislation constitute the main legal framework governing 
the licensing and operation of commercial banks in Singapore. Commercial banks may undertake 
universal banking, which, besides deposit taking, cheque services, and lending, includ es any other 
business regulated or authorized by MAS, including financial advisory services, insurance broking, 
and capital market services. Banks providing investment banking and financial advisory services 
must comply with the relevant provisions of the Securities and Futures Act and the Financial Advisers 
Act. 
4.61.   Table 4.6 describes the types of banking licences under the present Singaporean legislation.  
4.62.   On 28  June 2019, MAS announced that it would issue up to two digital Full Bank licences and 
up to three digital Wholesale Bank licences to non -bank applicants through a competitive process. 
Applications opened on 29  August  2019, and successful applicants were announced in 
December  2020.12 
4.63.   MAS took several prudential measures during the review period to stren gthen the banking 
supervision framework, the most important of which being a  framework issued in April  2015 for 
identifying and supervising D -SIBs in Singapore. MAS will apply additional supervisory measures on 
banks designated as D -SIBs, such as incorpora tion of retail operations for foreign bank branches 
with a significant retail presence, higher loss absorbency, recovery and resolution planning, and 
liquidity coverage ratio requirements.  
Table 4.6 Types of banking licences  
Licence  Description  Number  
Full Bank  Full banks are licensed under and governed by the Banking Act. 
They may undertake universal banking, including:  
• deposit taking;  
• cheque services and lending; and  
• any other businesses regulated or authorized by MAS, 
including financial advisory services, insurance broking, and 
capital market services.  20 (including all 
4 of Singapore's 
domestic banks)  
Qualifying Full 
Bank Privileges  Foreign full banks  with Qualifying Full Bank (QFB) privileges may 
operate 25 locations instead of 1. They may also:  
• share ATMs among themselves, and relocate their sub -
branches freely;  
• negotiate with local banks on a commercial basis to let their 
credit card holders obtain cash advances through the local 
bank's ATM networks;  
• provide debit services through an EFTPOS network;  
• offer Supplementary Retirement Scheme and CPF 
Investment Scheme accounts; and  
• accept fixed deposits under the CPF Investment Scheme 
and CPF Retirement Su m Scheme.  
MAS will consider granting significantly rooted FBsb (SRFB) an 
additional 25 places of business (i.e. a total of 50), of which up to 
10 may be branches. This will be part of an overall package 
negotiated with these QFBs' home countries that are f ree trade 
agreement (FTA) partners with Singapore.C MAS will also consider 
granting an additional Full Bank licence to an SRFB that substantially 
exceeds the baseline criteria.d 10 foreign banksa 
+ the 4 domestic 
banks  
Wholesale Bank  Wholesale banks are licensed under and governed by the Banking Act. 
Wholesale banks may engage in the same range of banking business 
as full banks, except that they do not carry out retail banking activities 
in SGD.  99 
 
12 MAS, MAS Announces Successful Applicants of Licences to Operate New Digital Banks in Singapore , 
4 December  2020. https://www.mas.gov.sg/news/media -releases/2020/mas -announces -successful -applicants -
of-licences -to-operate -new-digital -banks -in-singapore . WT/TPR/S/413 • Singapore  
 
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  Licence  Description  Number  
Merchant Bank  Merchant banks are approved under the Monetary Authority of 
Singapore Acte, and their operations are governed by the Merchant 
Bank Directives and the Guidelines for Operation of Merchant Banks. 
Their activities include:  
• lending;  
• asset management;  
• private banking;  
• securities dealing and underwr iting; and  
• investment banking.  24, of which 2 
are foreign  
a Namely: BNP Paribas, Citibank Singapore Limited, Hongkong and Shanghai Banking Corporation 
Limited, ICICI Bank Limited, Malayan Banking Berhad, Standard Chartered Bank, State Bank of 
India, Bank of China, Industrial and Commercial Bank of China, and China Construction Bank.  
b So far there is only one SRFB, awarded in August 2020. MAS, MAS Enhances its Significantly Rooted 
Foreign Bank Framework , 3 August  2020. Viewed at: https://www.mas.gov.sg/news/media -
releases/2020/mas -enhances -its-significantly -rooted -foreign -bank-framework . 
c MAS, MAS Announces Changes to the Qualif ying Full Bank Programme , 28 June 2012. Viewed at: 
https://www.mas.gov.sg/news/media -releases/2012/mas -announces -changes -to-the-qualifying -full-
bank-programme . 
d MAS, MAS Enhances its S ignificantly Rooted Foreign Bank Framework , 3 August 2020. Viewed at: 
https://www.mas.gov.sg/news/media -releases/2020/mas -enhances -its-significantly -rooted -foreign -
bank-framework . 
e The Banking (Amendment) Act 2020 passed in January 2020 consolidates the regulation of merchant 
banks into the Banking Act. It is targeted to come into effect in July 2021.  
Source:  Information provided by the authorities.  
4.64.   In March 2020, the Basel Committee on Banking Supervision conducted a Regulatory 
Consistency Assessment Programme (RCAP) of Singapore's implementation of the Basel large 
exposures (LEX) and Net Stable Funding Ratio (NSFR) regulations. Over all, as at 31  December  2019, 
both the LEX and the NSFR regulations in Singapore are assessed as compliant with the Basel 
framework. This is the highest possible grade.13 
4.65.   The general anti -money laundering framework was revised by the 26  June 2015 amendments  
to the Monetary Authority of Singapore Act, which strengthened the existing supervisory powers 
of MAS in relation to Anti -Money Laundering and Countering the Financing of Terrorism (AML/CFT) 
and enhanced MAS' ability to cooperate with its foreign supervis ory counterparts for AML/CFT 
purposes. These provisions are aligned with the international standards set by the Financial Action 
Task Force and the Basel Committee on Banking Supervision.  
4.66.   This Act is complemented by MAS Notice 62614, which sets out AML/CFT  requirements for 
banks regarding enterprise -wide risk assessment and risk mitigation, customer due diligence 
(including the identification of beneficial owner), transaction monitoring, reliance on third parties, 
correspondent banking and wire transfers, r ecord -keeping, and suspicious transaction reporting, as 
well as internal policies, compliance, audit, and training.  
4.67.   The OECD Convention on Mutual Administrative Assistance in Tax Matters, signed by 
Singapore on 29  May 2013, entered into force on 1  June 2016. The Convention provides for all 
possible forms of administrative cooperation between States in the assessment and collection 
of taxes. This cooperation ranges from exchange of information, including automatic exchanges, to 
the recovery of foreign tax cl aims. 
4.68.   The Deposit Insurance and Policy Owners' Protection Schemes Act was amended in July  2018 
and took effect on 1  April 2019. The amendments include the increase of the deposit insurance (DI) 
coverage limit from SGD  50,000 to SGD  75,000 per depositor per  DI Scheme Member. The increased 
coverage raised the proportion of fully insured depositors from 87% to 91%, in line with international 
norms.  
 
13 The RCAP reports on Singapore's implementation of the LEX and the NSFR regulations are available 
at: https://www.bis.org/bcbs/publ/d493.pdf  and https://www.bis.org/bcbs/publ/d496.pdf . 
14 The AML/CFT requirements for banks are set out in MAS Notice 626 on the Prevention of Money 
Laundering and Countering the Financing of Terrorism – Banks.  WT/TPR/S/413 • Singapore  
 
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  4.4.1.2   Insurance  
4.69.   The Singaporean insurance sector is large and well developed. In 2019, the sector was 
composed of 185  insurance companies, 1 more than in 2015. Table 4.7 provides the insurance and 
penetration and density rates.  
Table 4.7 Insurance penetration and density, 2015 -19 
 2015  2019  
Insurance penetration  6.5%  7.1%  
Insurance density  SGD 6,720.70 per capita  SGD 8,869.60 per capita  
Note:  Data reflect the Singapore Insurance Fund.  
Source:  Monetary Authority of Singapore (MAS).  
4.70.   Table 4.8 describes these companies by type of activity and by legal form.  
Table 4.8 Insurance companies operating in Singapore, by type of activity and by legal 
form, 2019  
Types of i nsurance companies  Number  
Direct life and composite insurers  24 
Locally (all foreign owned) incorporated, locally owned  5 
Subsidiaries (all foreign owned)  13 
Branches (all foreign owned ) 6 
Non-life insurers  52 
Locally incorporated, locally owned  7 
Subsidiaries (all foreign owned)  15 
Branches (all foreign owned)  30 
Reinsurers  31 
Authorized reinsurersa 5 
Captive insurers  73 
Total number of insurance companies  185 
a Authorized reinsurers do not have a physical presence in Singapore and they provide insurance 
services from overseas to persons in Singapore. Authorized reinsurers are not required to set up and 
maintain separate insurance funds for policies taken out by persons in Singapore.  
Source:  Information provided by the authorities.  
4.71.   The total assets balance sheet of the sector amounted to SGD  326.35 billion in 2019 , 80.6% 
of which is from life insurance, 6.9% from non -life insurance, and 12.6% from reinsurance 
(Table  4.9). The overall size of the sector expanded by 9% yearly from 2015 to 2019, a growth led 
by life insurance, as non -life insurance registered a much s maller growth rate of 1.2%.  
Table 4.9 Insurance industry assets, 2014 -19 
(SGD billion)  
 Industry total assets  Life industry total assets  Non-life industry total 
assetsa 
2014 197.4  167.9  29.5 
2019 326.4  263.0  63.3 
a Non-life industry includes direct insurers and reinsurers.  
Source:  Monetary Authority of Singapore (MAS).  
4.72.   The market is highly concentrated in life insurance (where the top five companies accounted 
in 2019 for 81.4% of total assets) and in reinsurance (where the top five companies accounted for 
76.5% of gross written premium). It is less so for non -life and health and accident insurance (32.1% 
and 59.4%, respectively, of the gross written premium).15 
 
15 Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
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  4.73.   Table 4.10 describes the economic indicat ors of the top 10 life insurers, while Table 4.11 
describes those of the top 10 general/non -life insurers.  
Table 4.10 Main economic indicators of the top 10 life insurers, 2019  
(SGD million)  
Insurer  Gross 
prem iums  Gross 
claims  Total 
assets  Total 
liabilities  Nationality  
Great Eastern Life Assurance  7,972  4,366  60,799  58,210  Singapore  
Prudential Assurance Co 
Singapore  6,181  3,369  45,242  44,116  United Kingdom  
AIA Singapore  5,583  3,422  50,938  47,433  Hong Kong, China  
Manulife (Singapore)  4,230  996 19,200  18,787  Canada  
NTUC Income  3,599  2,355  38,499  36,170  Singapore  
Aviva  2,343  1,687  9,873  9,321  United Kingdom  
AXA Insurance  889 494 4,068  3,896  France  
HSBC Insurance (Singapore)  875 459 6,943  6,307  United Kingdom  
Tokio Marine Life Insurance 
Singapore  779 335 8,499  8,038  Japan  
Etiqa Insurance  381 17 1,151  1,078  Malaysia  
National totals  34,196  18,097  255,876  243,031   
Source:  Monetary Authority of Singapore (MAS).  
Table 4.11 Main economic indicators of the top 10 general/non -life insurers, 2018  
(SGD million)  
Insurer  Gross 
premiums  Gross 
claims  Total 
assets  Total 
liabilities  Nationality  
NTUC Income Insurance  
Co-operative  379 205 1,465  835 Singapore  
AIG Asia Pacific Insurance  374 234 799 620 United  States  
AXA Insurance  328 249 668 457 France  
MSIG Insurance (Singapore)  297 127 671 424 Japan  
MS First Capital  254 152 1,123  594 Japan  
Chubb Insurance Singapore  239 54 591 380 Switzerland  
Cigna Europe Insurance 
(Singapore Branch)  186 113 216 157 United  States  
Tokio Marine Insurance 
Singapore  172 89 494 264 Japan  
Liberty Insurance  162 86 371 210 United  States  
Great Eastern General 
Insurance  149 76 330 277 Singapore  
National totals  4,355  2,281  12,367  7,853   
Source:  Monetary Authority of Singapore (MAS).  
4.74.   The vision for the insurance industry under the Financial Services ITM is for Singapore to be 
a global capital for Asian risk transfer, offering insurance and risk financing (through commercial 
and sovereign risk pools or alternative risk transfer solutions, such as insurance -linked securitization 
(ILS)) to help Asia close the protection gap. This is  to be done through: (i)  developing the ILS market 
in Singapore; (ii)  co-creating new risk financing solutions with capital markets and governments; 
(iii) deepening risk analytics and innovation capabilities; (iv)  incubating insurance solutions for new 
and emerging risks; and (v)  developing new transformative market infrastructure, such as risk 
placement/trading platforms using blockchain.  
4.75.   There were no changes to the licensing regime during the review period. An entity can still 
hold both life and non -life insurance licences. There is no differential treatment for foreigners in the 
licensing process and no limitation on the number of providers. MAS is the licensing authority. The 
maximum processing time for applications of the licences is six to eight weeks . There is no limitation 
on the period of validity for a licence except for insurance representative offices.16 The Insurance 
Act does not provide for transfer of insurance licences. All companies seeking to conduct insurance 
 
16 Insurance representative offices are generally set up to conduct feasibility studies on the viability of 
doing insurance business in Singapore, with a view to eventually obtain an insurance licence to conduct 
insurance business in Singapore. They will be given a timeframe to conduct the feasibility studies.  WT/TPR/S/413 • Singapore  
 
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  business in Singapore must app ly for and obtain an insurance licence. Singapore continues to 
recognize home regulator's supervision of the foreign insurance group operating in Singapore.  
4.76.   In terms of preferential treatment, amendments were made to the Insurance (Approved 
Marine, Aviation and Transit Insurers) Act in 2018 and 2019 to reflect the insurance sector 
commitments made under the Comprehensive and Progressive Agreement for Trans -Pacific 
Partnership (CPTPP) and the European  Union -Singapore Free Trade Agreement  (EUSFTA), 
respectively.  
4.77.   The main regulatory change in the insurance sector during the review period was the 
implementation of an enhanced Risk -Based Capital framework for insurers (RBC  2) 
on 31 March  2020. RBC  2 enhances policyholder protection by requiring insurers to  hold capital for 
a more comprehensive range of risks and at a higher target confidence level than the previous capital 
framework and make it less capital intensive for them to offer long -term products with guarantees.  
4.78.   Insurers are required to establish an d maintain a separate insurance fund for each class of 
insurance business that they write (e.g. participating fund, non -participating fund, investment -linked 
fund, or general fund), and this is also separated into Singapore policies (Singapore Insurance 
Fund (SIF)) and offshore policies (Offshore Insurance Fund (OIF)). For the purpose of solvency ratio 
computation, RBC  2 allows insurers to use an adjusted fund concept where insurance funds (except 
a participating fund) can be grouped together, though still separately for the SIF and the OIF.  
4.79.   Under RBC  2, insurers need to maintain capital adequacy at both the company and adjusted 
fund levels, and at two supervisory solvency intervention levels:  
• The higher solvency intervention level, where the total risk requ irement (TRR), also 
referred to as the prescribed capital requirements (PCR), is calibrated at 99.5% 
Value -at-Risk (VaR) over a one -year period.  
• The lower solvency intervention level, where the TRR, also referred to as the minimum 
capital requirements (MCR ), is determined at 90% VaR over a one -year period. MCR is set 
as 50% of PCR.  
4.80.   For the OIF, reinsurance branches continue to be exempted from RBC  2, and foreign owned 
locally incorporated reinsurers continue to be subject to a simplified solvency margin. Ho wever, the 
locally headquartered and locally incorporated reinsurers will now be subject to RBC  2 for the OIF.  
4.4.1.3   Securities, asset management, and stock market services  
4.81.   Singapore is one of the major regional hubs of Asia -Pacific for securities, asset managem ent, 
and stock market services.  As illustrated by Box 4.3, the growth of these subsectors during the 
review period was uneven, with the exception of the asset management industry, which has seen 
steady growth since 2015.  
4.82.   The capitalization of listed compan ies did not change significantly between 2015 and 2019 
(+3.65%). The number of listed companies, however, declined from 769 in 2015 to 723 in 2019, in 
line with a trend in most developed markets where companies stay private longer. The SGX -ST, 
which operat es the only equities market in Singapore, is composed of two boards: (i)  the Mainboard; 
and (ii)  a junior board for fast -growing companies, named Catalist, which has a market capitalization 
that represents about 1.0% of that of the Mainboard as at end -2019. The market capitalization of 
Singapore -incorporated and listed companies accounted for about 86% of the total market 
capitalization of companies listed on the SGX -ST as at end -2019.  
4.83.   Between 2015 and 2019, the gross value of publicly issued bonds grew by 33%. To encourage 
the development of this market, there are broad -based withholding tax (WHT) exemptions for the 
financial sector that cover such interest income paid to non -residents by licensed/approved banks 
(under the Banking Act or the Monetary Author ity of Singapore Act), licensed finance companies, 
and specified financial institutions approved by MAS. Such WHT exemptions were due to expire 
on 31 March  2021 but were extended to 31  December 2026 in Budget 2021.  WT/TPR/S/413 • Singapore  
 
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  Box 4.3 Main economic indicators of the securities, asset management, and stock market 
services, 2015 -19 
Capitalization of the companies listed : 
 
2015: SGD  904.76 billion (i.e. 213.7% of GDP the same year)  
2019: SGD  937.83 billion (i.e . 183.6% of GDP the same year)  
 
Gross value of publicly issued bonds : 
 
2015: SGD  315 billion  
2019: SGD  472 billion  
 
Securities turnover on the Singapore Exchange (SGX) (2019) : 
 
Shares listed on SGX -Securities Trading (SGX -ST) (including primary and secondary listed shares): 
SGD 265,136  million  
 
Bonds listed on SGX -ST: SGD  126 million  
 
Structured products (i.e. structured warrants and daily leverage certificates): SGD  9,045 million  
 
Exchange traded funds: SGD  2,138 million  
 
Number of securities dealer s: 
 
2015: 84 (of which foreign: 72)  
2019: 119 (of which foreign: 85)  
 
Number of authorized fund managers : 
2015: 628  
2019: 895  
 
Volume of managed assets : 
2015: SGD  2.6 trillion17 
2019: SGD  4.0 trillion18 (i.e. equivalent to 427% of the GDP of Singapore, or 3.26% of total world assets 
under management19) 
 
Asset mix (2019) : Collective investment schemes (CIS): 11%; cash/money market: 3%; equity: 42%; 
alternatives (private equity, venture capital, real estate, REITs, and infrastructure):15%; bonds: 26%  
Source:  Information provided by the authorities.  
4.84.   The Financial Services ITM plans to develop Singapore as the Asian centre for capital raising 
and enterprise financing and as an Asian infrastructure financing hub. MAS works with the industry 
to support com panies at various stages of the financing lifecycle, as well as to crowd in private 
capital to finance Asian infrastructure projects. In November 2018, MAS launched the 
Private  Markets Programme (PMP) to allocate USD  5 billion of its own funds as part of i ts investment 
portfolio into the private market asset class. The PMP builds on MAS' current external fund manager 
programme, which aims to anchor global asset managers in the public markets space. The PMP funds 
will be placed for management with top global  private equity and infrastructure fund managers that 
are deemed to be committed to deepening their existing presence or establishing a significant 
presence in Singapore. A lower tax rate is granted to qualifying financial institutions.  
4.85.   The Variable Capita l Companies (VCC) Act (2018) came into force on January  2020. 
The Act aims to offer asset managers an efficient corporate fund structuring option that allows 
greater operational flexibility and economies of scale. Singapore -based asset managers can co -
locate their fund management and domiciling activities in Singapore and structure multiple sub -
funds in a single VCC structure, sharing, inter alia, a single board of directors and a single set of 
financial reporting requirements and be treated as a single ent ity for tax purposes. Asset managers 
managing a VCC are also permitted to use either Singaporean or international accounting rules to 
serve the needs of their investors.  
 
17 MAS, 2015 Singapore Asset Management Survey . 
18 MAS, 2019 Singapore Asset Management Survey . 
19 Based on BCG's global AUM of USD  89 trillion in 2019. BCG, Global Asset Management 2020: Protect, 
Adapt, and Innovate , May 2020.  WT/TPR/S/413 • Singapore  
 
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  4.86.   The VCC framework aims to allow fund managers to have access to a greater choice of 
investment fund vehicles in Singapore and increased fund domiciliation activities to provide new 
business opportunities for Singapore -based fund advisers and service providers. Under the 
framework, more than 200 VCCs have been incorporated in the first year to date, across both 
open-ended and closed -end funds, as well as diverse use cases across various traditional, private 
markets and wealth management strategies.  
4.87.   Singapore is the third largest global foreign exchange (FX) centre, with a market share of 
7.64% and a daily trading volume of USD  640 billion in 2019, up 24% as compared with 2016. The 
interest rate over -the-counter derivatives market registered a global market share of 1.7% and is 
ranked 7th worldwide, with an average daily trading turnover in 201 9 of USD  116 billion. Under the 
2017 ITM, MAS is developing Singapore to be a price discovery and liquidity centre for FX and 
derivatives trading in time zones across Asia. MAS encourages key FX players to anchor their 
matching and pricing engines in Singa pore to enable regional market participants to benefit from 
better liquidity and greater efficiency in executing FX and derivative transactions.  
4.88.   MAS is the regulatory authority of securities, asset management, and the stock market. The 
CCCS is in charge of  competition issues. The main regulations are the Securities and Futures Act  
(2001) and the Financial Advisers Act , which were revised in 2006 and 2007, respectively.  
4.89.   Entities that seek to operate organized markets for listed stocks that are offered to the public 
must be licensed as an approved exchange under the Securities and Futures Act . There have not 
been such cases so far.  
4.90.   MAS may recognize a stock exchange that i s principally regulated in another jurisdiction as a 
Foreign Recognized Market Operator if: (i)  the laws and practices of that jurisdiction achieve 
equivalent outcomes to the laws and practices applicable to recognized market operators under the 
Securities  and Futures Act ; and (ii)  there are sufficient arrangements for cooperation between MAS 
and the regulator of the foreign stock exchange. There have been three cases of such recognition: 
the Australian Stock Exchange Limited, the Stock Exchange of Hong Kon g Limited, and the Tokyo 
Stock Exchange, Inc., with the latter two during the review period.  
4.91.   Securities dealers that conduct business in regulated activities under the Securities and 
Futures Act  (Cap. 289) are required to hold a Capital Markets Services (C MS) licence, unless an 
exemption applies. Entities exempted from holding a CMS licence include financial institutions that 
are regulated under other Acts (e.g. banks), and entities with business models that are of lower risk 
(e.g. companies that only condu ct proprietary trading through regulated financial institutions). The 
admission criteria for a CMS licence include the ability to meet the base capital requirement 
prescribed under the Securities and Futures Act , which ranges from SGD  50,000 to SGD  5 milli on, 
depending on the nature of the company's business  and residency requirements for one director and 
the chief executive officer.  
4.92.   Foreign securities dealers are required to hold a CMS licence and are subject to the same 
admission criteria as a local secur ities dealer.  
4.93.   Asset managers that conduct business in the regulated activity of fund management under 
the Securities and Futures Act  are required to hold a CMS licence, unless an exemption applies, such 
as where the asset manager manages only moneys belong ing to its related corporations, or if it 
manages only proprietary moneys. The admission criteria for a CMS licence for fund management 
include a minimum requirement ranging from SGD  250,000 for companies serving only accredited 
and institutional investors  to SGD  1 million for companies serving retail investors and residency 
requirements for one director and two full -time relevant professionals or representatives.  
4.94.   Admission criteria for foreign and locally owned fund management companies are identical.  
4.95.   The offering of Singapore -constituted mutual funds in Singapore is regulated as offers of 
collective investment schemes (CIS). The offer must be authorized by MAS and accompanied by 
a MAS-registered prospectus, unless an exemption applies and conditions to the  exemptions are 
met. Foreign CIS must be recognized and accompanied by a registered prospectus, unless an 
exemption applies and conditions to the exemptions are met. Examples of exemptions are those for 
small offers, private placements, and offers that are  restricted to accredited or institutional investors.  WT/TPR/S/413 • Singapore  
 
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  4.96.   There is no period of validity for a CMS licence (required for both securities dealers and asset 
managers) or for an approved exchange. These licences are generally valid until the holder ceases 
to cond uct business in regulated activities under the Securities and Futures Act . A CMS 
licence/approved exchange licence is not transferable. There is  no limitation on the number of 
approved exchanges, securities dealers, or asset managers, a nd there are no rest rictions on 
foreigners buying and selling on the stock market.  
4.97.   Listed companies are required by the listing rules of the SGX (Listing Rules) to prepare their 
financial statements in accordance with the Singapore Financial Reporting Standards 
(International ) (SFRS(I)), the International Financial Reporting Standards (IFRS), or the 
US Generally Accepted Accounting Principles. The SFRS(I) is equivalent to the IFRS.  
4.4.1.4    Financial technology (fintech), e -payments and cryptocurrency regimes  
4.4.1.4.1   Fintech  
4.98.   Singapore plans t o foster innovation in fintech and e -payments, and MAS will continue to 
enhance its regulatory approach to support enterprise and innovation while maintaining financial 
soundness. Singapore's fintech sector has grown exponentially, from 50 fintech firms in  2015 to 
more than 1,000 in 2020. It also has 40 innovation labs across major banks and insurers. In  2019, 
fintech firms attracted SGD  1 billion of investment. For the first half of 2020, despite the COVID -19 
pandemic, the fintech sector continued to attra ct equity funding and mergers and acquisitions 
amounting to SGD  650 million. According to the authorities, the sector has also been a powerful 
creator of jobs, with an estimated 10,000 people employed by fintech firms.  
4.99.   The regulatory approach chosen by MAS  for fintech is to facilitate innovation while managing 
risks. According to the authorities, this includes simplifying rules; selectively easing licensing criteria; 
providing guidance on new areas like cloud computing, robo -advisers, and digital tokens; ad opting 
activity -based regulation right -sized to the risks posed, such as in the Payment Services Act; and 
allowing experimentation.  
4.100.   MAS introduced the first FinTech Regulatory Sandbox in 2016. Its objective is to evaluate 
regulations or policies that may i mpede beneficial new technologies or business models, rather than 
product testing that assesses consumer uptake and commercial viability. According to the 
authorities, the FinTech Regulatory Sandbox has enabled live experiments across a broad range of 
financial services and technologies, including applications of big data, blockchain technology, 
machine learning and application programming interfaces (API) across financial services such as 
investment management, broking, cross -border funds transfer, insuran ce, financial advising, 
securities -based crowdfunding, secondary market access, and custody service.  
4.101.   In addition, in August 2019, MAS launched the Sandbox Express to complement the existing 
sandbox approach with a fast -track option to test innovative financial services in the market. The 
Sandbox Express is currently available for insurance brokers and recognized market operators.  
4.102.   MAS has also issued several non -formal clarifications that have helped to guide the adoption 
of new technologies by the financial sector. These include: (i)  the Cloud Computing Implementation 
Guide 2.0 (co -created by MAS and the Association of Banks in Singapore and issued in August  2019, 
to assist financial institutions in entering into and managing their cloud outs ourcing arrangements); 
(ii) the Fairness, Ethics, Accountability and Transparency (FEAT) Principles (introduced by MAS in 
November  2018 to provide guidance on the responsible use of AI and data analytics, as well as to 
strengthen internal governance around  data management); and (iii)  the Veritas programme 
(launched by MAS in collaboration with industry partners in November 2019 to enable financial 
institutions to evaluate their AI and data analytics -driven solutions against the FEAT Principles) . 
4.103.   MAS also promotes joint projects with other government agencies and the industry to 
reinforce the digital infrastructure of Singapore and the adoption of new technologies in the financial 
sector. Key projects include:  
• the National Digital Identity: a digital i dentity service stack for Singapore residents and 
businesses to transact digitally with the Government and private sector in a convenient 
and secure manner;  WT/TPR/S/413 • Singapore  
 
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  • Business sans Borders: a hybrid global meta -hub that connects platforms and their SMEs 
domestically  and internationally to facilitate open and frictionless matching of buyers, 
sellers, and innovative solution providers; and  
• the API eXchange (APIX) Platform: an open -architecture API platform where global 
financial institutions and fintechs can discover e ach other's APIs on a curated marketplace, 
design experiments collaboratively in a cloud -based sandbox, and deploy innovative 
solutions rapidly at a lower cost . 
4.104.   MAS is also enabling an open API architecture in the financial sector, to allow financial 
institutions to collaborate with external users and deliver customized solutions in a faster and 
cheaper manner. Key initiatives include:  
• the Finance -as-a-Service API Playbook, which identifies common and useful APIs for the 
industry and cross -sectoral stakehol ders and provides a comprehensive framework to 
facilitate the development and implementation of APIs; and  
• the Financial Industry API Register, which lists more than 300 informational and 
transactional open APIs that have been made available by financial in stitutions in 
Singapore.  
4.105.   MAS launched in 2015 the SGD  225 million, five -year Financial Sector Technology & 
Innovation (FSTI) scheme to support the creation of an ecosystem for innovation.  
4.106.   On 13  August  2020, MAS announced that it will commit SGD  250 million  over the next 
three  years under the enhanced FSTI scheme (FSTI 2.0) to accelerate technology and 
innovation -driven growth in the financial sector. FSTI 2.0 aims to strengthen support for large -scale 
innovation projects and build a stronger pipeline of Sin gaporean talents in fintech. FSTI 2.0 supports 
seven  different types of financial support programmes.20 MAS also encourages the creation of higher 
education ad hoc  curricula and the activities of a research institute on digital financial services called 
the Asian Institute of Digital Finance, whose creation was announced on 4  August  2020.  
4.107.   To ensure a reliable and ready pipeline of talent entering the workforce, MAS has worked 
with IHLs to ensure that curricula are updated and relevant for new fintech -relate d jobs. All local 
universities and polytechnics in Singapore now offer foundational and applied courses, as well as 
internship programmes, in fintech. Programmes and initiatives have also been rolled out to help 
mid-career professionals in the finance sect or embark on technology roles through training and 
attachments with financial institutions.  
4.108.   At the international level, MAS has organized the annual Singapore FinTech Festival since 
2016 as a platform for the global fintech community to connect and collabo rate. As at March  2021, 
MAS has signed 35 FinTech Cooperation Agreements with counterparts from around the world. These 
Agreements provide a framework for closer cooperation on fintech and promote innovation in 
financial services in the respective markets.  According to MAS, the Agreements21 have yielded 
tangible outcomes, including the internationalization of Singapore's fintech companies, the anchoring 
of foreign fintech companies in Singapore, and joint innovation projects between MAS and its 
internationa l counterparts.  
4.4.1.4.2   E-payments  
4.109.   E-payments are becoming increasingly popular in Singapore, and the adoption of cash 
alternative solutions in the form of e -wallets and mobile banking applications has grown steadily. 
For example, about 80% of Singapore residents and businesses are registered on the PayNow and 
PayNow Corporate platforms, respectively, which allow users to transfer money instantly across 
 
20 For a detailed description of these programmes, see MAS, MAS Commits S$250 Million to Accelerate 
Innovation and Technology Adoption in Financial Sector , 13 August 2020. Viewed at: 
https://www.mas.gov.sg/news/media -releases/2020/mas -commits -s$250 -million -to-accelerate -innovation -
and-technology -adoption -in-financial -sector . 
21 MAS, FinTech Cooperation Agreements . Viewed at: 
 https://www.mas.gov.sg/development/fintech/fintech -cooperation -agreements . WT/TPR/S/413 • Singapore  
 
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  bank accounts and e -wallets using their mobile phone numbers. All major international actors of the 
e-payments se ctor are present on the Singaporean market.  
4.110.   MAS aims at establishing an "e -payments society" via the streamlining of its regulations, a 
dialogue with the industry, the promotion of interoperable infrastructure, and the promotion of the 
digitalization of SM Es. Key initiatives include the following:  
• Unified Point -of-Sale Terminals  are physical point -of-sale terminals that promote 
interoperability across multiple payment schemes, providing greater convenience for 
consumers.  
• PayNow  is a peer -to-peer funds trans fer service launched in July 2017 to enable individuals 
to make and receive payments easily using their mobile number, National Registration 
Identification Card  (NRIC) number (for citizens), or Foreign Identification Number  (FIN) 
(for non -citizen residents ). PayNow was further enhanced in August 2018 to allow 
businesses and corporate and government agencies to link their Unique Entity Numbers 
to a local bank account, thus allowing them to make payments to other businesses and 
suppliers and collect payments from other businesses or individuals.  
• Singapore Quick Response Code (SGQR),  launched in September 2018, is a common 
QR-code standard that combines multiple payment QR codes into a single SGQR label, 
making QR -code-based mobile payments simple for both cons umers and merchants.  
• Project Ubin is a collaborative project with the industry to explore the use of blockchain 
and distributed ledger technology for clearing and settlement of payments and securities.  
4.111.   The Payment Services Act (PS Act) (2019) entered into force on 28  January  2020.  It aims 
to streamline the regulation of payment services within a single activity -based legislation. It 
comprises two parallel regulatory frameworks: (i)  a designation regime that enables MAS to 
designate and regulate systemically  important payment systems (SIPS)22 for financial stability and 
efficiency; and (ii)  a licensing regime that is modular and risk -based and right -sizes the regulation 
of retail payment services according to the scope and scale of payment service providers.  
4.112.   Under the designation regime, a payment system may be designated under the PS Act if it 
is considered a SIPS or a system -wide important payment system (SWIPS)23, or if it is in the interests 
of the public to do so. MAS may also designate a payment system i f it is widely used in Singapore, 
or if its operations may have an impact on the operations of one or more other payment systems in 
Singapore, and the designation is necessary to ensure efficiency or competitiveness in any of the 
services provided by the o perator of the payment system.  
4.113.   The licensing regime encompasses a wide range of seven payment activities, including: 
(i) account issuance; (ii)  domestic money transfer; (iii)  cross-border money transfer; (iv)  merchant 
acquisition; (v)  e-money issuance; (vi) money -changing services; and (vii) digital payment tokens 
(DPT). Currently, the PS Act regulates the service of dealing in DPTs and facilitating the exchange 
of DPTs where the service provider comes into possession of moneys or DPTs. The PS Act was 
amended in January 2021 to expand th e scope of DPT services regulated to include:  
• facilitating the transmission of DPTs;  
• providing custodian wallet services for DPTs; and  
• facilitating the exchange of DPTs where the service provider does not come into possession 
of moneys or DPTs involved.  
 
22 SIPS are systems in which a disruption in the operations could trigger, cause, or transmit further 
disruption to participants or cause systemic disruption to the financial system of Singapore.  
23 SWIPS are systems in which a disruption could affect public confidence in payment systems or the 
financial system of Singapore. Although a disruption or failure in these systems may have system -wide 
implications and may affect many users, there is negligible risk of systemic impact to financial stability.  WT/TPR/S/413 • Singapore  
 
- 104 - 
 
  4.114.   At any point of time, a payment service provider needs only to hold one licence but of a class 
that corresponds to the risk posed by the scale of payment services provided. Risk -mitigating 
measures are then to be tailored to the specific payment services tha t a licensee provides to 
safeguard customer moneys, ensure adequate controls against money laundering and terrorism 
financing (ML/TF) risks, reduce fragmentation, and strengthen technology and the cyberstandards 
e-payments space.  
4.115.   Legislative amendments to the PS Act were passed in Parliament in January 2021 to expand 
the scope of cross -border money transfer service and DPT service, to better mitigate ML/TF risks 
and align Singapore's regulatory regime with the Financial Action Task Force (FATF) standards fo r 
combating ML/TF. The Act's amendments are targeted to take effect in Q3 2021. Table 4.12 sets out 
a brief description of each regulated payment service, including the newly scoped -in services. In line 
with the enhanced FATF standards for virtual asset se rvice providers (VASPs), MAS also intends to 
make legislative amendments to license VASPs created in Singapore that provide digital token 
services (i.e. services relating to payments and/or investments) wholly outside of Singapore, and 
subject such VASPs t o AML/CFT obligations, similar to other DPT service providers in Singapore.  
4.116.   Providers of DPT services are primarily regulated for ML/TF risks in Singapore, given that 
DPT activities carry higher inherent ML/TF risks, due to the speed, anonymity, and cross -border 
nature of such activities. In this regard, DPT service providers are required to comply with AML/CFT 
requirements that are aligned with the FATF standards. MAS Notice PS -N02 sets out requirements 
for DPT service providers regarding enterprise -wide r isk assessment, customer due diligence 
(including the identification of beneficial owners), transaction monitoring, reliance on third parties, 
correspondent accounts and value transfers, record -keeping, and suspicious transactions reporting, 
as well as int ernal policies, compliance, audit, and training.24 The amendments to the PS Act passed 
in January  2021 (targeted to be in place in the third quarter of 2021) also provide MAS with new 
powers to impose measures on DPT service providers for consumer protecti on, and to maintain 
financial stability and safeguard the efficacy of monetary policy, should the need arise. The new 
powers will enable MAS to act swiftly to address new risks as they emerge.  
Table 4.12 Descr iption of regulated payment services  
Regulated payment service  Description  
Account issuance  Issue or provide services relating to the operation of a payment 
account in Singapore. Payment accounts include an e -wallet or a 
credit card.  
Domestic money transfer  Provide local money transfer services in Singapore.  
Cross -border money transfer  Provide inbound and/or outbound remittance services in Singapore. 
The Payment Services (Amendment) Bill that was passed in 
January  2021 broadens the  definition of cross -border money transfer 
service to include facilitating transfers of money between persons in 
different jurisdictions, where money is not accepted or received by 
the service provider in Singapore.  
Merchant acquisition  Provide merchant acquisition services in Singapore, where the service 
provider contracts with a merchant to accept and process payment 
transactions, resulting in a transfer of money to the merchant.  
E-money issuance  Issue e -money in Singapore to allow a person to pay mer chants or 
transfer e -money to another person.  
DPT  Buy or sell DPT or provide a platform to allow persons to exchange 
DPT in Singapore.  
The Payment Services (Amendment) Bill that was passed in 
January  2021 expanded the definition of DPT services to include:  
• facilitating the transmission of DPTs;  
• providing custodian wallet services for DPTs; and  
• facilitating the exchange of DPTs where the service provider 
does not come into possession of moneys or DPTs.  
Money -changing service  Buy or sell foreign cur rency notes in Singapore.  
Source:  Information provided by the authorities.  
 
24 The AML /CFT requirements for DPT service providers are set out in MAS Notice PSN02 on the 
Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Payment Services 
Licence (Digital Payment Token Service).  WT/TPR/S/413 • Singapore  
 
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  4.4.2   Telecommunication services  
4.117.   Singapore's telecommunications penetration rates stand much above regional and global 
averages and are among the highest of the world (Table 4.13).  
Table 4.13 Telecom indicators, 2015 -19 
 Singapore  Asia 
Pacific  World  
  2015  2016  2017  2018  2019  2019  2019  
Fixed -telephone 
subscriptions 
(per 100 inhabitants)  36.1 35.3 34.9 34.8 32.8 9.0 11.9 
Mobile -cellular subscriptions 
(per 100 inhabitants)  147.2  149.7  146.8  148.8  156.4  110.3  107.8  
Fixed broadband 
subscriptions 
(per 100 inhabitants)  26.6 28.2 25.9 25.9 25.8 14.3 14.8 
Active mobile -broadband 
subscriptions 
(per 100 inhabitants)  143.9  147.6  146.8  148.8  156.4  75.4 74.2 
Internet users (% of 
population)  79.0 84.5 84.5 88.2 88.9 44.5 51.4 
Source:  International Telecommunication Union (ITU). Viewed at: https://www.itu.int/en/ITU -
D/Statistics/Pages/stat/default.aspx . 
4.118.   The mobile market is well developed, with the latest technologies and low prices, according 
to ITU data and compa rative analysis (Tables 4.14 and 4.15).25 
Table 4.14 Pricing data for mobile telephony, 2019  
 Rank  as % of 
gross 
national 
income 
per capita 
(GNI PC) USD Purchas -
ing 
Power 
Parity  Monthly 
voice call 
allowance 
(in 
minutes ) Monthly 
SMS 
allowance  Monthly 
data 
allowance 
(in GB)  Tax rate 
included  Gross 
National 
Income 
PC, USD, 
2018  
High consumption 
mobile data and 
voice basket  2 0.3 14.83  17.64  150 500 5.0 7 58,770  
Low consumption 
mobile data and 
voice basket  5 0.3 14.83  17.64  150 500 5.12 7 58,770  
Source:  ITU. 
Table 4.15 Pricing data for fixed broadband, 2019  
Rank  as % of 
gross 
national 
income 
per 
capita 
(GNI 
PC) USD Purchasing 
Power 
Parity  
(PPP)  Speed, 
in Mbit/s  Cap per 
month, 
in GB Most 
value for 
money 
(PPP$ per 
Mbit/s)  Tax rate 
included 
(%) GNI PC, 
USD, 
2018  
12 0.8 36.99  44.01  1,024  unlimited  0.0 7.0 58,770  
Source:  ITU. 
 
25 ITU (2018), Measuring the I nformation Society Report , Vol. 2, p. 162. Viewed at: 
https://www.itu.int/en/ITU -D/Statistics/Documents/publications/misr2018/MISR -2018-Vol-2-E.pdf.  
For detailed elements of this methodology, see ITU ( 2019), Measuring Digital Development: ICT Price Trends . 
Viewed at: https://www.itu.int/en/ITU -
D/Statistics/Documents/publications/prices20 19/ITU_ICTpriceTrends_2019.pdf . WT/TPR/S/413 • Singapore  
 
- 106 - 
 
  4.119.   There were three mobile network operators at the beginning of the review period: (i)  the 
incumbent Singtel; (ii)  Starhub (both majority owned via Temasek Holdings and publicly listed for 
the rest of the shares); and (iii) M1 (majority owned by Keppel Corp. ). TPG Telecom, a private 
operator from Australia, won a fourth licence in December 2016. Operators providing Mobile Virtual 
Network Operator services in Singapore need to apply for a Service -Based Operations (Individual) 
License from the Infocomm Media De velopment Authority (IMDA), a statutory body board of the 
Ministry of Communications and Information (MCI).  
4.120.   Singtel has a market share of over 50%, followed by Starhub and M1. TPG Telecom is still 
operating largely on a trial basis (first a one -year free -trial service launched in January  2019, and 
then a mobile plan in March 2020 of 50  GB for SGD  10 without contractual obligations). The share 
of mobile virtual network operators is marginal (less than 1%).  
4.121.   The market is mature with 91% of 4G subscriptions. M any consumers have multiple devices 
and subscriptions. In June 2020, IMDA issued the final awards for the 5G Call for Proposal  (CFP) 
process. Based on the offer prices submitted in their CFP responses, the two winners had to each 
pay the spectrum clearing price of SGD  55.01  million. The two winners can proceed to deploy 
nationwide standalone networks that deliver full -fledged 5G capabilities, providing coverage for at 
least half of Singapore by end -2022, scaling up to nationwide coverage by end -2025.  
4.122.   The la unch of 5G services in 2021 and the Internet of Things are expected to increase 
demand. However, the COVID -19 pandemic led a decline in operators' revenue due essentially to a 
loss of roaming revenues and lower spending on prepaid offers.  
4.123.   The fixed-line telephony services market is regressing, but the population penetration rate 
(33.3% in 2020) remains relatively high by international standards, which can be explained by the 
increasing importance of Fibre To The Home (FTTH) networks and service s accessible via bundled 
offers in the framework of the deployment of next generation networks (NGN).  
4.124.   The deployment of an NGN called the Next Generation Nationwide Broadband Network 
(NGNBN), a wired FTTH network, completed its full deployment in 2012.  
4.125.   Singtel is the dominant provider of fixed telephony services, followed by Starhub. Other 
operators include M1 and MyRepublic.  
4.126.   The total residential wired broadband household Internet penetration rate is over 90%. In 
2020, mobile broadband represented 87% of a ll Internet subscriptions. Most fixed Internet 
subscriptions are broadband through optical fibre. There are three main Internet services providers  – 
Singtel (with a market share of 41%), Starhub, and M1 – followed by smaller players such as My 
Republic, Wh izComms, and ViewQuest.  
4.127.   Singapore is a major Internet connection hub for regional and international undersea fibre 
optics cables, with a total of 22 submarine cables in Singapore in 2020.  
4.128.   The development of the sector is directed by Infocomm Media 2025, a 10-year master plan 
adopted in 2015. It is an integrated development plan for the telecommunication and media sector 
to foster the digital economy. In this context, the Government issued in June  2018 a digital 
government blueprint, which aims to make all g overnment services available online by  2023. 
IMDA  launched a digital signature system for business and legal documents in November  2020. 
In October  2020, supported by IMDA and Enterprise Singapore, CapitaLand opened the Smart Urban 
Co-Innovation Lab to bri ng together players in the smart cities space to co -create and test 
innovations with locally built technology enterprises in a live environment at CapitalLand's 
5G-enabled facility.  WT/TPR/S/413 • Singapore  
 
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  4.129.   In conjunction with Infocomm Media 2025, IMDA worked with the industry to develop an 
Infocomm Media (ICM) ITM in 2017, whose aims are to expand the ICM industry's value -add by 
around 6% annually (almost twice as fast as the overall economy) and to employ in 2020 more than 
210,000 workers (up from approximately 194,000 workers in  2016). The ICM ITM is to prepare 
Singapore for the digital economy through three approaches:  
• investing and building capabilities in "four frontier technologies", i.e. AI and data analytics, 
cybersecurity, immersive media, and the Internet of Things;  
• strengthening the core of the ICM sector, and preparing the next generation of ICM 
professionals and companies for future job roles and business opportunities; and  
• guiding companies and workforces from the other sectors in adopting digital technology 
to improve  productivity and efficiency.  
4.130.   According the ITU ICT -Eye database, all telecom services (domestic fixed long distance, fixed 
wireless broadband, international gateways, international fixed long distance, Internet services, 
leased lines, wireless local loop,  local fixed lines, mobile cellular, mobile satellite services, very small 
aperture terminals (VSAT), digital subscriber lines (DSL), broadcasting satellite services, and mobile 
broadband) are offered openly on the market.  
4.131.   IMDA develops and regulates the c onverging infocomm and media sectors. It was 
established in 2016 after the merger between the then -Info-communications Development Authority  
and the Media Development Authority  in response to the convergence phenomenon between the 
telecommunications and me dia sectors. Its budget is approved by the Government.  
4.132.   IMDA regulates and provides guidance on radio -frequency allocation and assignment, 
numbering, spectrum monitoring and enforcement, prices (dominant operators only), technical 
standard setting, type app roval, universal services, licensing of ICT networks and services, 
enforcement of quality services obligations, and broadcasting transmission and content. IMDA also 
regulates: (i)  interconnection rates for the dominant licensee's interconnection offer and the 
monitoring of the quality of services with operators; and (ii)  consumer protection, cybersecurity, 
and media content with other regulators and ministries.  
4.133.   The main regulation is the Telecommunication Act, which was last amended in 2017. The 
main change s brought about by these amendments are:  
• provisions that facilitate the timely deployment of telecommunication equipment, such as 
clarifying the parties that have to comply with IMDA's Code of Practice for 
Info-communication Facilities in Buildings, which requires building developers and owners 
to provide adequate space and facilities for the deployment of telecom equipment in their 
buildings, and empowering IMDA to facilitate mobile operators to deploy their 
infrastructure on suitably high  locations, such as building rooftops and towers, to optimize 
their mobile coverage, and serve multiple buildings from one location;  
• a provision  prohibiting building owners from entering into exclusive arrangements that 
have the effect of limiting end user s' choice of telecoms service provider; and  
• a provision empowering IMDA to  establish an alternative dispute resolution (ADR) scheme 
to courts and small claims tribunals to help consumers to solve their disputes with 
operators. Participation in this scheme is compulsory for operators. IMDA determines the 
customer eligibility, the scope of issues covered, the remedies to be applied, and the 
dispute settlement process of this ADR scheme.  
4.134.   Fixed number portability rates were revised on 1  February  2020. The rates  are commercially 
negotiated between operators and not made public.  
4.135.   Another significant regulatory development is  the ongoing drafting of a Code of Practice for 
Competition in the Provision of Telecommunication and Media Services.  The Code is to replace th e 
existing competition codes for the telecommunication and media sectors (respectively, the Code of WT/TPR/S/413 • Singapore  
 
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  Practice for Competition in the Provision of Telecommunication Services (2012) and the Code of 
Practice for Market Conduct in the Provision of Media Service s). The Code aims to promote fair and 
efficient competition, safeguard consumer protection, improve regulatory clarity by harmonizing 
IMDA's regulatory requirements, and keep pace with technological advancements and market 
developments. IMDA held two publi c consultations to that effect, in February  2019 and 
January  2021. Notable changes to the Code include adopting a common regulatory approach for 
dominance classification and a threshold to be used for the initial assessment of Significant Market 
Power in b oth telecommunication and media markets, prohibiting telecommunication licensees from 
making disadvantageous or detrimental changes during the contract term, and requiring all licensees 
to provide a list of minimum billing information, to better protect co nsumer interests.  
4.136.   Apart from the changes described above, the telecommunication regulatory framework of 
Singapore has not undergone other significant changes, notably regarding licensing, the fixed and 
mobile and interconnection regime, local loop unbundli ng, and facility sharing.  
4.137.   The licensing framework differentiates between licensees based on the nature of their 
operations. Operators that deploy their own telecom infrastructure and network to offer services are 
licensed under the Facilities Based Operati ons (FBO) licence framework, while operators that lease 
telecom networks or purchase wholesale services from FBOs to offer or resell services are licensed 
under the Services Based Operator (SBO) licence framework. FBO licensees may offer the services 
that SBOs can offer; the reverse is not permitted.  
4.138.   Any foreign or domestic company registered with the Accounting and Corporate Regulatory 
Authority may apply for an FBO or SBO licence to offer telecom services in Singapore. There are no 
limits on the number of  licences that may be granted, unless there are technical constraints, such 
as spectrum availability. There are also no foreign equity limits imposed on licensees.  
4.139.   FBO licences are issued for a duration of 10, 15, or 20 years, depending on the scope of the  
operations. SBO individual licences are issued for a period of five years and renewable on a five -year 
basis. No renewal  is required for SBO (Class) licences. As at December 2020, there were a total of 
73 FBO and 1,240 SBO licensees . 
4.140.   Regarding the interconnection regime, IMDA strongly encourages its licensees to enter into 
interconnection and access agreements through commercial negotiations. However, dominant 
licensees must also publish References Interconnection Offers (RIO), under which they have  to offer 
interconnection and access -related services on prices, terms, and conditions that are preapproved 
by the IMDA. A downstream operator that meets the relevant criteria may then request services 
from the dominant licensee under the terms of its RIO.  
4.141.   Currently, Singtel (which is the incumbent fixed -line network operator and also operates a 
number of telecoms facilities, such as submarine cable landing stations) and NetLink Trust (whose 
assets include central offices, ducts, and manholes) have been req uired to offer RIOs. In the context 
of the NGNBN, the IMDA has also imposed similar obligations on NetLink Trust and Nucleus Connect 
to make available certain mandated services under the terms of standardized interconnection offers.  
4.142.   Local loop unbundling i s a regulated service provided for under the RIO. The Singaporean 
telecom regulation allows  both passive and active mobile infrastructure sharing through commercial 
agreements.  
4.143.   Universal services include basic voice telephony services and fibre connectivit y services to 
users/addresses upon request. The obligations to provide such services are specified in the 
respective licences of the relevant operators.  
4.144.   There are no pricing regulations for either retail mobile services or over -the-top content 
services, bu t a price regulation is imposed on services provided by dominant fixed telecom operators.  
4.4.3   Air transport  
4.145.   Singapore is a major global and regional hub for commercial air transport and for services 
auxiliary to air transport. In 2019, the air transport sector  contributed 5% of Singapore's GDP and WT/TPR/S/413 • Singapore  
 
- 109 - 
 
  employed 192,000 persons, i.e. 5.3% of total employment.26 Singapore main commercial airport, 
Changi Airport, serves more than 170 destinations via over 90 airlines.  
4.146.   Table 4.16 details the number of commercial aircraft movements, the number of passengers, 
and the volume of freight handled by the Singaporean airpo rt system during the review period. 
Singapore's air passenger traffic was drastically impacted by the COVID -19 pandemic and 
exacerbated by continued border and travel restrictions globally. Changi registered 11.8 million 
passenger movements up until Decemb er 2020, representing an 82.8% year -on-year (y -o-y) 
decline. The impact on air cargo traffic was less severe, due to sustained demand for the movement 
of goods and trade, including demand for personal protective equipment. Changi registered 
1.5 million ton nes of air cargo throughput up until December 2020, representing a 23.3% y -o-y 
decline, with transhipment cargo experiencing a steeper decline than direct cargo.  
Table 4.16 Airport system statistics, 2015 -20 
 2015  2016  2017  2018  2019  2020  
Commercial 
aircraft 
movement  ('000)  346.3  360.5  373.2  386.0  382 125 
Passengers  
(million)  55.4 58.7 62.2 65.6 68.3 11.8 
Air freight  
(million tonnes)  1.85 1.97 2.13 2.15 2.01 1.54 
Source:  Information provided by the authorities.  
4.147.   In April 2017, the Government worked with the industry to develop an Air Transport ITM to 
increase the sector's productivity by 40% and to redesign or create more than 8,000 jobs by 2025. 
The ITM essentially lists a series of projects of autom ated passenger - and cargo -handling systems, 
information systems, and training and reskilling schemes.  
4.148.   The Air Transport ITM programmes are supported by the Aviation Development Fund (ADF), 
which was first established by the Civil Aviation Authority of Sing apore (CAAS) in 2010 with a budget 
of SGD  100 million. Its funding was initially valid for a period of five years. The budget has since 
been increased twice: to SGD  160 million in 2015, and subsequently to SGD  280 million in 2018. In 
2019, its validity was  extended until March 2025. The ADF focuses on airport productivity for 
long-term manpower sufficiency, innovation, and manpower development for higher -skilled jobs. 
Since its inception, the ADF has supported more than 200 initiatives from over 80  organiza tions.  
4.149.   The aviation sector was severely hit by the COVID -19 pandemic, with long -haul flights being 
particularly affected by travel bans (Chart 4.5).  
4.150.   Between April 2020 and December 2020, Singapore Airlines raised approximately 
SGD 12.7 billion through its capital raising exercise. This sum is composed of SGD  8.8 billion raised 
through a rights issue to shareholders, SGD  2 billion through long -term loans secured on some of 
Singapore Airlines' aircraft, SGD  0.5 billion through new committed lines of credit an d a short -term 
unsecured loan from financial institutions, and SGD  1.4 billion through bond issuances.  
4.151.   Second, the Government, the CAAS, and the Changi Airport Group (CAG) have so far 
provided about SGD  1.4 billion in sector -specific support for cost relie f in the form of enhanced wage 
support and rebates on fees and charges, in order to allow Singapore to maintain a minimum level 
of connectivity to the world during the pandemic. This support allowed overseas Singaporeans to 
return home and keep supply line s for essential goods open.  
 
26 Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
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  Chart 4.5 Passenger flights, January to December, 2019 and 2020  
 
Source:  International Civil Aviation Organization (ICAO). Viewed at: 
https://data.icao.int/COVID -19/operational.htm . 
4.152.   The breakdown of the support packages, totalling about SGD  1.4 billion, is as follows:  
• Aviation Sector Assistance Package of SGD  112 million, announced in February  2020, 
provided rebates on l anding and parking charges, rental costs, and regulatory fees.  
• Enhanced Aviation Support Package of SGD  350 million, announced in March 2020, funded 
the extension of rebates on landing and parking charges and rental relief.  
• Top-up sum of SGD  84 million for  the aviation industry, announced in December  2020, 
aimed to: (i)  fund further rebates and waivers for regulatory fees and licences; (ii)  support 
the development, adoption, and deployment of innovative technologies and measures to 
protect aviation sector w orkers from the COVID -19 pandemic; (iii)  support the training 
and retention of skills for aviation workers; and (iv)  inject funds to support and encourage 
innovation and productivity efforts.  
• COVID -19 Resilience Package of SGD  870 million, announced in Feb ruary  2021, helped 
enhance manpower support and fund the extension of rebates on landing and parking 
charges, rental costs, and regulatory fees and licences.  
4.153.   Another consequence of the COVID -19 pandemic was the announcement in June  2020 that 
the constructi on of Changi Airport's Terminal 5 would be paused by two years. Terminal 5 was 
initially supposed to be completed in the 2030s to allow the airport to handle an additional 
50 million  passengers per annum.  
4.154.   From a regulatory point of view, the regime of air transport services remained largely 
unchanged during the review period. The regulator of the sector is the CAAS. The responsibilities of 
the CAAS are to enable the growth of the air hub and aviation industry, oversee and promote aviation 
safety in the indu stry in line with ICAO Standards and Recommended Practices, provide air 
navigation services, and develop Singapore as a centre of excellence for aviation knowledge and 
human resource development.  
4.155.   As far as services explicitly covered by the GATS are concerned, computer reservation 
services and selling and marketing of air transport services are not regulated by any sector -specific 
legislation; they abide by general company law and the general legal framework for competition. In 
both instances, there a re no provisions limiting market access.  
02,0004,0006,0008,00010,00012,00014,00016,00018,000Chart 4.[SGP]  Passenger flights, January to December , 2019 and 2020
Source:  ICAO. Viewed at: https://data.icao.int/coVID -19/operational.htm2019
2020+4.5%
-14.7%
-86.4% -86.9% -87.5% -88.7%-52.1%
-84.0%2020 over 2019:  
-70.8%
-87.1%
-92.7% -92.4%-81.7%WT/TPR/S/413 • Singapore  
 
- 111 - 
 
  4.156.   Singapore is a major global and regional hub for maintenance and repair of  aircraft. There 
are 70  Maintenance and Repair Organisations (MROs) established in Singapore that hold 
maintenance approvals (SAR-145) issued by the CAAS, offering a wide range of aircraft, engine, and 
component maintenance services to Singapore and international airlines.  
4.157.   In order for foreign airlines to have their aircraft, engines, and components repaired or 
maintained by MRO s located in Singapore, the MROs must either hold maintenance approvals 
(Part-145) issued by the foreign airlines' aviation authorities or participate in bilateral mutual 
recognition arrangements for maintenance that the CAAS has concluded with other 
State s/authorities. Currently, the CAAS has such arrangements with Australia; Canada; China; 
Hong Kong, China; Japan; the United Kingdom; the United  States; and the European  Union Aviation 
Safety Agency (EASA). There are no GATS -type limitations applied to this  sector.  
4.158.   Two major independent ground -handling service providers – SATS (a Singapore -owned 
company)  and Dnata (a United Arab Emirates state -owned company) – operate both at Changi and 
Seletar Airports. Changi Airport also has a third ground -handling servic e provider, SIA Engineering 
Company, which provides limited ground -handling services, such as aircraft push -backs and line 
maintenance.  
4.159.   The freedom to provide ground -handling services varies according to air services 
agreements. Self -handling is allowed un der bilateral air services agreements with Australia, and the 
Multilateral Agreement on the Liberalization of International Air Transportation (MALIAT). In 
contrast, the Association of Southeast Asian Nations (ASEAN) Multilateral Agreements do not 
mention ground -handling.  
4.160.   Singapore's two airports (Changi and Seletar) are operated by CAG, the airport licensee. 
CAG is owned by the Ministry of Finance. The Changi Airport Licence was granted to CAG to operate 
Changi Airport until 31  March  2065, while the Seleta r Airport Licence was granted to CAG to operate 
Seletar Airport until 31  March  2042. The licences may be extended for a further period of 15 or 
10 years, respectively, or such longer period as may be agreed between the CAAS and CAG.  
4.161.   Regarding commercial ai r transport strictly speaking, there is no nationality requirement for 
establishing an airline in Singapore, as the country applies the "principal place of business" 
principle.27 
4.162.   The policy for non -scheduled flights, including charter flights, is that they  should supplement 
and complement scheduled services . A destination already served by a scheduled flight can also be 
served by a charter flight. There are Singapore -based carriers that operate non -scheduled flights.  
4.163.   The policy for all -cargo flights and all -cargo regimes, including 5th freedom traffic rights and 
7th freedom traffic rights and ownership, varies according to air services agreements, but overall 
tends to be more liberal than for passenger flights. The 2009 ASEAN Multilateral Agreement on Full 
Liberalisation of Air Freight Services is an example of such liberalization.  
4.164.   Table 4.17 provides an overview of airlines, in terms of fleet, turnover, and destinations 
served.  
Table 4.17 Overview of airlines, 2 019-20 
Airline  Number of aircraft 
(owned or leased)  Turnover 
(SGD  million)  Destinations served  
Singapore Airlines (SIA)  137 13,012.7  62 
Silk Air  32 906.0  51 in 14 Asia -Pacific 
countries/territories  
Scoot (merged with Tigerair in  June 2017)  49 1,680.6  67 
Jetstar Asia Airways  18 .. 26 
.. Not available.  
Source:  Information provided by the authorities.  
 
27 As stipulated by the Air Navigation (119 – Air Operator Certification) Regulations 2018, Regulation 4 
"Requirement for Air Operator Certificate".  WT/TPR/S/413 • Singapore  
 
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  4.165.   During the review period, Singapore concluded eight new air services agreements. They all 
have "more than classical open skies" (i.e. an Air Liberalization Index above 5/50) scores under the 
WTO Quantitative Air Services Agreements Review methodology. This is due to a combination of 
features: free determination of prices and multi -designation (all eight agreements), free 
determination of capaci ty (seven agreements), absence of exchange of statistics (five agreements), 
and principal place of business rather than substantial ownership and effective control as a 
withholding criteria (three agreements). The 7th freedom, an extremely rare feature by international 
standards (except marginally for all -cargo flights), appears in five agreements (only for cargo for 
the Dominican  Republic) (Table 4.18). These 7th freedom rights have not been effectively exercised 
to date.  
Table 4.18 Air transport agreements concluded between 2015 and 2020  Partner  
 Date  
Entry into force  
5th 
7th 
Cabotage 
Cooperation 
Designationa 
Withholdingb 
Pricingc 
Capacityd 
Stat 
ALIe 
Angola  19/04/2018   Y N N Y M SOEC 
or 
PPoB FP PD Y 29 
Armenia  12/07/2017   Y Y N Y M SOEC  FP FD N 36 
Bahamas  06/12/2016  06/12/2016  Y N N Y M SOEC  FP FD N 30 
Bangladesh  07/08/2018 
(initialled)   Y Y N Y M SOEC  FP PD Y 27 
Belize  07/12/ 2016 
(initialled)   Y Y N Y M SOEC  FP FD N 36 
Dominican  Republic  06/12/2016 
(initialled)   Y Y – 
cargo  N Y M SOEC  FP FD N 31 
Hungary  26/09/2017  22/08/2018  Y N N Y M PPoB FP FD Y 38 
Peru 16/10/2018   Y Y N Y M PPoB FP FD N 36 
a S = single; M = multiple.  
b SOEC = substantial ownership and effective control; PPoB = principal place of business.  
c FP = free pricing.   
d PD = pre -determination; B1 = Bermuda 1, i.e. post facto  determination; FD = free determination.  
e ALI = Air Liberalization Index (0 = no liberalization; 50 = full liberalization ). 
Source:  WTO Secretariat; and information provided by the authorities.  
4.4.4   Maritime transport  
4.166.   Singapore is a major global and regional maritime transport hub. As a hub port, Singapore 
is a key node in the global supply chain. It is the hub for relay transhipment and hub -and-spoke 
transhipment for major trades, such as Europe, Far East, Africa, India, and Intra -Asia traffic. In 
2019, its registry ranks 5th worldwide in terms of gross tonnage and its port ranked 2nd in terms of 
containers handled throughput.28 Singapore is also a leading maritime hub. Singapore's International 
Maritime Centre comprises one of the highest concentrations of international shipp ing groups and a 
comprehensive range of maritime services, including shipbroking, ship management, insurance 
services, and legal services.  
4.167.   The extent and importance of maritime activities are illustrated in Chart 4.6.  
4.168.   Singapore's share in world imports and  exports exceeds five -fold its share in GDP.  
4.169.   Singapore has one of the highest concentrations of international shipping groups globally. 
These companies cover diverse sectors from container, dry bulk, and tankers to offshore and marine. 
One reason for this is that the Straits of Malacca and Singapore (SOMS) is an important conduit for 
the growing Asian trades. Singapore is an important hub port along the SOMS; ships plying the 
SOMS may call at Singapore for port services such as bunkering and ship supplies. Shipbuilding 
 
28 Government of the Hong Kong Sp ecial Administrative Region: Marine Department, Ranking of 
Container Ports of the World . Viewed at: https://www.mardep.gov.hk/en//publication/pdf/portstat_2_y_b5.pdf . WT/TPR/S/413 • Singapore  
 
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  appears to be marginal, but it is concentrated on high -value segments such as high -tech navigation 
equipment and offshore construction.  
Chart 4.6 World shares of Singapore in various maritime indu stries, 2019  
 
a Propelled seagoing merchant vessels of 100 GT and above, on 1  January.  
b Propelled seagoing merchant vessels of 1,000 GT and above, on 1  January.  
c Propelled seagoing merchant vessels of 100 GT and above.  
d Refers to year 2015.  
Note:  DWT =  dead weight tonnage; GT = gross tonnage; TEU = 20 -foot equivalent unit; LPG = liquefied 
petroleum gas; LNG = liquefied natural gas.  
Source:  UNCTADSTAT, Maritime Profile: Singapore . Viewed at: 
https://unctadstat.unctad.org/countryprofile/maritimeprofile/en -gb/702/index.html . 
4.170.   Table 4.19 provides the main economic indicators of maritime traffic in Singapore during the 
review period.  
Table 4.19 Sea transport, 2015 -20 
Variables  2015  2016  2017  2018  2019  2020  2020 
over 
2019 
(%) 
Total cargo ('000 tonnes)  575,845.8  593,296.7  627,688.1  630,125.3  626,521.2  590,277.8  -5.8 
Cargo, general  361,858.5  353,243.4  376,045.7  391,745.2  389,435.6  376,368.5  -3.4 
Cargo, bulk  213,987.3  240,053.3  251,642.3  238,380.0  237,085.5  213,909.2  -9.8 
Container throughput 
('000 TEUs)  30,922.3  30,903.6  33,666.6  36,599.3  37,195.6  36,870.9  -0.9 
Bunker sales ('000 tonnes)  45,155.5  48,614.5  50,636.4  49,798.8  47,463.5  49,833.0  5.0 
Registry of ships 
(end-period, number)  4,739.0  4,717.0  4,578.0  4,456.0  4,437.0  4,275.0  -3.7 
Registry of ships 
(end-period, '000 GT)  86,300.0  88,023.0  88,808.0  90,944.0  97,320.0  94,998.0  -2.4 
Note:  TEU = 20 -foot equivalent unit; GT= gross tonnage.  
Source:  Department of Statistics Singapore. Viewed at: https://www.singstat.gov.sg/find -data/search -by-
theme/industry/transport/latest -data. 
4.171.   Nearly all traffic indicators grew between 2015 and 2019 but saw a decl ine (except for bunker 
sales) in 2020 due to the COVID -19 pandemic. However, these declines are relatively small. The 
Port of Singapore remained open for operations throughout the pandemic. The next significant 
landmark in the Port of Singapore's developme nt is the construction of the new Tuas Port, which is 
scheduled to be fully completed by the 2040s. Slated to be the world's largest container terminal at 
1.64%1.09%1.13%0.51%6.88%3.43%4.68%0.13%0.91%0.13%4.88%6.40%5.89%6.52%1.87%2.06%0.41%
Port calls: LNG carriersPort calls: LPG carriersPort calls: dry bulk carriersPort calls: dry breakbulk carriersPort calls: liquid bulk carriersPort calls: container shipsContainer port throughput (TEU)Seafarer supply: ratings - dSeafarer supply: officers - dShip building (GT) - cFleet ownership (USD) - bFleet ownership (DWT) - bNational flagged fleet (USD) - aNational flagged fleet (DWT) - aMerchandise imports (USD)Merchandise exports (USD)GDP (current USD)Chart 4.6  World shares of Singapore in various maritime industries, 2019
Source:  UNCTADSTAT.  Viewed at: https:// unctadstat.unctad.org/countryprofile/maritimeprofile/en -gb/702/index.html.a  Propelled seagoing merchant vessels of 100 GT and above, on 1 January.
b  Propelled seagoing merchant vessels of 1,000 GT and above, on 1 January.
c  Propelled seagoing merchant vessels of 100 GT and above.
d  Refers to year 2015.
Note:   DWT = dead weight tonnage; GT = gross tonnage; TEU = twenty foot equivalent unit; LPG = liquefied petroleum gas; 
LNG = liquefied natural gasWT/TPR/S/413 • Singapore  
 
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  a single location, Tuas Port is being constructed in four phases, with the Tuas Port Phase 1 
reclamat ion works set for completion in end -2021 at a cost of SGD  2.42 billion (USD  1.76 billion). 
Port of Singapore Authority (PSA) began its construction on the newly reclaimed land and targets to 
operationalize the first two berths by end -2021. When Phase 1 is complete, Tuas Port will have 
21 berths, with an annual handling capacity of up to 20 million TEUs. The Port  is expected to improve 
efficiency and vessel turnaround times, enabling it to handle up to 65 million TEU annually, compared 
with 45 million TEU at  PSA's four existing terminals.  
4.172.   In January 2020, Singapore's total fleet (based on country of ownership) reached 
2,861  vessels over 1,000 GRT, i.e. the 4th worldwide rank (after Greece, Japan, and China) for a 
total carrying capacity of 137,299 ,726 DWT. Th e nationally flagged Singaporean fleet accounted for 
1,493  vessels and a carrying capacity of 74,754,209 DWT, i.e. 55.45% of the total while ships owned 
by Singaporean shipowners under foreign flags accounted for 1,368 vessels with a capacity of 
62,545,517  DWT, i.e. 45.55% of the total capacity.29 
4.173.   Chart 4.7  describes the fleet registered under the Singaporean flag by type of vessel and 
carrying capacity, while Table 4.20 describes the evolution of the number of ships by type. The 
carrying capacity of the Si ngaporean -flagged fleet grew in all subsegments during the review period. 
The same evolution can be seen, but to a lesser extent, for the number of ships (except for the 
residual category "other types of ships").  
Chart 4.7 National fleet: carrying capacity by type of shipa, 2015 and 2019  
(DWT '000)  
 
a Propelled seagoing merchant vessels of 100 GT and above.  
Source:  UNCTADSTAT, Maritime Profile: Singapore . Viewed at: 
https://unctadstat.unctad.org/countryprofile/maritimeprofile/en -gb/702/index.html . 
Table 4.20 Number of Singapore -registered vessels by type, 2015 -20 
 2015  2016  2017  2018  2019  2020  
Oil tankers  665 691 714 726 718 748 
Bulk carriers  539 607 595 602 585 570 
General cargo  125 122 131 130 130 123 
Container ships  469 495 502 488 492 497 
Other types of ships  1,541  1,523  1,523  1,508  1,481  1,482  
Source:  UNCTADSTAT. Viewed at: 
https://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?sCS_C hosenLang=en . 
 
29 UNCTA D. Viewed at: https://unctadstat.unctad.org/countryprofile/maritimeprofile/en -gb/702/index.html . 
 
010,00020,00030,00040,00050,00060,000
Oil tankers Bulk carriers General cargo Container ships Other types of shipsChart 4.[SGP]  National fleet: carrying capacity by type of shipa, 2015 and 2019
+8.1%
+26.9%2019 over 2015:
+10.3%2015
2019+5.3%
+17.8%
+1.8%
Source:  UNCTADSTAT.  Viewed at: https:// unctadstat.unctad.org/countryprofile/maritimeprofile/en -gb/702/index.html.(DWT '000)
a   Propelled seagoing merchant vessels of 100 GT and above, on 1 January .WT/TPR/S/413 • Singapore  
 
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  4.174.   Table 4.21 details the effective ownership and control (or so -called "beneficial ownership") 
of the vessels registered under the Singaporean flag.  
Table 4.21 Carrying capacity of vessels register ed under the Singaporean flag, 2015 -20 
(DWT '000)  
  2015  2016  2017  2018  2019  2020  
Total  116,873.1  122,572.5  123,776.9  127,926.9  129,344.0  140,059.5  
 (% of total)  
Singapore  46.0 25.0 56.5 57.4 56.1 53.4 
Denmark  7.8 9.3 9.3 9.7 10.4 9.5 
Japan  6.8 15.2 5.3 5.5 5.5 6.9 
Chinese Taipei  6.3 6.5 6.0 6.4 6.3 5.8 
China  1.8 10.2 2.5 3.3 3.6 5.2 
Norway  1.9 2.2 1.6 1.6 2.1 3.3 
Hong Kong, China  2.3 2.4 2.8 2.6 2.8 3.2 
Germany  1.6 2.9 1.8 1.8 2.8 2.7 
Belgium  0.7 0.7 0.9 1.7 1.8 1.7 
India 2.1 2.2 1.7 1.4  1.4 1.4 
Source:  UNCTADSTAT. Viewed at: 
https://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?sCS_ChosenLang=en . 
4.175.   Singaporeans shipowners are the main users of their own national registry with a share 
above 55% in the last four years. Table 4.22 details the fleet beneficially owned by Singaporean 
shipowners but registered under flags other than the Singaporean flag.  
Table 4.22 Carrying capacity of vessels effectively owned and controlled by Singaporean 
shipowners by flag of registration, 2015 -20 
(DWT '000)  
  2015  2016  2017  2018  2019  2020  
Total  87,797.8  58,359.4  114,731.0  122,908.8  126,050.0  137,395.9  
 % of total  
Singapore  61.2 52.6 61.0 59.7 57.6 54.4 
Liberia  8.1 9.6 7.8 9.1 9.5 12.3 
Panama  9.0 9.5 7.9 7.9 8.4 8.2 
Marshall Islands  6.0 3.1 7.6 6.1 6.1 7.1 
Hong Kong, China  7.3 8.8 4.8 4.0 5.5 5.6 
Isle of Man  .. 3.0 4.3 2.7 2.6 1.9 
Malta  0.2 0.3 0.1 0.1 0.7 1.6 
Indonesia  1.0 1.2 0.6 0.6 0.6 0.6 
Bahamas  0.6 0.5 0.7 0.5 0.7 0.5 
Norway  0.6 1.0 0.4 0.4 0.3 0.3 
.. Not available.  
Source:  UNCTADSTAT. Viewed at: 
https://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?sCS_ChosenLang=en . 
4.176.   The national liner company Neptune Orient Lines was sold by Temasek Hol dings to the 
French shipping group CMA -CGM in 2016, and its commercial brand was replaced by that of 
CMA-CGM in 2020. Pacific International Lines (PIL), which has service networks focusing on the 
Asia-Africa and Middle East regions, is ranked 11th among wo rld liner shipping companies in  2020 
and remains the largest Singaporean -owned liner company.  
4.177.   During the review period, major international shipping companies, such as CMA -CGM (from 
France), China COSCO (from China), and the Ocean Network Express (ONE, for med from the merger 
of the liner operations of Japanese shipping companies 'K' Line, NYK, and MOL), grew their corporate 
presence in Singapore. For instance, CMA -CGM established its Asia regional office and its global 
Navigation and Port Operations Centre in Singapore. It also entered into a container terminal joint 
venture with PSA. ONE chose Singapore as its global headquarters. COSCO expanded its joint 
venture with PSA for a third berth at Pasir Panjang Terminal. Another shipping company in joint 
venture  with PSA is Mediterranean Shipping Company (MSC). Over 150 international shipping 
groups, banks with shipping portfolios, shipbroking firms, marine insurance companies, and law 
firms with maritime practices are established in Singapore.  WT/TPR/S/413 • Singapore  
 
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  4.178.   Over time, the Gov ernment has implemented strong support policy instruments to develop 
the maritime transport sector, and it reinforced them during the review period with an industry 
transformation map in 2018 and with two emergency support packages to face the economic 
consequences of the COVID -19 pandemic in 2020.  
4.179.   The traditional support instruments for the maritime sector remained mainly unchanged 
(with extensions until 2026, where applicable) during the review period. They comprise:  
• the Maritime Sector Incentive –Shipping  Enterprise (Shipping Registry of Ships) 
(MSI-SRS), which accords tax exemption on qualifying shipping income;  
• the Maritime Sector Incentive –Approved International Shipping (MSI -AIS) award, which 
accords  tax exemption on qualifying shipping income for eith er a 10 -year renewable 
period, or a 5 -year non -renewable period, with the option of graduating to the 10 -year 
renewable award at the end of the 5 -year period;  
• the Maritime Sector Incentive –Maritime Leasing (MSI -ML) award, which provides ship or 
container l easing companies, business trusts, or partnerships with a concessionary tax 
rate of up to 10% for a five -year renewable period on their qualifying leasing income;  
• the Maritime Sector Incentive -Shipping -related Support Services (MSI -SSS) award, which 
sets a preferential tax rate of 10% for a five -year renewable period on the incremental 
income derived from qualifying shipping -related support services;  
• a withholding t ax exemption on interest and related payments made in respect of 
arrangements obtained to finance the purchase or construction of vessels, or the purchase 
of containers and intermodal equipment for companies benefitting from any of the previous 
four MSI sc hemes; and  
• the Maritime Singapore Green Initiative (MSGI), which seeks  to reduce the environmental 
impact of shipping and related activities and to promote clean and green shipping in 
Singapore. In 2011, the Maritime and Port Authority (MPA) of Singapore  pledged to invest 
up to SGD  100 million over five years through the MSGI . In 2019, the initiative was 
extended until 31  December 2024 and enhanced to promote decarbonization of shipping. 
It is a comprehensive initiative comprising four programmes: (i)  the Green Ship 
Programme, which entitles qualifying Singapore -flagged ships to benefit from registration 
fee reductions and an annual tonnage tax refund; (ii)  the Green Port Programme, which 
grants qualifying ocean -going ships calling at the Port of Singapore the benefit of a 
25%-35% reduction in port fees; (iii)  the Green Energy and Technology Programme, which 
attributes grants to technology solution providers to develop and conduct pilot trials in 
Singapore for technologies that can help vessels meet the International Maritime 
Organization (IMO) 2030 emissions targets; and (iv)  the Green Awareness Programme, 
which encourages companies to pursue advanced sustainability reporting in areas of 
carbon reporting and internal carbon pricing.  
4.180.   In January 2018, the MPA, which is the regulator of the sector under the Ministry of 
Transport, w orked with the industry to develop a Sea Transport ITM. The ITM was developed in close 
consultation with the industry, unions, and other public -sector partners. Specific initiatives have 
been planned to catalyze innovation, drive productivity improvements,  and enhance the skills of the 
maritime workforce. The ITM lists projects geared at the automatization of both wharf -side and yard 
operations, and at reducing the need for inter -terminal haulage. It also plans training and reskilling 
schemes.30 
4.181.   The ITM pro jects are supported by the  Maritime Cluster Fund (MCF) and the Maritime 
Innovation and Technology (MINT) Fund, aimed at encouraging maritime manpower development 
and maritime technology development, respectively. Funding of SGD  200 million has been allocat ed 
 
30 For a detailed view of the ITM -supported projects, see MPA , Sea Transport Industry Transformation 
Map to Drive Singapore's Vision to be a Global Maritime Hub for Connectivity, Innovation and Talent , 
12 January  2018. Viewed at: https://www.mpa.gov.sg/web/portal/home/media -centre/news -
releases/detail/83647952 -0b16-4a15-ba04-32f14ba29bb2 . WT/TPR/S/413 • Singapore  
 
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  to the MCF -Manpower Development and MCF -Productivity until 2025, while SGD  100 million is 
available for the industry (with a peak of SGD  15 million in 2021) under the MINT Fund. Only 
Singapore -incorporated companies and classification societies appointe d as recognized organizations 
under the Merchant Shipping Regulations are eligible for the MINT Fund.  
4.182.   The CCCS is in charge of competition issues and administers the block exemption for liner 
shipping agreements under the Competition Act.  It was initially granted on 4  July 2006, and 
subsequently prolonged in 2010, 2015, and 2020. On 26  August  2020, the Block Exemption Order 
was extended in its current form for one year until 31  December 2021. This was due to the highly 
uncertain times brought about by the C OVID -19 pandemic, which resulted in contractions in 
manufacturing and trade globally as disruptions in global supply chains and a dip in global demand 
created significant market uncertainties and affected the outlook for the maritime sector 
internationally  and in Singapore.  
4.183.   As the prevalence and importance of liner shipping agreements may evolve due to the 
pandemic, the authorities consider that it is necessary to account for such developments in assessing 
the appropriate approach for Singapore in the longe r term. Prior to the expiry of the Block Exemption 
Order on 31  December 2021, the CCCS plans to assess it and make a recommendation.  
4.184.   From a market access point of view, Singapore's shipping policies did not change during the 
review period.  
4.185.   The Singapore Re gistry of Ships is open for Singapore citizens or Singapore permanent 
residents and companies incorporated in Singapore, subject to a minimum paid -up capital of 
SGD 50,000. For companies incorporated in Singapore, there is no nationality requirement as far  as 
ownership of the vessel is concerned.  
4.186.   There are no nationality requirements for officers and crews serving on Singapore -registered 
ships; foreign certificates of competency are accepted. Crews are required to comply with the 
standards of the Internatio nal Convention on Standards of Training, Certification and Watchkeeping 
for Seafarers of 1978, as amended. Singapore is a party to all major IMO conventions on ship safety 
and marine pollution prevention.  
4.187.   The Merchant Shipping (Maritime Labour Convention ( MLC)) Act (2014) and related 
subsidiary legislation entered into force on 1  April 2014, which give effect to the Maritime Labour 
Convention of the International Labour Organization. The MLC Act was last amended in 2019, 
in accordance with the amended provi sions of the Convention, to require shipowners to expand the 
financial security to cover scenarios of abandoned seafarers. The Convention provides a framework 
of rights and minimum requirements for seafarer working conditions. The new regime applies to 
seafarers on board Singapore -registered ships and foreign ships calling at Singapore.  
4.188.   There is no nationality requirement nor any GATS -type restriction for the establishment of 
the following types of auxiliary services: maritime agencies, shipbroking, ship ma nagement, and 
manning agencies.  
4.189.   Singapore has undertaken under the GATS to provide non -discriminatory access to port 
services, excluding berth and berthing services. Access to port services is on a non -discriminatory 
and first -come, first -served basis. Por ts and berths are operated by commercial operators, and the 
MPA does not regulate their operations. All vessels intending to call at the Port of Singapore are 
required to provide advance notice to the Port Master to convey the vessel's intention to enter 
Singapore and employ pilotage service. Where pilotage service is not available or where pilotage 
service is limited at night, vessels' calls may be delayed.  
4.190.   Access to towage and bunkering services has been liberalized, as the MPA has issued more 
than one li cence per service.  
4.191.   Only PSA Corporation and Jurong Port Pte Ltd are allowed to provide cargo -handling services. 
PSA manages terminals at Brani, Keppel, Pasir Panjang, Sembawang, and Tanjong Pagar. PSA 
Marine is the only company licensed to provide pilotage  services. Pilotage fees are regulated and 
capped and are applied on a national treatment and MFN basis.  WT/TPR/S/413 • Singapore  
 
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  5  APPENDIX TABLES  
Table A1. 1 Merchandise exports by HS section and major HS chapter/subheading, 
2015 -20 
HS Section/chapters/subheadings  2015  2016  2017  2018  2019  2020  
Total exports (USD billion)  357.9  338.1  373.3  411.7  390.3  373.7   (% of total exports)  
01 Live animals and products  0.2 0.2 0.2 0.2 0.2 0.1 
02 Vegetable products  0.2 0.2 0.2 0.1 0.1 0.1 
03 Fats and oils  0.1 0.1 0.1 0.1 0.1 0.1 
04 Prepared food, beverages and tobacco  2.4 2.5 2.2 2.9 3.2 3.1 
05 Mineral products  12.2 11.1 12.8 13.1 12.3 8.1 
27 Mineral fuels and oils  12.2 11.1 12.8 13.1 12.3 8.1 
2710 Petroleum oils and oils from 
bituminous minerals, not crude (..)  11.7 10.7 12.3 12.6 11.8 7.3 
06 Chemicals and products thereof  9.7 10.1 9.9 10.6 10.4 10.5 
29 Organic chemicals  4.4 4.5 4.2 4.1 3.3 3.1 
30 Pharmaceutical products  1.9 1.7 1.6 2.0 2.1 2.4 
33 Essential oils, perfumes, cosmetic or 
toilet preparations  1.3 1.5 1.7 2.0 2.5 2.6 
07 Plastics and rubber  4.2 4.4 4.5 4.4 4.2 3.9 
39 Plastics  and articles thereof  3.8 3.9 3.9 3.9 3.7 3.5 
08 Raw hides and skins; leather, furskins and 
articles thereof  0.3 0.4 0.4 0.4 0.5 0.4 
09 Wood, cork, straw  0.0 0.0 0.0 0.0 0.0 0.0 
10 Pulp of wood; paper and paperboard  0.8 0.8 0.8 0.8 0.7 0.6 
11 Textiles and textile articles  0.6 0.6 0.6 0.5 0.5 0.5 
12 Footwear, headgear, etc.  0.1 0.1 0.1 0.1 0.2 0.1 
13 Articles of stone, plaster, cement  0.1 0.1 0.1 0.1 0.1 0.2 
14 Precious stones and metals  5.0 5.0 4.6 4.1 4.6 5.4 
15 Base metals and articles thereof  2.6 2.3 2.1 2.2 2.0 1.7 
16 Machinery, electrical equipment  47.3 48.5 47.3 45.5 46.1 50.8 
84 Machinery and mechanical appliances, 
parts thereof  14.2 14.5 14.0 14.3 15.2 15.5 
8411 Turbo -jets, turbo -propellers and 
other  gas turbines  1.4 1.8 1.7 2.9 3.7 3.7 
85 Electrical machineries and parts thereof  33.0 34.0 33.3 31.3 30.9 35.3 
8517 Telephone sets, including 
telephones for cellular networks (..)  2.9 2.9 2.6 2.6 2.9 3.1 
8542 Electronic integrated circuits  21.2 21.2 21.4 20.1 19.7 23.1 
17 Transport equipment  3.3 3.2 2.8 2.9 3.2 2.4 
88 Aircraft, spacecraft, and parts thereof  1.8 2.0 1.8 1.8 2.0 1.5 
18 Precision equipment  4.8 5.1 5.2 5.1 5.8 6.0 
90 Optical, photographic, measuring, 
medical instruments (..)  4.3 4.6 4.7 4.7 5.4 5.6 
19 Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 
20 Miscellaneous manufactured articles  0.3 0.3 0.3 0.3 0.3 0.2 
21 Works of art, etc.  0.1 0.1 0.1 0.1 0.1 0.1 
Other  5.5 4.7 5.7 6.4 5.5 5.4 
Source:  WTO Secretariat calculations, based on UN Comtrade database. Data for 2020 were provided by the 
authorities.  
  WT/TPR/S/413 • Singapore  
 
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  Table A1. 2 Singapore's merchandise exports by destination, 2015 -20 
  2015  2016  2017  2018  2019  2020  
Total exports (USD billion)  357.9  338.1  373.3  411.7  390.3  373.7   (% of total)  
Americas  9.5 9.4 9.2 10.5 11.3 13.2 
United States  6.5 6.7 6.5 7.7 8.8 10.8 
Other America  3.0 2.7 2.7 2.8 2.5 2.4 
Panama  1.5 1.5 1.4 1.5 1.1 1.0 
Europe  8.8 10.4 9.4 10.0 10.1 10.6 
EU-27 7.1 7.8 7.7 8.0 7.8 8.5 
Netherlands  1.7 2.0 2.1 2.2 2.2 2.7 
Germany  1.6 1.7 1.7 1.6 1.5 1.5 
Belgium  1.4 1.6 1.3 1.2 1.1 1.3 
France  0.9 1.0 1.0 1.2 1.1 1.1 
EFTA 0.6 1.5 0.7 0.7 0.9 0.8 
Other Europe  1.1 1.1 1.0 1.3 1.4 1.3 
United  Kingdom  0.9 0.9 0.8 1.2 1.2 1.1 
CISa 0.2 0.2 0.2 0.2 0.2 0.2 
Africa  1.7 1.1 1.2 1.4 1.4 1.3 
Middle East  2.2 1.9 1.7 1.7 1.9 1.7 
United Arab Emirates  1.5 1.2 1.0 0.9 1.0 0.8 
Asia/Oceania  77.6 76.9 78.2 76.2 75.1 73.0 
China  14.4 13.1 14.5 12.2 13.2 13.7 
Japan  4.3 4.3 4.6 4.9 4.5 4.8 
Other Asia/Oceania  59.0 59.5 59.2 59.1 57.3 54.5 
Hong Kong, China  11.5 12.8 12.3 11.8 11.4 12.4 
Malaysia  10.8 10.5 10.6 10.9 10.5 8.9 
Indonesia  8.3 7.9 7.5 8.0 7.0 5.7 
Chinese Taipei  4.0 4.4 4.4 4.1 4.2 4.9 
Korea, Republic of  4.0 4.3 4.5 3.8 3.9 4.5 
Thailand  3.9 4.1 3.9 3.8 3.9 3.8 
Viet Nam  3.4 3.4 3.3 2.9 3.3 3.3 
India 3.1 3.0 3.0 3.0 2.9 2.5 
Australia  3.2 2.8 2.7 3.1 2.9 2.3 
Philippines  1.8 1.9 1.9 1.9 2.2 2.0 
Marshall Islands  0.5 0.5 0.7 0.9 0.7 0.8 
Myanmar  0.7 0.7 0.7 0.7 0.8 0.7 
Bangladesh  0.7 0.8 0.8 0.8 0.8 0.6 
Memorandum:        
ASEAN  30.1 29.4 29.0 29.6 28.7 25.1 
EU-28 8.0 8.7 8.6 9.1 9.0 9.6 
a Commonwealth of Independent States, including certain associate and former member states . 
Source:  WTO Secretariat calculations, based on UN Comtrade database, and data from the Department of 
Statistics Singapore.  
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- 120 - 
 
  Table A1. 3 Merchandise imports by HS section and major HS chapter/subheading, 
2015 -20 
HS Section/chapters/subheadings  2015  2016  2017  2018  2019  2020  
Total imports (USD billion)  308.1  291.9  327.7  370.5  359.0  328.7   (% of total imports)  
01 Live animals and products  0.9 0.9 0.9 0.8 0.8 0.9 
02 Vegetable products  0.8 0.8 0.7 0.6 0.6 0.7 
03 Fats and oils  0.2 0.2 0.3 0.2 0.3 0.5 
04 Prepared food, beverages and tobacco  2.1 2.2 2.0 1.9 2.0 2.0 
05 Mineral products  21.3 17.8 22.4 24.0 21.2 15.1 
27 Mineral fuels and oils  21.0 17.5 22.1 23.7 21.0 14.9 
2709 Petroleum oils and oils obtained from 
bituminous minerals; crude  5.9 5.2 6.5 7.5 6.7 4.4 
2710 Petroleum oils and oils obtained from 
bituminous minerals; other than crude  13.8 11.3 14.3 14.7 12.8 9.5 
06 Chemicals and products thereof  5.8 6.3 6.4 6.3 6.5 7.0 
29 Organic chemicals  1.9 1.9 1.9 1.9 2.0 2.2 
07 Plastics and rubber  2.6 2.7 2.8 2.7 2.7 2.5 
39 Plastics and articles thereof  2.2 2.3 2.3 2.4 2.4 2.2 
08 Raw hides and skins; leather, furskins and 
articles thereof  0.5 0.6 0.6 0.6 0.6 0.5 
09 Wood, cork, straw  0.2 0.2 0.1 0.1 0.1 0.1 
10 Pulp of wood; paper and paperboard  0.7 0.8 0.7 0.7 0.7 0.6 
11 Textiles and textile articles  1.1 1.1 1.0 0.9 0.9 1.2 
12 Footwear, headgear, etc.  0.2 0.2 0.2 0.2 0.3 0.2 
13 Articles of stone, plaster, cement  0.6 0.6 0.5 0.5 0.6 0.6 
14 Precious stones and metals, pearls  6.7 7.0 6.1 5.5 5.3 6.9 
7108 Gold, unwrought or in semi -manuf. 
forms, or in powder form  4.4 3.9 4.0 3.6 2.8 5.1 
15 Base metals and articles thereof  4.0 3.7 3.1 3.0 3.0 2.9 
16 Machinery, electrical equipment  41.5 43.6 42.2 41.8 43.6 49.2 
84 Machinery and mechanical appliances, 
parts thereof  14.0 14.5 13.8 14.3 16.2 16.1 
8411 Turbo -jets, turbo -propellers and 
other gas turbines  2.0 2.5 2.7 3.8 5.4 4.6 
85 Electrical machineries and parts thereof  27.5 29.1 28.4 27.4 27.3 33.1 
8517 Telephone sets, including telephones 
for cellular networks (..)  2.7 2.9 2.8 2.7 3.2 3.5 
8542 Electronic integrated circuits  17.2 18.3 18.1 17.2 16.9 21.8 
17 Transport equipment  4.5 4.4 4.1 4.7 5.0 3.2 
87 Vehicles, parts thereof  1.7 1.9 1.5 1.5 1.5 1.2 
88 Aircraft, spacecraft, parts thereof  2.5 2.3 2.4 3.2 3.3 2.0 
18 Precision instruments  4.0 4.4 4.0 3.8 4.1 4.4 
90 Optical, photographic, measuring, medical 
instruments (..)  3.3 3.8 3.4 3.3 3.5 3.9 
19 Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 
20 Miscellaneous manufactured articles  0.8 0.7 0.7 0.6 0.7 0.6 
21 Works of art, collectors' pieces and antiques  0.1 0.2 0.2 0.1 0.1 0.1 
Other  1.5 1.6 0.9 0.9 1.2 0.9 
Source:  WTO Secretariat calculations, based on UN Comtrade database. Data for 2020 were provided by the 
authorities.  
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- 121 - 
 
  Table A1. 4 Singapore's merchandise imports by origin, 2015 -20 
  2015  2016  2017  2018  2019  2020  
Total imports (USD billion)  308.1  291.9  327.7  370.5  359.0  328.7  
 (% of total)  
Americas  13.3 12.8 12.8 13.3 14.2 13.0 
United States  10.9 10.6 10.6 11.4 12.2 10.7 
Other America  2.4 2.2 2.3 1.9 2.0 2.3 
Europe  15.9 16.3 15.5 16.1 15.5 14.8 
EU-27 10.5 11.3 10.6 10.9 10.6 10.3 
France  2.4 2.9 2.7 3.1 3.4 3.1 
Germany  2.9 3.0 2.9 2.7 2.8 2.7 
Italy 1.1 1.3 1.2 1.2 1.2 1.2 
EFTA 3.3 3.0 3.0 2.9 2.2 2.0 
Switzerland  2.9 2.7 2.8 2.7 1.9 1.8 
Other Europe  2.1 2.1 1.9 2.3 2.7 2.5 
United Kingdom  1.9 1.8 1.7 2.1 2.5 2.4 
CISa 1.8 0.9 1.5 1.7 1.4 0.5 
Russian Federation  1.7 0.9 1.4 1.6 1.3 0.4 
Africa  0.6 0.8 0.8 0.9 1.1 1.2 
Middle East  8.2 7.8 9.1 10.2 9.1 5.9 
United Arab Emirates  2.8 2.5 2.7 2.6 3.2 1.9 
Saudi Arabia, Kingdom of  2.6 2.8 2.8 3.4 2.3 1.5 
Qatar  1.2 1.0 1.6 1.8 1.5 1.1 
Iraq 0.3 0.2 0.5 1.0 1.1 0.6 
Asia/Oceania  60.3 61.3 60.3 57.7 58.7 64.6 
China  13.7 13.9 13.8 13.4 13.7 14.4 
Japan  6.2 7.3 6.3 6.0 5.4 5.5 
Other Asia/Oceania  40.3 40.1 40.2 38.3 39.6 44.7 
Malaysia  10.7 11.0 11.9 11.5 11.6 12.7 
Chinese Taipei  8.0 8.0 8.3 8.5 9.0 11.0 
Korea, Republic of  5.9 5.8 4.9 3.8 3.8 4.7 
Indonesia  4.9 4.8 4.6 4.1 4.3 4.3 
Thailand  2.6 2.5 2.2 2.2 2.1 3.0 
Philippines  1.5 1.6 1.8 2.1 2.0 2.1 
India 1.9 2.0 2.2 2.0 1.8 1.6 
Australia  1.7 1.3 1.2 1.5 1.7 1.4 
Viet Nam  1.2 1.0 1.0 0.9 1.0 1.2 
Hong Kong, China  1.2 1.1 1.4 1.0 1.0 1.2 
Memorandum:        
ASEAN  21.1 21.5 21.6 21.2 21.8 24.3 
EU-28 12.3 13.2 12.2 13.0 13.1 12.7 
a Commonwealth of Independent States, including certain associate and former member states.  
Source:  WTO Secretariat calculations, based on UN Comtrade database. Data for 2020 were provided by the 
authorities.  
  
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- 122 - Table A3. 1 Selected tax and non -tax incentives, and SME support, 2020  
Scheme  Description  Eligibilitya 
Enterprise Singapore    
Market Readiness Assistance  Provides advisory and financial assistance to SMEs seeking 
to enter new overseas markets. Eligible SMEs receive up 
to 70% of eligible costs, capped at SGD 100,000 per 
company per new market over a period of 3 years, 
covering overseas promotional activities, business 
development and market set -up.b a) businesses registered and operating in Singapore;  
b) at least 30 % local shareholding;  
c) with group annual sales turnover < SGD 100 million or 
group employment of < 200 employees;  and 
d) < SGD 100,000 in sales to targeted overseas market in 
each of the last three preceding years.  
Local Enterprise and 
Association Development  
(LEAD) Programme  Helps trade associations and chambers (TACs) in driving 
upgrading and capability development in industries, and 
at the same time uplift the capabilities of their SME 
members.  
LEAD supports up to 70% of eligible costs for qualifying 
projec ts. This includes:  
a) manpower -related expenditure;  
b) equipment and materials;  
c) professional services;  
d) business development; and  
e) intellectual property.  Singapore -registered TACs that:  
a) have headquarters incorporated and based in Singapore;  
b) registered with Registry of Societies or Accounting & 
Corporate Regulatory Authority;  
c) are defined as a non -profit organization;  
d) represent an industry that contributes significantly to the 
economy, have good export potential and strong 
employment size;  
e) have a sizeable membership; and  
f) have a strong track record in helping SMEs.  
Enterprise Development 
Grant (EDG)  Supports enterprises in developing capabilities to upgrade, 
innovate or expand into overseas markets . 
It funds up to 70% of qualifying project cost s: i.e. third -
party consultancy fees, software and equipment, and 
internal manpower cost.  a) businesses registered and operating in Singapore;  
b) at least 30% local shareholding;  and 
c) in a financially viable position to start and complete the 
project . 
Productivity Solutions Grant 
(PSG) – administered by 
relevant lead sector 
government agencies (MTI 
as overall coordinator)  Supports companies keen on adopting IT solutions and 
equipment to improve productivity. The solutions are pre -
scoped by various gover nment agencies such as 
Enterprise Singapore, National Environmental Agency 
(NEA) and Singapore Tourism Board (STB). The maximum 
funding support level is 70%.c a) business registered and operating in Singapore;  
b) the purchase/lease/subscription of the IT solutio ns or 
equipment must be used in Singapore;  
c) have a minimum of 30% local shareholding;  and 
d) with group annual sales turnover < SGD 100 million or 
group employment of < 200 employees.  
These conditions do not apply to the PSG administered by NEA.  
Startup SG Equity  
Renamed from Startup 
Enterprise Development 
Scheme (SEEDS)  Aims to stimulate private sector investments into 
innovative, Singapore -based technology start -ups with 
intellectual property and global market potential.  
Under the Startup SG Equ ita scheme, the Government 
will: 
(i) co-invest with third -party investors into eligible start -
ups; and  
(ii) invest in selected venture capital firms that will in turn 
invest into eligible start -ups through a fund -of-funds 
approach.  
 
 Start-ups should meet the following criteria:  
a) Singapore -based company with core activities here;  
b) be incorporated as a Private Limited company for less than 
five years;  
c) have paid -up capital of at least SGD 50,000;  
d) be able to prove substantial innovative and intellectual 
content for its products and/or services and applications;  
e) have high -growth potential with clear scalability for the 
international market;  
f) have ide ntified a ready, independent third -party investor;   
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- 123 - Scheme  Description  Eligibilitya 
Investment cap for:  
SGD 2 million for general tech start -ups; and  
SGD 8 million for deep tech start -ups. g) must not be involved in the following business activities: 
gambling, tobacco -related products, or any other activities 
which are in violation of law, or against public interest; and  
h) cannot be a subsidiary or joint venture.  
 
Third-party investors should meet the following criteria:  
a) the investor(s) must be able to contribute to the start -up's 
growth, and possess the management experience, business 
contacts and/or necessary technical expertise that can 
value -add to the start -up; 
b) be prepared to invest at least SGD 50,000 each into each 
start-up; and  
c) should not hold shares in the investee prior to the co -
investment (for new investments).  
 
Investee funds under the fund -of-funds modality should meet 
the foll owing criteria:  
a) strong commitment to invest in early -stage Singapore -
based deep tech start -ups, with a primary focus on 
Advanced Manufacturing, Pharmbio/Medtech, Agrifood 
tech; 
b) domiciled in Singapore; investee funds based overseas 
should have its investmen t decision -making authority and 
key executives making the investment recommendations 
based in Singapore;  
c) GP should have experience in leading early -stage 
investment rounds in deep tech start -ups with a track 
record of positive  internal rate of return  (IRR); 
d) management team should have strong management 
experience, technical and financial expertise to ensure 
robust decision -making processes; and  
e) strong business networks with access to deal flow, funding, 
and commercialization networks to facilitate the growt h of 
investee start -ups.  
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- 124 - Scheme  Description  Eligibilitya 
Startup SG Accelerator  
(Renamed from Incubator 
Development Programme)  Supports start -up enablers such as incubators and 
accelerators to nurture the development of high -potential 
Singapore -based start -ups. 
The programme provides funding and non -funding support 
for these partners to further enhance their programmes 
and expertise in nurturing successful start -ups. Accelerators, incubators or venture builders with:  
a) a unique value proposition or specific programme(s) to 
nurtu re innovative start -ups in areas such as access to 
markets and talents, financing, entrepreneurship training, 
management guidance and mentorship;  
b) be willing to base their operations in Singapore to support 
Singapore -based start -ups; 
c) a revenue model that wi ll be sustainable in the long  term; 
and  
d) a proven management team with the necessary experience 
and expertise to groom innovative start -ups from their 
early stage into high -growth companies.  
Startup SG Tech  
(Renamed from Technology 
Enterprise 
Commerciali sation Scheme 
(TECS))  Provides grants to Singapore -based companies to fast -
track the development of proprietary technology solutions, 
and catalyzes the growth of start -ups based on 
proprietary technology and a scalable business model.  
 
There are two types of funding support:  
(i) Proof-of-Concept (POC) grant, that is capped at SGD 
250,000; and  
(ii) Proof-of-Value (POV) grant, that is capped at SGD 
500,000.  
Companies may apply for POC or POV grants depending 
on the stage of development of the technology/concept.  Companies that fulfil the following conditions:  
a) registered for less than 5 years at time of award;  
b) with core activities to be carried out in Singapore;  
c) at least 30% local shareholdings; and  
d) with group annual sales turnover < SGD 100 mil lion or 
group employment of < 200 employees.  
 
The company's proposed solution must:  
a) demonstrate how science/technology is applied;  
b) be of a breakthrough level of innovation (i.e. which either 
has the potential to disrupt an existing market; or to 
replace or  create a new market/purpose/niche);  
c) lead to or build on proprietary know -how/IP; and  
d) be commercially viable.  
Angel Investors Tax 
Deduction (AITD) Schemed 50% tax deduction on a minimum investment of SGD 
100,000 made into each qualifying start -up, capped at 
SGD 500,000 of qualifying investments per year.  Individual investors with proven ability to nurture investee 
companies by possessing:  
a) experienced angel investor with track record in early -stage 
investments; or  
b) experienced/serial entrepreneur with an entrepreneurial 
track record; or  
c) senior management professional/executives with corporate 
senior management experience.  
Global Trader Programme 
(GTP)  Offers concessionary tax rates (5% or 10%) on qualifying 
income from international trading activities (including 
physical trading, brokering of physical trades, derivative 
trading income, and income from structured commodity 
financing activities) for 3 or 5 years.  a) Singapore -based companies with substantial operations in 
Singapore;  
b) engaged in int ernational trading, procurement, marketing 
and distribution of commodities and goods; and  
c) that meet stringent quantitative criteria (including 
employment and local expenditure).   
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- 125 - Scheme  Description  Eligibilitya 
Section 13H (S13H) Tax 
Incentive and Fund 
Management Incentive 
(FMI)  Tax exemption of qualifying income for approved venture 
funds and 5% concessionary tax rate on qualifying income 
for approved fund management companies managing 
S13H approved funds.  S13H : Venture Funds willing to commit to investing in 
Singapore -based start -ups and other Singapore -based 
companies.  
FMI: Fund management companies managing S13H approved 
funds.  
Double Tax Deduction for 
Internationalisation (DTDi)  Tax deduction of up to 200% on qualifying expenses 
incurred on qualifying market expansion and investm ent 
development activities. The expenditure cap on automatic 
DTDi is SGD 150,000.  Businesses registered in Singapore or that have a permanent 
establishment in Singapore with the primary purpose of 
promoting the trade of goods or provision of services. Proj ects 
should promote both new and existing products and services in 
both new and existing markets.  
Enterprise Financing 
Scheme (EFS)  Enterprise Singapore provides risk -sharing to participating 
financial institutions (PFIs) that provide loans for working 
capital, fixed assets, venture debt, trade finance, mergers 
and acquisitions, and overseas projects to eligible 
enterprises.  
Launched in October 2019, EFS groups several existing 
financing schemes into one umbrella to expedite 
companies' access to financing.  a) business entities registered and present in Singapore;  
b) with at least 30% local shareholding; and  
c) with a maximum borrower group revenue cap of SGD 500 
million for all companies.  
Internationalisation Finance 
Scheme (IFS) – Non-
Recourse  IFS helps Singapore -based companies raise financing for 
fixed-asset investments or projects abroad, by sharing 
default risks with PFIs.  
Mid-sized companies  can access up to SGD 50 million in 
project financing for local and overseas development 
projects.  a) Singapore -based companies with main functions in 
Singapore; and  
b) with annual sales revenue of < SGD 500 million (for trading 
companies) and < SGD 300 million (for non -trading 
companies).  
Loan Insurance Scheme 
(LIS)e LIS helps Singapore -based companies secure short -term 
trade financing lines by getting them insured against 
insolvency risks.  
Provides insurance to participating financial institutions to 
cover insolvency risks of the borrower. A portion of the 
insurance premium is paid by the Government. In 2020, 
support w as increased to 80% (from 50%) until 31 March 
2021.  a) business entities registered and operating in Singapore;  
b) with at least 30% local shareholding; and  
c) with group annual sales turnover < SGD 100 million or 
group employment of < 200 employees.  
Political Ris k Insurance 
Scheme (PRIS)e PRIS is an insurance policy that companies purchase to 
safeguard their projects and/or investments in overseas 
markets against political uncertainties. It covers risks such 
as expropriation, currency inconvertibility and transfer  
restrictions, political violence; and breach of contract by 
host government.  
Supports 50% of the policy premium, up to the first 3 
years of each PRIS policy, subject to a maximum of SGD 
500,000 per company.  Singapore -based companies with:  
a) global HQ in Singapore;  
b) at least three strategic business functions in Singapore;  
c) with annual turnover < SGD 500 million;  
d) annual business spending of at least SGD 250,000 in 
Singapore for each of the past 3 years; and  
e) a minimum paid -up capital of SGD 50,000.   
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- 126 - Scheme  Description  Eligibilitya 
Trade Cre dit Insurance 
Scheme (TCIS)f TCIS is an insurance policy that companies purchase to 
protect against the non -payment risks of their end buyers 
for goods sold and delivered, or services rendered.  
Supports with up to 50% of the minimum premium for 
TCIS polici es provided commercially by Singapore -
registered credit insurers, subject to a maximum lifetime 
support of SGD 100,000 per qualifying company.  a) business entities registered and physically present in 
Singapore;  
b) with a minimum of 30% local shareholding; and  
c) with group annual sales turnover < SGD 100 million or 
group employment of < 200 employees.  
Economic Development Board   
Pioneer Enterprise 
(Manufacturing or Services)  Corporate tax exemption on income derived from 
qualifying activities.  Qualifying activities include:  
a) Manufacturing: acquisition of new technologies, skills or 
knowledge that raise overall industry standards;  
b) Services: any engineering or technical services, including 
laboratory, consultancy and research and development 
activi ties; computer -based information and other computer 
related services; the development or production of any 
industrial design.  
Development and Expansion 
Incentive (DEI)  Reduced corporate tax rates of 5% or 10% on incremental 
income from qualifying activiti es. Qualifying activities include: manufacturing or increased 
manufacturing of any product that would be of economic benefit 
to Singapore; or same qualifying activities as the Pioneer 
Enterprises scheme in services.  
Investment Allowance  Allowance of 30% or 50% of fixed capital expenditure on 
qualifying projects, on top of the normal 100% capital 
allowance, if applicable.  Companies that are investing in equipment for greater 
productivity or introducing new technology to the industry.  
Resource Efficiency Grant 
for Energy  Co-funding to achieve greenhouse gas emissions 
abatement. Funding support of up to 50% of qualifying 
costs.  Singapore -registered companies in the manufacturing and data 
centre sectors, with group annua l sales turnover of more than 
SGD 500 million.  
Aircraft Leasing Scheme  Reduced tax rate of 8% on income derived from leasing of 
aircraft or aircraft engine and qualifying ancillary 
activities; withholding tax exemption on interest and 
related payments on loans obtained for the purchase of 
aircraft or aircraft engines.  Singapore -registered companies that are developing aircraft or 
aircraft engine leasing capabilities and growing the aircraft or 
aircraft engine leasing industry.  
Intellectual Property 
Develo pment Incentive  Reduced tax rate of 5% or 10% on a percentage of 
qualifying IP income (royalties or other income receivable 
by the company from the commercial exploitation of 
qualifying IP rights).  Singapore -registered companies that are using and 
commerci alizing intellectual property rights arising from 
research and development activities.  
Industrial Postgraduate 
Programme  Co-funding to support the training of talent for R&D 
activities  Singapore -registered business entities.  
Research Incentive Scheme 
for Companies  Co-funding to support the development of R&D 
capabilities and technologies.  Singapore -registered companies.  
Innovation Development 
Scheme  Co-funding to support development of capabilities in the 
innovation of products, processes and a pplications.  Singapore -registered business entities.  
Training Grant for Company  Co-funding to support manpower development in the 
application of new technologies and professional know -
how. Singapore -registered business entities.   
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- 127 - Scheme  Description  Eligibilitya 
Finance & Treasury Centre  
Tax Incentive (FTC)  Reduced corporate tax rate of 8% on income derived from 
qualifying FTC services to approved network and 
qualifying FTC activities carried out by FTC on its own 
account; withholding tax exemption on interest payments 
on loans and deposi ts from banks and network companies 
for FTC activities.  Companies that provide finance and treasury services to their 
approved network.  
Companies must establish substantive activities in Singapore 
and perform strategic functions.  
Approved Royalties 
Incent ive Full exemption or reduced withholding tax on royalty 
payments to access advanced technology and know -how. Companies that enter into a royalty agreement whereby 
royalties or technical assistance fees or contributions to R&D 
are payable to a non-resident person.  
Approved Foreign Loan  Full exemption or reduced withholding tax of 5% or 10% 
on interest payments on loans taken to purchase 
productive equipment.  Loan granted for the purchase of productive equipment, where 
the lender is a non -reside nt person, and the relief from 
Singapore tax will not increase his/her liability in his/her 
country of residence.  
Land Intensification 
Allowance  An initial tax allowance of 25% and annual tax allowances 
of 5% on qualifying capital expenditure incurred for  the 
construction or renovation/extension of a qualifying 
building or structure.  Companies carrying out specified manufacturing and logistic 
activities that engage in the construction or renovation/ 
extension of qualifying buildings or structures which mee t gross 
plot ratio benchmarks.  
Headquarters (HQ) 
Programme  Companies managing regional or international HQ 
activities out of Singapore pay a lower corporate tax rate 
of 10% or 5%.  Business entities incorporated or registered in Singapore 
providing corpora te support and headquarters -related services 
and business expertise on a regional or global basis.  
Section 19B of the Income 
Tax Act  Writing down allowance over 5, 10, or 15 years for 
acquisition of IP rights.  Companies carrying on a trade or business inc urring capital 
expenditure to acquire IP rights for use in that trade or 
business.  
Partnerships for Capability 
Transformation  Co-funding to upgrade capabilities of Singapore -based 
suppliers through partnerships with original equipment 
manufacturers.  Singapore -registered business entities.  
Capital Assistance Scheme  Loan to encourage the development of strategic projects 
in the manufacturing and services industries in Singapore.  Singapore -registered business entities.  
Land Productivity Grant  Co-funding (10% to 70% of qualifying costs) to optimize 
land use through domestic or overseas relocation or land 
use intensification.  Singapore -registered business entities situated on industrial 
land. 
a Criteria listed here are not necessarily exha ustive (i.e. additional conditions may apply).  
b MRA was enhanced with support levels raised up to 80% from 1 November 2020 to 30 September 2021 amid the COVID -19 crisis.  
c PSG support levels were raised to 80% during the COVID -19 crisis, effective 1 April  2020, and then extended from 1 January 2021 to 30 September 2021. 
The scope of PSG was expanded to include COVID -support solutions (e.g. remote working, virtual collaboration) from 1 April 2020 to 31 December 2020.  
d Lapsed after 31 March 2020.  
e This sch eme ceased after 31  March 2021.  
f This was a component under the Market Readiness Assistance scheme. It ceased after 31 March 2021.  
Source:  Enterprise Singapore. Viewed at: https://www.enterprisesg.gov.sg/financial -assistance/grants ; Economic Development Board. Viewed at: 
https://www.edb.gov.sg/en/how -we-help/incentives -and-schemes.html ; and information provided by the authorities.  
   
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- 128 - Table A3. 2 Changes to SPS requirements for food products, October 2015 -August 2020  
Trade -related measure  Brief des cription  Effective date  Link to Singapore Food Agency ( SFA) 
website/WTO notification and date  
Draft Food (Amendment) 
Regulations 2020  Gazetted as the Food (Amendment No. 2) Regulations 2020.  
Prohibition of importation and use of partially hydrogenated oils as an 
ingredient in all fats, oils and pre -packaged foods sold in Singapore 
from June 2021.  June 2021  G/SPS/N/SGP/63, 09 /03/2020 
G/SPS/N/SGP/63/Corr.1, 07 /04/2020 
Amendments to the Food 
Regulations with regard to 
food additives and 
standards  Gazetted as the Food (Amendment No. 3) Regulations 2020.  
To allow the use of new food additives and extend the use of existing 
food additives to additional food categories.  August 2020  https:/ /sso.agc.gov.sg/SL/SFA1973 -RG1 
 
G/SPS/N/SGP/64, 07 /04/2020 
Revised veterinary import 
conditions for poultry and 
poultry products  Revision of the Veterinary Conditions for Importation of Poultry and 
Poultry Products with regard to the importation of chille d poultry. The 
two conditions are based on risk assessment conducted by Singapore:  
a) The product must not be derived from thawed frozen poultry;  and  
b) The product is sealed with leak -proof packaging under modified 
atmospheric conditions or other applicable packaging, and has a 
shelf life of at least 14 days at ≤4 oC. 
 
Countries/regions wishing to export chilled poultry to Singapore must 
first be accredit ed for frozen poultry, with a track record of exports to 
Singapore. Shelf life studies and packaging information must be 
provided by establishments interested to export chilled poultry to 
Singapore for evaluation.  May 2020  https://www.sfa.gov.sg/food -import -
export/commercial -food-imports  
 
G/SPS/N/SGP/67, 14 /05/2020 
Amendments to the Food 
Regulations with regard to 
Revised microbiological 
standards for ready -to-eat 
food Gazetted as the Food (Amendment) Regulations 2020.  
 
Revised microbiological standards for ready -to-eat food.  April 2020  https://sso.agc.gov.sg/SL/SFA1973 -RG1 
 
G/SPS/N/SGP/59, 04 /09/2017 
G/SPS/N/SGP/59/A dd.1, 22 /11/2018 
Revised veterinary import 
conditions for table eggs  Revision of the Veterinary Conditions for Importation of Table Eggs, 
based on risk assessment conducted by Singapore, with reference to 
OIE's recommendations.  April 2020  https://www.sfa.gov.sg/food -import -
export/commercial -food-imports  
 
G/SPS/N/SGP/65, 09 /04/2020 
Veterinary import 
conditions for pasteurized 
shell eggs  The Veterinary Conditions  for Importation of Pasteurised Shell Eggs is 
a set of conditions established to regulate trade in pasteurized shell 
eggs.  April 2020  https://www.sfa.gov.sg/food -import -
export/commercial -food-imports  
 
G/SPS/N/SGP/66, 30 /04/2020 
Revised veterinary import 
conditions for pork and pork 
products  Revision of the Veterinary Conditions for Importation of Pork and Pork 
Products to align them with the OIE's recommendations, and for 
clarity in the existing attestations.  October 2019  https://www.sfa.gov.sg/food -import -
export/commercial -food-imports  
 
G/SPS/N/SGP/62, 14 /10/2019 
G/SPS/N/SGP/62/Corr.1, 15 /10/2019 
G/SPS/N/SGP/62/Corr.1/Rev.1, 15 /10/2019 
Draft Food (Amendment) 
Regulations 2019  Gazetted as the Food (Amendment) Regulations 201 9. 
To allow the use of new food additives, extend the use of existing food 
additives to additional food categories, and extend the existing health 
claim relating to barley beta -glucan to include oat beta -glucan.  February 2019  https://sso.agc.gov.sg/SL/SFA1973 -RG1  
 
G/SPS/N/SGP/61 , 18/09/2018  
  WT/TPR/S/413 • Singapore  
 
- 129 - Trade -related measure  Brief des cription  Effective date  Link to Singapore Food Agency ( SFA) 
website/WTO notification and date  
To impose a maximum limit for inorganic arsenic in husked rice to 
better protect consumer health.  
Deletion of maximum limits for copper from the Tenth Schedule of the 
Food Regulations, deletion of the maximum limit of 5 ppm for 
formaldehyde in smoked meat, smoked sausage and smoked fis h, as 
well as removal of the requirement for eggs treated with mineral 
hydrocarbons to be marked with the word "SEALED" on the shell.  
Draft Food (Amendment) 
Regulations 2018  Gazetted as the Food (Amendment) Regulations 2018.  
To allow the use of new food additives and extend the use of existing 
food additives to additional food categories.  
Deletion of provisions for the use of two preservatives from the Food 
Regulations as they were no longer considered safe for use.  
Deletion of maximum residue limits (MRLs) for six legacy pesticides, 
whose use has been phased out internationally under the Stockholm 
Convention.  March 2018  https://sso.agc.gov.sg/SL/SFA1973 -RG1 
 
G/SPS/N/SGP/60, 04 /01/2018 
Draft Food (Amendment) 
Regulations 2017  Gazetted as the Food (Amendment) Regulations 2017.  
To allow the use of new food additives, extend  the use of existing food 
additives to additional food categories, and allow a new health claim 
relating to barley beta -glucan.  
To impose more stringent limits for lead in infant formula and 
inorganic arsenic in polished rice to better protect consumer hea lth. 
Other changes include the deletion of the MRLs for 11 pesticides which 
are no longer in use internationally, and a provision to allow 
prepacked rice to be declared in grams or kilograms (as appropriate).  April 2017  https://sso.agc.gov.sg/SL/SFA1973 -RG1 
 
G/SPS/N/SGP/58, 10 /01/2017 
G/SPS/N/SGP/58/Corr.1, 20 /03/2017 
Draft Food (Amendment) 
Regulations 2015  Gazetted as the Food (Amendment) Regulations 2016.  
To allow the  use of new ingredients and additives; requirement that 
food products labelled as "organic" (or similar terms) must be certified 
as organic under an inspection and certification system that complies 
with the Codex Guidelines for the Production, Processing,  Labelling 
and Marketing of Organically Produced Foods, GL 32 -1999; or similar.  
Other changes include the prohibition of the importation, sale and 
advertisement of raw milk for direct human consumption; and a 
provision for the use of the generic term "Modi fied Starches" for 
labelling purposes.  February 2016  https://sso.agc.gov.sg/SL/SFA1973 -RG1 
 
G/SPS/N/SGP/56, 27 /10/2015 
Source:  Information provided by the authorities.  WT/TPR/S/413 • Singapore  
 
- 130 - 
 
  Table A3. 3 Intellectual property protection, 2020  
 Coverage  Selected exclusions 
and limitations  Duration  Remedies  
Copyright and related rights     
Copyright Act 
(Cap 63, 2006 
Rev Ed), last 
amended by 
Act 34 of 2018  Literary, dramatic, 
musical, and artistic 
works, and their published 
editions; sound 
recordings; films; 
television and radio 
broadcasts; cable 
programmes; and 
performances.  Fair dealing.  Literary, 
dramatic, 
musical or 
artistic works: 
life of the author 
plus 70  years  
(25 years for 
their published 
editions);  
Sound recordings 
and films: 
70 years;  
Broadcast or 
cable 
programme: 
50 years.  For making or 
importing 
infringing 
articles: fines 
of SGD 10,000 
per infringing 
article (up to a 
maximum of 
SGD 100,000) 
and/or 
imprison ment 
for up to 
5 years; other 
penalties apply 
for other kinds 
of 
infringement.  
Patents      
Patents Act 
(Cap 221, 2005 
Rev Ed), last 
amended by 
Act 23 of 2019  Products and processes 
that are new, involve an 
inventive step, and are 
capable of industrial 
application.  Treatment methods 
for humans or 
animals; inventions 
that may encourage 
offensive, immoral or 
anti-social behaviour.  20 years from 
the date of filing.  Civil remedies.  
Industrial designs     
Registered 
Designs Act 
(Cap 266, 2005 
Rev Ed), last 
amended by 
Act 23 of 2019  Features of shape, 
configuration, colours, 
pattern or ornament 
applied to any article or 
non-physical product that 
give that article or non -
physical product its 
appearance.  Designs contrary to 
public order or 
moralit y, computer 
programs, layout -
designs, methods or 
principles of 
construction, features 
of shape or 
configuration of an 
article that are 
dictated solely by the 
function the article 
has to perform or are 
dependent upon the 
appearance of 
another article of 
which the article is 
intended by the 
designer to form an 
integral part.  5 years, 
renewable every 
5 years up to a 
maximum period 
of 15 years.  Civil remedies.  
Trademarks      
Trade Marks Act 
(Cap 332, 2005 
Rev Ed), last 
amended by 
Act 23 of 2019  Trademarks, certification 
marks, and collective 
marks.  Marks contrary to 
public policy, 
deceptive marks, 
descriptive marks, 
marks common to a 
specific trade.  10 years, subject 
to renewal every 
10 years.  Fines up to 
SGD 100,000 
and/or 
imprisonment 
for up to  
5 years.  WT/TPR/S/413 • Singapore  
 
- 131 - 
 
   Coverage  Selected exclusions 
and limitations  Duration  Remedies  
Geographical indications     
Geographical 
Indications Act 
2014, last 
amended by 
Act 5 of 2020  Wines, spirits and beers; 
cheese; meat and meat 
products; seafood; edible 
and non -edible oils; fruits 
and vegetables; spices and 
condiments; confectionery 
and baked goods; flowers 
and parts of flowers; and 
natural gum.  GIs that have ceased 
to be protected in the 
country of origin, GIs 
which contain the 
name of a plant 
variety or an animal 
breed and which are 
likely to mislead the 
consumer as to  the 
true origin of the 
product.  10 years, subject 
to renewal every 
10 years.  Civil remedies.  
Data submitted for the purposes of 
obtaining regulatory approval     
Health Products 
(Therapeutic 
Products) 
Regulations 
2016; Control of 
Plants 
(Registration of 
Pesticides) 
Rules  Test data required for 
regulatory approval of 
pharmaceuticals and 
agricultural chemical 
products.   5 years for 
pharmaceutical 
test data; and 10 
years for 
agricultural 
chemical 
products test 
data. Civil remedies.  
Trade secrets      
Tort of breach 
of confidence  Confidential information.   No fixed 
duration, can be 
for an indefinite 
period of time.  Civil remedies.  
Layout -designs of integrated circuits     
Layout -designs 
of Integrated 
Circuits Act 
(Cap 159A, 
2000 Rev Ed), 
last amended by 
Act 21 of 2004  Layout -designs of 
integrated circuits.  No protection for an 
idea, procedure, 
process, system, 
method of operation, 
concept, principle or 
discovery, regardless 
of the form in which 
it is described, 
explained, illustra ted 
or embodied in a 
layout -design. No 
infringement if (i)  the 
copying is done for a 
private purpose and 
not for the purpose of 
commercial 
exploitation; (ii)  if 
the copying is done 
for the sole purpose 
of evaluation, 
analysis, research or 
teaching.  15 year s from  
the date of 
creation (10 
years if they are 
first used 
commercially 
within 5 years of 
creation).  Civil remedies.  
Plant varieties      
Plant Varieties 
Protection Act 
(Cap 232A, 
2006 Rev Ed), 
last amended by 
Act 23 of 2019  All plant genera and 
species.  Any act for private 
and for non -
commercial 
purposes; for 
experimental or 
research purposes; 
or for the purpose of 
breeding other 
varieties.  25 years.  Civil remedies.  
Source:  Information provided by the authorities; and Singapore Statutes Online. Viewed at: 
https://sso.agc.gov.sg/ .  
  WT/TPR/S/413 • Singapore  
 
- 132 - Table A3. 4 Applications for and registrations of trademarks, patents, and industrial designs, 2016 -20 
 
Applications  Registrations  
2016  2017  2018  2019  2020  2016  2017  2018  2019  2020  
Trademarks  Total (Classes)  41,386  50,035  51,698  55,380  53,197  53,000  37,030  41,204  56,243  53,845  
Local 9,752  10,570  11,512  11,122  12,709  10,432  8,595  8,526  11,240  11,037  
Foreign  31,634  39,465  40,186  44,258  40,488  42,568  28,435  32,678  45,003  42,808  
% Foreign  76% 79% 78% 80% 76% 80% 77% 79% 80% 80% 
National  22,909  26,012  27,028  27,281  26,884  28,130  20,895  20,780  27,091  26,274  
Applications filed under 
Madrid Systema 18,477  24,023  24,670  28,099  26,313  24,870  16,135  20,424  29,152  27,571  
Patents  Total (Applications)  10,980  10,930  11,845  14,136  13,265  7,341  6,217  5,172  4,188  5,385  
Local 1,601  1,609  1,575  1,727  1,775  432 414 312 264 331 
Foreign  9,379  9,321  10,270  12,409  11,490  6,909  5,803  4,860  3,924  5,054  
% Foreign  85% 85% 87% 88% 87% 94% 93% 94% 94% 94% 
National  3,940  3,667  4,105  5,222  4,102  1,715  1,402  1,139  1,052  1,440  
PCT applications 
entering national phaseb 7,040  7,263  7,740  8,914  9,163  5,626  4,815  4,033  3,136  3,945  
Industrial Designs  Total (No. designs)c 1,360  1,524  1,252  1,410  1,287  1,399  1,389  1,129  1,509  1,238  
Local 634 587 336 365 361 677 492 342 357 331 
Foreign  726 937 916 1,049  926 722 897 787 1152 907 
% Foreign  53% 61% 73% 74% 72% 52% 65% 70% 76% 73% 
a Singapore is a party to the WIPO Madrid Agreement Concerning the International Registration of Marks and its Protocol. Conseq uently, trademark rights in 
Singapore may be obtained by filing an international application through the WIPO Madrid System, and de signating Singapore. Learn more about the Madrid 
System at https://www.wipo.int/madrid/en/how_madrid_works.html . 
b Singapore is a party to the Patent Cooperation Treaty (PCT). Consequentl y, patent rights in Singapore may be obtained by filing an international application 
through the WIPO PCT, and designating Singapore. Learn more about the PCT at: https://www.wipo.int/pct/en/faqs/f aqs.html . 
c Excludes WIPO Hague System applications. Learn about the Hague System at: https://www.wipo.int/hague/en/guide/ . 
Source:  Information provided by the authorities; and IPOS annual reports. Viewe d at: https://www.ipos.gov.sg/who -we-are/publications/archive . 
 
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