Singapore WT/TPR/S/267 
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  II. TRADE POLICY REGIME:  FRAMEWORK AND OBJECTIVES 
(1) DEVELOPMENT AND ADMINISTRATION OF TRADE POLICY  
1. Singapore's trade policy goals are to:  expand the international economic space for Singapore-
based companies; seek a fair and predictable in ternational trading environment;  and minimize 
impediments to the flow of imports.  It seeks to achieve these goals by engaging with its trading 
partners multilaterally, regionally, and bilaterally.  The authorities affirmed that the multilateral 
framework of the WTO remains the bedrock of Singapore's trade policy.  
2. Responsibility for trade policy formulation and implementation in Singapore remains vested 
in the Ministry of Trade and Industry (MTI).  MT I's Trade Division deals with Singapore's external 
ties, including the WTO, its participation in ASE AN and APEC, and its bilate ral relations.  In 2008, 
Contact Singapore was formed to facilitate the entry of investors into Singapore.  The Economic 
Strategies Committee (ESC) was created in 2009 w ith a mandate to develop strategies to build 
Singapore's capabilities as a global city and maxi mise opportunities therefrom in order to achieve 
sustained and inclusive growth.  It released its recommendations in 2010 (Chapter I(4)), and was then 
disbanded.  The ESC's recommendations are being fo llowed-up by respective lead agencies, with MTI 
and the Ministry of Finance having overall monitoring responsibility.  Among the ESC's 
recommendations was the establishment of a Nationa l Productivity and Continuing Education Council 
(NPCEC).  The NPCEC met for the first time in April 2010;  it is chaired by the Deputy Prime Minister and comprises representatives from government , unions, and industry, a nd is supported by a 
secretariat.
1  There have been no further institutiona l changes with respect to trade-related 
responsibilities during the review period (Table AII.1).   
3. The MTI consults regularly w ith the business community, prim arily through meetings with 
the various chambers of commerce and trade associ ations, such as the Singapore Business Federation 
(SBF).  Regular consultations are also held with  the tripartite National Wages Council, the National 
Trades Union Congress, and the Consumers Association of Singapore.  National committees may be formed on an ad hoc basis to examine specific i ssues.  Public consultations are conducted through 
various channels including ministries' webs ites.  REACH (reaching everyone for active 
citizenry@home) is an additional platform thr ough which public consultations are undertaken and 
announcements made.
2   
4. Singapore conducts an annual review to identif y potential FTA partners.  The authorities 
noted that stakeholder consultations are conducte d before and during the negotiations.  Cabinet 
approval is then sought before the negotiations are concluded.  The power to make and ratify 
international treaties is vested in the Cabinet and pa rliamentary ratification of trade agreements is not 
required.  The authorities clarified that where implementation of an FTA requires domestic legislation, Parliament's approval is sought to enact any such legislation before the FTA is ratified.  
As noted in Singapore's previous review,  WTO provisions may not be invoked before a national court 
of law but may be enforced through enabling legislation or, if applicable, as part of common law.  
                                                      
1 Government of Singapore Press Centre online information. Viewed at:  
http://www.news.gov.sg/public/sgpc/en/media_releases/agencies/mti/press_release/P-20100430-1/Attachment 
Par/0/file/NPCEC-Press%20Release.pdf. 
2 REACH.  Viewed at:  http://www.reach.gov.sg. WT/TPR/S/267 Trade Policy Review 
Page 12 
  
  (2) TRADE AGREEMENTS AND ARRANGEMENTS  
(i) World Trade Organization 
5. Singapore grants at least most-favoured-nation (MFN) treatment to WTO Members and non-
members.  It is a participant in the WTO Information Technology Agreement (ITA) and the 
Plurilateral Agreement on Government  Procurement (GPA).  It is a signatory to the GATS protocols 
on telecommunications (Fourth Protocol) and financial ser vices (Fifth Protocol).  It is not a signatory 
to the Plurilateral Agreement on Trade in Civil Airc raft, but has observer status in the Committee. 
6. Singapore's priorities in the Doha Development Agenda (DDA) are to work towards greater 
market access in goods and services, and it has st ated its determination to see an ambitious and 
balanced conclusion to the DDA.3  At the 2011 Ministerial Conference, the Minister for Trade and 
Industry highlighted the WTO's important role in guarding against protectionism and in promoting 
trade and development, and urged Members to take a pragmatic and positive approach to moving the 
DDA negotiations forward.4  Since 2008, Singapore has put forward or co-sponsored proposals in the 
negotiating groups on trade facilitation5, rules6, and market access7.  Singapore submitted its GATS 
initial offer on 15 July 2003 and a revised offer on 31 May 2005. 
7. During the period under review, Singapore has not been involved in any disputes at the WTO.  
8. Singapore has maintained a solid record of maki ng notifications to the WTO (Table AII.2).  
However, notifications are outstanding in the areas of imports and government procurement.  Singapore has not notified amendments in  2011 to the China-Singapore FTA (CSFTA).
8  In addition, 
it has not notified, over the review period, any ne w or changes to existing laws, regulations or 
administrative guidelines that significantly aff ect trade in services covered by its specific 
commitments (GATS Article III:3).   
(ii) Regional and bilateral arrangements 
Overview 
 
9. Singapore is a member of ASEAN, which has component agreements on goods (ASEAN 
Trade in Goods Agreement (ATIGA));  services (ASEAN Framework Agreement on Services 
(AFAS)) and investment (Framework Agreement on the ASEAN Investment Area (AIA)).  The AIA 
will be superseded by the ASEAN Comprehensive I nvestment Agreement (ACIA) when it enters into 
force in 2012.  Including ASEAN members, Singa pore's network of FTAs covers 18 regional and 
bilateral agreements encompassing 24 trading partne rs.  In a number of instances, bilateral and 
                                                      
3 WTO document TN/C/W/58, 15 April 2011. 
4 WTO online information.  Viewed at:  http://www.wto.org/english/thewto_e/minist_e/min11_e/ 
min11_statements_e.htm#qt. 
5 WTO documents TN/TF/W/168, 5 February 2010;  TN/TF/W/167, 6 January 2010;  
TN/TF/W/138/Rev.3, 25 June 2009;  and TN/TF/W/138/Rev.2, 10 March 2008. 
6 WTO documents TN/RL/W/244, 20 November 2009;  TN/RL/W/233, 8 July 2008;  TN/RL/W/222, 
12 March 2008;  TN/RL/W/224, 12 March 2008;  TN/RL/W/215, 31 January 2008;  and TN/RL/W/214/Rev.3, 25 January 2008. 
7 WTO documents TN/MA/W/117, 27 May 2009;  TN/MA/W/116, 27 May 2009;  TN/MA/W/115, 
22 May 2009;  TN/MA/W/63/Add.3, 8 April 2008;  TN/MA/W/75/Add.1/Rev.1, 4 April 2008;  and TN/MA/W/61/Add.3, 10 March 2008. 
8 For a description of these amendments, see:  http://www.fta.gov.sg/csfta/csfta_amendment_ 
protocol_factsheet.pdf. Singapore WT/TPR/S/267 
 Page 13 
 
 
  regional agreements overlap:  three agreements a pply to New Zealand (Table II.1).  The authorities 
clarified that bilateral and regi onal agreements exist alongside each other and companies are free to 
choose between them. 
10. The authorities indicated that Singapore's main priorities in FTA negotiations are to achieve 
comprehensive coverage resulting in either immedi ate or staged (no more than 10 years) tariff 
elimination on all goods, with simple, flexible, and liberal  rules of origin to facilitate trade.  In terms 
of rules, Singapore seeks to minimize the use of  trade remedies, such as non-application of anti-
dumping measures.  It also seeks to eliminate WTO-inconsistent NTBs, achieve greater market access and removal of restrictions for services and investme nt, as well as have disciplines that provide for the 
protection of investors and investment. 
Table II.1 
Singapore's participation in RTAs and FTAs, January 2012  
 ASEAN 
 ASEAN-FTAs 
(entry into force) BILATERAL FTAs 
(entry into force) 
Australia  X (2010) X (2003) 
Brunei Darussalam X  X (2006a) 
Cambodia X   
Chile    X(2006a) 
China  X (2005 and 2007b) X (2009) 
Iceland (EFTA)   X (2003) 
India  X (2010) X (2005) 
Indonesia X   
Japan  X (2008) X (2002 & 2007b) 
Jordan    X (2005) 
Korea  X (2009 and 2010b) X (2006) 
Lao PDR X   
Liechtenstein (EFTA)   X (2003) 
Malaysia X   
Myanmar X   
New Zealand  X (2010) X (2001 & 2006a)  
Norway (EFTA)   X (2003) 
Panama   X (2006) 
Peru   X (2009) 
The Philippines X   
Switzerland (EFTA)   X (2003) 
Thailand  X   
United States   X (2004) 
Viet Nam X   
Note: The main features of the FTAs that  entered into force before 2008 are descri bed in Singapore's previous Review (WTO 
 document WT/TPR/S/202/Rev.1, 26 Sept ember 2008, Chapter II, Table II.3). 
a Refers to the Trans-Pacific SEP comprising Brunei, New Zealand, and Chile. 
b Refers to entry into force of separate agreem ents on goods and services (see Table II.2 below). 
Source: IE Singapore online information.  Viewed at:   http://www.fta.gov.sg/sg_fta.asp.  
11. Exports from Singapore receive preferential access to the markets of Canada and Russia 
under the Generalized System of Preferences (GSP);  to Mauritius and Seychelles under the 
Commonwealth Preference (CP) scheme;  and to pa rticipants in the Glob al System of Trade 
Preferences among Developing Countries (GSTP).  While Singapore was graduated from the EU's WT/TPR/S/267 Trade Policy Review 
Page 14 
  
  GSP scheme in 1998, products manufactured within Singapore may still be used as inputs in the 
products of other another ASEAN beneficiary, and ASEAN-originating goods may be re-exported 
from Singapore to the EU under the GSP. 
12. Singapore participates in intergovernmental a rrangements for dialogue and cooperation with 
other Pacific Rim countries through the Asia Pacifi c Economic Co-operation (APEC) forum, and with 
Europe through the Asia-Europe Meeting (ASEM). 
Developments over the review period (2008-12) 
 
13. Singapore, together with the other members of ASEAN is continuing to work towards 
achieving an ASEAN Community by 2015.  The end goal is a single market and production base, in 
which there is a free flow of goods, services, inv estments, and skilled labour, and a freer flow of 
capital, along with equitable economic developm ent, and reduced poverty and socio-economic 
disparities.  The Community comprises three pilla rs:  political-security;  socio-cultural;  and 
economic.  An AEC Blueprint sets out the target s and deadlines for advancing the economic pillar 
(the ASEAN Economic Community (AEC)).9   
14. In furtherance of implementing the AEC Blueprint targets, the Agreement on the Common 
Effective Preferential Tariff Scheme for the A SEAN Free Trade Area (CEPT-AFTA) was reviewed in 
2008 and enhanced into a more comprehensive legal instrument, the ASEAN Trade in Goods 
Agreement (ATIGA).  This was signed in February 2009 and entered into force in May 2010.  The 
ATIGA preserves, consolidates, and streamlines a ll the provisions in the CEPT-AFTA;  enhances the 
transparency of Members' tariff reduction schedul es;  codifies non-tariff measures (NTMs), and a 
mechanism has been set up to mon itor their elimination;  and it includes a dedicated chapter on trade 
facilitation.10   
15. In addition, ASEAN has reviewed its invest ment agreements and developed the ASEAN 
Comprehensive Investment Agreement (ACIA), whic h was signed in February 2009.  The ACIA will 
replace the existing ASEAN Investment Agreemen t and ASEAN Investment Guarantee Agreement 
and will bring together liberaliza tion, protection, promotion, and facilitation measures under a single 
comprehensive agreement.  The authorities indicat ed that Singapore has ratified the ACIA, which 
should enter into force in 2012.  They also indicat ed that Singapore has signed protocols to implement 
the eighth package of services liberalization co mmitments under the ASEAN Framework Agreement 
on Services (AFAS) (see Chapter IV(2)(i)).  
16. Six new FTAs entered into force during the re view period:  four are regional agreements 
negotiated in the context of ASEAN, and two were ne gotiated bilaterally by Singapore.  In addition, 
the goods part of ASEAN's FTA with Chin a was amended in 2010 (Table II.2).   
                                                      
9 Four overarching goals have been identified under the AEC Blueprint:  a single market and 
production base (with 12 sectors earmarked as priorities for integration, i.e. electro nics, e-ASEAN, healthcare, 
wood-based products, automotives, rubb er-based products, textiles and appare l, agri-based products, fisheries, 
air travel, tourism, and logistics services);  a high ly competitive economic region (including the areas of 
competition policy, taxation, and, IPRs);  a region of  equitable economic development (including facilitating 
SME development);  and a region fully integrated into the global economy.  For further details on specific measures and timeframes, see the AEC Blueprint.   Viewed at:  http://w ww.asean.org/ 21083.pdf. 
10 ASEAN online information.  Viewed at:  http://www.aseansec.org/Fact%20Sheet/AEC/2010-AEC-
025-2.pdf. Singapore WT/TPR/S/267 
 Page 15 
 
 
  Table II.2 
FTAs that entered in to force during the review period (2008-12) 
ASEAN FTAs 
ASEAN Members, Australia and New Zealand (AANZFTA) 
Title Agreement Establishing the ASEAN- Australia-New Zealand Free Trade Area 
Parties ASEAN, Australia, and New Zealand 
Date of signature/entry into force  February 2009/January 2010  
Transition for full implementation by 
Singapore (goods) No transition period.  100% of tariff lines duty free on entry into force of agreement 
Services covered Positive list approach  to scheduling of services sectors in Annex 3 of the FTA.  Specific 
commitments made in 11 sectors (all except "o ther") identified in th e Services Sectoral 
Classification List (GATT docum ent MTN.GNS/W/120, 10 July 1991) 
Selected features Advance origin/classification/valuatio n ruling on request;  trade in services;  investment;  
movement of natural persons;  dispute settlement;  intellectual property 
WTO consideration status  Factual pr esentation on hold (as at January 2012) 
Singapore's merchandise trade with 
Australia and New Zealand (2010) Australia:  1.1% of total imports;  3.6% of total exports 
New Zealand:  0.2% of total imports;   0.5% of total exports 
WTO document series WT/REG284/N/1 and S/C/N/545, 9 April 2010 
ASEAN member countries and India 
Title Agreement on Trade in Goods (under the Framework Agreement on Comprehensive 
Economic Co-operation between ASEAN and the Republic of India, 2003, as amended in 
2009) 
Parties ASEAN and India 
Date of signature/entry into  force October 2009/October 2010 
Transition for full implementation by 
Singapore (goods) No transition period.  100% of tariff lines duty free on entry into force of agreement 
Selected features Agreement applies to goods only 
WTO consideration status Factual pr esentation on hold (as at January 2012) 
Singapore's  merchandise trade with 
India (2010) 3.0% of total imports;  3.8% of total exports 
WTO document series WT/COMTD/N/35, 23 August 2010 
ASEAN member countries and Japan 
Title Agreement on Comprehensive Economic Partnership Among Japan and Member States of 
ASEAN 
Parties ASEAN and Japan 
Date of signature/entry into force March 2008/December 2008 
Transition for full implementation by Singapore (goods) No transition period.  100% of tariff lines duty free on entry into force of agreement  
Selected features Agreement applies to goods only.  Provi sions on services and investment subject to future 
negotiations 
WTO consideration status Factual pr esentation on hold (as at January 2012) 
Singapore's merchandise trade with 
Japan (2010) 7.9% of total imports;  4.7% of total exports 
Table II.2 (cont'd) WT/TPR/S/267 Trade Policy Review 
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  WTO document series WT/REG277/N1, 14 December 2009, and WT/REG277/N2, 27 July 2011 
ASEAN member countries and Korea 
Title Agreement on Trade in Goods (fa lling under the 2005 Framework Agreement on 
Comprehensive Economic Co-operation among th e Governments of the Republic of Korea 
and ASEAN) 
Parties ASEAN and Korea 
Date of signature/entry into force Goods:  2006/2010 
Services:  2008/2009 
Transition for full implementation by 
Singapore (goods) Transition period completed.  100% of tariff lines duty free as of 2010 
Services covered Positive list appro ach to scheduling of services sect ors in Annex/SC1 of the FTA.  
Specific commitments made in all 12 sector s identified in the Services Sectoral 
Classification List (GATT docum ent MTN.GNS/W/120, 10 July 1991) 
Selected features Transitional safeguard;  dispute settlement  
WTO consideration status Factual presentation on hold for goods ;  factual presentation in preparation for services (as 
at January 2012) 
Singapore's  merchandise trade with 
Korea (2010) 5.8% of total imports;  4.1% of total exports 
WTO document series WT/REG287/N/1;  WT/COMTD/N /33;  S/C/N/559;  S/C/N/560, 8 July 2010.  
S/C/N/559/Add.1;  S/C/ N/560, Add.1, 3 May 2011 
BILATERAL FTAs 
China-Singapore Free Trade Agreement (CSFTA) 
Parties Singapore and China 
Date of signature/entry into force  October 2008/January 2009 
Transition for full implementation by 
Singapore (goods) No transition period.  100% of tariff lines duty free on entry into force of agreement 
Services covered Positive list approach  to scheduling of services sectors in Annex 5, Part B of the FTA.  
Specific commitments made in all 12 sector s identified in the Services Sectoral 
Classification List (GATT docum ent MTN.GNS/W/120, 10 July 1991) 
Under the CSFTA Amendment Protocol (signed July 2011), a second package of 
ASEAN-China services commitments entered into force in January 2012 between China 
and Singapore ahead of other ASEAN countries .  Under this second package, Singapore 
opened-up "other taxes and related services" 
Selected features Advance origin ruling on request;  prohibition on export subsidies;   bilateral safeguard;  
investment provisions in ASEAN-China Invest ment Agreement (once completed) to form 
a part of the agreement;  movement of business persons;  and dispute settlement 
provisions 
WTO consideration status Factual presentation in preparation (as at January 2012) 
Singapore's merchandise trade with China (2010) 10.8% of total imports;  10.3% of total exports 
WTO document series WT/REG262/N/1 and S/C/N/483, 4 March 2009 
Peru-Singapore FTA (PeSFTA) 
Parties Singapore and Peru 
Date of signature/entry in to force May 2008/August 2009 
Transition for full implementation by 
Singapore No transition period.  100% of tariff lines duty free on entry into force of agreement  
Services covered Services trade is covered in Ch apters 10 (investment);  11 (Cross-border trade in 
services);  and 12 (Temporary entry of business persons).  Chapter 11, inter alia , does not 
apply to government procurement, air servi ces, and financial services.  The agreement 
follows a negative list approach  for services and investment , with all sectors and sub-
sectors assumed to be covered unless specified  (for Singapore these are set out in Annex 
11C).  For a detailed explanation of the FT A's provisions on services  and investment, and 
Singapore's commitments see WTO docume nt WT/REG269/1/Rev.1, 1 October 2010, 
Chapter IV 
Table II.2 (cont'd)  Singapore WT/TPR/S/267 
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  Selected features Prohibition on export duties;  prohib ition on consular fees;  Special Agricultural Measure;  
advance customs rulings (origin, classifica tion, and qualification for duty-free entry);  
bilateral safeguard;  government procurement;  investment;  temporary entry for business 
persons;  e-commerce;  competition policy;  transparency;  and dispute settlement 
WTO consideration status Considera tion by CRTA on 27 and 28 September 2010 
Singapore merchandise trade with Peru 
(2010) 0.004% of total imports;  0.008% of total exports 
 
WTO document series Agreements:  WT /REG269/N/1 and S/C/N/502, 3 August 2009. 
Documents related to factual presenta tion and CRTA consideration process:  
WT/REG269/1/Rev.1, 1 October 2010;  WT/REG269/2, 20 September 2010;  and 
WT/REG269/M/1, 1 October 2010 
Source : MTI online information.  Viewed  at:  http://www.ft a.gov.sg/sg_fta.asp and UNS D, Comtrade database. 
17. ASEAN negotiations are on-going with India and Japan on services and investment.  
Singapore has signed FTAs with Costa Rica and th e Gulf Co-operation Council (Bahrain, Kuwait, 
Qatar, the Kingdom of Saudi Arabia, and the United Arab Emirates) but these have not yet entered into force.  In addition, in 2011, ASEAN Members agreed on a Framework on Regional Comprehensive Economic Partnership (RCEP).  Un der this Framework ASEAN Members will work 
towards a single FTA which would consolidate,  and improve upon, ASEAN's FTAs with third 
countries.
11  Singapore has on-going negotiations with Canada, the European Union, Mexico, 
Pakistan, Ukraine, and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.12  At 
the regional level, Singapore is participating in the Trans-Pacific Partnership (TPP) negotiations.13  
18. APEC trade and investment-related initiatives over the review period have included:  the 
second Trade Facilitation Action Plan (TFAP II), whic h called for the reduction of transaction costs 
by 5% during 2007-10;  the APEC Investment F acilitation Action Plan (2008);  the Supply Chain 
Connectivity Framework launched in  2009;  and the 2010 Bogor Goals Assessment.  Singapore was a 
member of the APEC Pathfinder on Self-certificat ion (2009), and is also a proponent of the APEC 
Ease of Doing Business Action Plan (2010-2015).   
(3) FOREIGN INVESTMENT REGIME  
19. Singapore actively encourages FDI through the provision of tax incentives (Chapter III(3)(i)).  
According to UNCTAD, these incentives are targeted  at encouraging skill- and knowledge-intensive 
industries, and the Government, together with tr ansnational corporations, has instituted training 
programmes to equip the local wo rkforce with the skills require d to work for these companies.14  A 
variety of programmes support the entry of investors and skilled labour.15   
                                                      
11 ASEAN online information.  Viewed at:  http://www.aseansec.org/26744.htm. 
12 MTI online information.  Viewed a t:  http://www.fta.gov.sg/index.asp. 
13 The TPP parties are:  Australia; Brunei;  Chile;  Malaysia;  New Zealand;  Peru;  Singapore;  
the United Sates;  and Viet Nam. 
14 UNCTAD (2011a). 
15 Under the Global Investor Programme (GIP) investors may apply for Singapore Permanent 
Residence status if they invest US$2.5 million in a new business entity/expand an existing business operation (in a specified business area);  or invest at least US$2.5 million in a GIP-approved fund.  The Multiple Journey Visa 
facilitates the entry of business executiv es requiring a visa into Singapore, which may be issued for 1, 2 or 5 
years.  The EntrePass facilitates the entr y and stay of entrepreneurs (and their families) involved in the start-up 
and operation of a company;  it is valid initially for 2 year s and renewable as long as the business remains viable  
(EDB online information.  Viewed at http://w ww.edb.gov.sg/edb/sg/en_uk/index/why_singapore/ 
Guide_to_Investing_in_Singapore/entering_singapore.html). WT/TPR/S/267 Trade Policy Review 
Page 18 
  
  20. The Economic Development Board (EDB) is th e lead government agency charged with 
developing and implementing strategies to enha nce Singapore's position as a global business centre, 
including through acting as a one-stop-shop for loca l and foreign investors.  The EDBs economic 
development strategies are shaped by its "Host to Home" framework, which reflects the aim to 
achieve economic growth through greater productiv ity, and a focus on higher-value-added business 
activities (see Chapter I).  It envisages Singapore building on its strengths to become a global hub for business, innovation, and talent.  The Host to Home framework encompasses three mutually 
reinforcing dimensions:  ensuring that Singapore' s policies and infrastructure are attractive to 
business;  ensuring that the private and public sect ors can work together to drive innovation and 
encourage entrepreneurship;  and creating an optimal environment for talent to flourish.
16 
21. Contact Singapore is responsible for devising a nd implementing strategies to attract overseas 
Singaporeans and foreign individuals to invest, work, and live in Singapore.   
22. Singapore does not have an overarching invest ment law although some investor protection 
provisions are contained in the Companies Act, and the Securities and Futures Act17.  It maintains FDI 
restrictions in only a few sectors:  broadcasting and domestic news media18;  retail banking (Chapter 
IV(2)(ii));  and legal services.  Foreign ownershi p restrictions also apply to Singapore designated 
airlines, depending on the requirements of Singapore 's air services agreements.  Over the review 
period, there has been some liberalization of legal services (Chapter IV(2)(v)).   
23. There are investment provisions in several of Singapore's FTAs, and negotiations to elaborate 
investment rules are in train between ASEAN and India, and ASEAN and Japan.  These negotiations 
are expected to be concluded in 2012.  Sing apore concluded three new investment guarantee 
agreements during the review period (Table II.3). 
Table II.3 
Participation in investment- related agreements, April 2012  
Free-trade agreements containing investment provisions and inve stment agreements within the context of economic cooperation 
agreements 
Framework Agreement on the ASEAN Investment Area (AIA);  AS EAN-Australia-New Zealand FTA (Chapter 11);  ASEAN-China 
Investment Agreement;  ASEAN-Korea Investme nt Agreement;  Peru-Singapore FTA (Chapter  10);  China-Singapore FTA (Chapter 10);  
India-Singapore FTA (Chapter 6);  Australia-Singapore FTA (Chapt er 8);  EFTA-Singapore FTA (Part IV);  Japan-Singapore FTA 
(Chapter 8);  Korea-Singapore FTA (Chapter 10);  New-Zealand-Singa pore FTA (Chapter 6);  Panama-Singapore FTA (Chapter 9);  US-
Singapore FTA (Chapter 15) 
Bilateral investment treaties (investment guarantee agreements) 
In force (date of entry into force): ASEAN (1989);  Bahrain (2004);  Bangladesh (2004);  Belarus (2001);  Belgium (1980);  Bulg aria 
(2006);  Cambodia (2000);  Ca nada (1971);  China (1986);  Czech  Republic (1995);  Democratic People's Republic of Korea (2009);   
Egypt (2002);  France (1976);  Germany (1975);   Hungary (1999);  Indonesia (2006);  Jordan (2005);  Laos (1998);  Latvia (1999 );  Libya 
(2011);  Luxembourg (1978);  Maur itius (2000);  Mexico (2011);  M ongolia (1996);  Netherlands (1973) ;  Oman (2008);  Pakistan ( 1995);  
Poland (1993);  Saudi Arabia (2007);  Slovak Republic (2007);  Slovenia (2000);  Sri Lanka (1980);  Switzerland (1978);  Turkey  (2010);  
Ukraine (2007);  United Kingdom (1975);  United States  (1966);  Uzbekistan (2003);  and Viet Nam (1992) 
 
Concluded or signed but not yet in force:  Kuwait ( 2009);  Russia (2010);  and United Arab Emirates (2011) 
 
Under negotiation:  Kazakhstan 
Table II.3 (cont'd) 
                                                      
16 EDB online information.  Viewed at http://www.sedb.com/edb/sg/en_uk/index/ 
why_singapore/host_k_home.html. 
17 The Companies Act protects minority shareholders from potential abuse of the majority shareholder's 
voting power.  The Securities and Futures Act provides for the disclosure of relevant information to investors. 
18 Singapore's local broadcasting and newspaper sectors are effectively closed to foreign firms.  Section 
44 of the Broadcasting Act restricts foreign equity ownership of companies broadcasting to the Singapore domestic market to less than 49%.  Approval from the Minister of Information, Communications and the Arts is 
required for foreign ownership of 49% or more of the shares of any major local broadcasting company, as well 
as for individual equity stakes of 5% or more in broadcasting companies.  See WTO (2008). Singapore WT/TPR/S/267 
 Page 19 
 
 
  Membership of international arbitral conventions/bodies 
Signatory to the United Nations Convention on the Recognition and En forcement of Foreign Arbitral Awards (New York Convention),  
and member of ICSID.  The provisions of the ICSID Convention ar e incorporated into domestic law through the Arbitration (Intern ational 
Investment Disputes) Act (Chapter 11);  and the provisions of  the New York Convention as well as the UNCITRAL Model Law on 
International Commercial Arbitration are incorporated through the International Arbitration Act (Chapter 183A) 
Other 
Singapore is a member and shareholder of the Mu ltilateral Investment Guarantee Agency (MIGA) 
Source : Inland Revenue Authority of Singapore online information.  Viewed at:  
 http://www.iras.gov.sg/irasHome/page. aspx?id=812#comprehensive;  and Mini stry of Trade and Industry online 
 information.  Viewed at:  http:/ /app.mti.gov.sg/defa ult.asp?Id=2785. 
24. The Government has considerable influence over the allocation and pricing of land for 
industrial, agricultural, housing, and recreational use.  In 2012, the State owned 58% of total land 
area.  The remaining land is mostly owned by Statut ory Boards (see Chapter III(3)(iii)).  For instance, 
most industrial land is owned and managed by the JT C Corporation, and a significant share of land for 
public housing purposes is owned by the Housi ng and Development Board, although private 
ownership of land is permitted.19  Foreign ownership of landed resi dential properties in Singapore is 
restricted under the Residential Property Act.  Fore igners who wish to purchase such properties must 
seek the approval of the Minister of Law.  The Singapore Land Authority (SLA) is responsible for 
managing all state land and buildings (including th e sale and lease of state land and buildings), 
conducting land acquisitions, approv ing land surveys, managing the national land titles register, 
developing and marketing land information, and main taining the national land information database.  
Government revenue from the lease and sale of land was not available. 
(4) FRAMEWORK FOR BUSINESS  
25. The legal forms of business structure in Singa pore are:  company, sole proprietorship, 
partnership, limited liability partne rship, and limited partnership.20  While there have been no changes 
to the laws governing these entities over the review period, a review of the Companies Act has been 
undertaken.  The report emanating from the review  was published for public consultation in June 
2011 and the feedback received is being evaluate d by the Accounting and Corporate Regulatory 
Authority (ACRA) and the Ministry of Finance.21   
26. Every business in Singapore must be registered with the Accounting and Corporate 
Regulatory Authority (ACRA).  ACRA's BizFile application allows businesses, inter alia , to complete 
additional registration requirements22, incorporate, make paymen ts, and submit required annual 
reports online.23  Various financial services providers must  be approved, authorized, licensed or 
otherwise regulated by the Monetary Authority of  Singapore (Chapter IV(3)(ii));  and permission 
                                                      
19 For a fuller description of the role of Government policy and institutions with respect to land 
ownership, planning, development, lease and sale, see WTO (2008), Chapter III(4)(ii)(a).  
20 For the main features of each of th ese types of business structure, see:  
http://www.enterpriseone.gov.sg/Business%20Stages/S tart/Choosing%20A%20Business%20Structure.aspx;  
and for the relevant legislation, see:  http ://www.acra.gov.sg/Quick+L inks/Guide_to_Bizfile/ 
About+BizFile.htm. 
21 "Report of the Steering Committee to Review the Companies Act".  Viewed at:  
http://www.acra.gov.sg/Legislati on/Companies+Act+Reform.htm. 
22 Sole proprietorships and partnerships must be registered under the Business Registration Act (Cap. 
32);  limited liability companies must be registered u nder the Limited Liability Partnerships Act (Cap. 163A);  
and companies, branches, and subs idiaries must be registered under the Companies Act (Cap. 50). 
23 BizFile online information.  Viewed at:  https://www.psi.gov.s g/NASApp/tmf/TMFServlet 
?app=RCB-BIZFILE-LOGIN-1B. WT/TPR/S/267 Trade Policy Review 
Page 20 
  
  must be obtained from the Ministry of Trade and Industry for certain manufacturing activities, for 
health, safety, environmental, and intellectual property reasons.24   
27. Singapore's stated objectives with respect to ta xation are to:  provide sustainable revenues, 
enhance macroeconomic stability, pr omote enterprise and growth;  be  internationally competitive,  
support social and economic objectives;   and be progressive.  Singapor e's main source of tax revenue 
is the corporate income tax, followed by the goods and services tax (GST) (Chart II.1).  The corporate income tax general rate is 17%, down from 18% with effect from Year of Assessment (YA) 2010
25 
and a wide range of income tax incentives are offe red (Chapter III(3)(i);  Chapter IV(2)(ii);  and 
Chapter IV(2)(iv)).  The GST is levied at a genera l rate of 7% with few exceptions (Chapter III(1)(iv). 
28. Over the review period Singapore concluded 15 new double taxation treaties and 16 protocols 
to existing double taxation treaties (Table II.4).   
Chart II.1
Tax revenue collected in FY2011
Source: Ministry of Finance, Singapore.Betting taxes
2,384
Motor-vehicle related taxes
3,829Stamp duties
2,941Coporate income tax
12,200Personal income tax
6,800
Withholding tax
1,180
Asset taxes
3,860
Custom & excise taxes
2,093
Goods & services tax
8,750S$ million
Other taxes
3,336
 
 
                                                      
24 Permission is required for:  beer and stout;  cigars;  cigarettes;  drawn steel products;  chewing gum 
(other than medicinal gum and oral  dental gum);  and matches.  
25 There is a partial tax exemption for normal chargeable income of up to S$300,000 (75% exemption 
up to the first S$10,000 and 50% exemption up to the next S$290,000).   Singapore WT/TPR/S/267 
 Page 21 
 
 
  Table II.4 
Double taxation treaties, April 2012 
Comprehensive 
avoidance of double 
taxation agreements (date of entry into 
force/latest protocol)  Albania (2011);  Australia (1969/2010);  Austria (2002/2010);  Bahrain (2004);  Bangladesh (1981);  
Belgium(2008);  Brunei (2006/2010);  Bulgaria (1997);  Canada (1977);  China (2007/2010);  Cyprus (2001);  
Czech Republic (1998);  Denmark (2000/2011);  Egypt (2004);  Estonia (2007/2012) ;  Fiji (2006);  Finland 
(2002/2010);  France (1975/2011);  Georgia (2010);  Germany (2006);  Hungary (1998);  India (1994/2011);  
Indonesia (1991);  Ireland (2011);  Israel (2005);  Italy (1979);  Japa n (1995/2010);  Kaza khstan (2007);  South 
Korea (1981);  Kuwait (2003);  Latvia (2000);  Libya (2010);  Lithuania (2004);  Luxembourg (1996);  Malaysia (2006);  Malta (2008);  Ma uritius (1996);  Mexico (1995/2012);  Mongolia (2004);  Myanmar (2009);  
Netherlands (1971/2010);  New Zealand (2010);  Norway (1998/2010);  Oman (2006);  Pakistan (1993);  
Panama (2011);  Papua New Guinea (1992);  the Philippi nes (1977);  Poland (1993);  Portugal (2001);  Qatar 
(2007/2012);  Romania (2002);  Russian Federation (2009) ;  Saudi Arabia (2011);  Slovak Republic (2006);  
Slovenia (2010);  South Africa (1997);  Spain (2012);  Sr i Lanka (1980);  Sweden (1969);  Switzerland (1976);  
Chinese Taipei (1982);  Thailand (1976);  Turkey (2001);  Ukraine (2009);  United Arab Emirates (1996);  
United Kingdom (1997/2011);  Uzbekistan  (2008/2011);  and Viet Nam (1994) 
Limited treatiesa  Bahrain (1995);  Chile (1993);  Hong Kong, China (2004) ;  Oman (2000);  Kingdom of Saudi Arabia (1992);  
United Arab Emirates (1991);  and United States (1988) 
Treaties signed but not 
ratified Bahrain;  Belgium;  Canada;  Estonia;  Italy;  South Korea;  Malta;  Mo rocco;  and Switzerland 
a These cover income from shipping and/or air transport. 
Source:  Government of Singapore.