ࡱ> u@ ybjbj LldtttL84,h Tt,nohtX(ooooooopR(soU:U:U:o(o/=/=/=U:(o/=U:o/=(/=W=%RYh 4y6}:X.Z>o0no#Yvt;;tXY,,tY W! /=+2oo,$JPabTdK=(,PaTWorld Trade OrganizationRESTRICTED DOCPROPERTY "Symbol1" WT/TPR/G/130 17 May 2004 (04-2081)Trade Policy Review BodyOriginal: English TRADE POLICY REVIEW  DOCPROPERTY "Country"\* Upper SINGAPORE Report by the Government  Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), the policy statement by the Government of  DOCPROPERTY "Country" Singapore is attached.  ADVANCE \y 700  Note: This report is subject to restricted circulation and press embargo until the end of the meeting of the Trade Policy Review Body on DOCPROPERTY "Country"Singapore. CONTENTS Page (1) Economic Performance 5 Biomedical Sector shows its Promise 5 Growth in Merchandise and Services Trade 6 Strong Inward and Outward FDI 7 (2) Trade and Economic Policy 7 Promoting a Competitive Economy 8 With Global Links and Reach 10 A More Entrepreneurial Economy 12 Diversification for Sustainable Growth 13 (3) Conclusion 14 Economic Performance In the period under review, Singapore continued to liberalise its economy and improve its competitiveness. Prudent macroeconomic policies provided monetary and fiscal stability for business expansion and formation. These policies have resulted in one of the most reliable, predictable, and transparent places for businesses. Singapore is the worlds second most competitive economy (with a population below 20 million), and the worlds second freest economy. The economy expanded by an average of 3.2% p.a. from 1992-2002, and grew 1.1% in 2003 despite difficult conditions in the first half of the year occasioned by the US-Iraq war and the SARS outbreak. For 2004, the Government expects the economy to grow by 3.5-5.5%. Table 1 Key Economic Indicators Indicator19992000200120022003Gross Domestic Product:At Current Market Prices (S$ million)139,615.9159,662.1154,078.0158.064.1159,135.0Annual Change (per cent)1.814.4-3.52.60.7At 1995 Market Prices (S$ million)147,834.4162,162.3159,073.0162,493.2164,265.9Annual Change (per cent)6.99.7-1.92.21.1Per Capita GNI in S$36,09739,59937,63437,83437,555Gross Fixed Capital Formation:At Current Market Prices (S$ million)47,091.947,538.245,586.040,705.039,573.4Average US$/S$1.69491.72391.79171.79061.7422Inflation Rate (CPI Change, per cent)0.01.31.0-0.40.5Unemployment Rate (per cent)3.53.13.34.44.7Productivity (Annual Change, per cent)7.35.4-5.23.62.3Source: Singapore Department of Statistics, Manpower Research & Statistics Department, Ministry of Manpower, Monetary Authority of Singapore. Biomedical Sector shows its Promise Singapores manufacturing sector turned in a growth of 3.4% p.a. in 1999-2002 as strong increases in the transport engineering and, in particular, the biomedical manufacturing clusters more than offset sluggish growth in the electronics cluster arising from the global electronics slump in 2001. In 2003, the sector expanded by 2.8%, despite the global economic uncertainties in the earlier half of the year. The main growth contributors were the electronics, chemical and biomedical manufacturing clusters. The biomedical manufacturing segment, which has expanded to account for almost a fifth of Singapores manufacturing output, led all other segments with a firm 8.1% growth. The services sector recorded a healthy average increase of 3.9% in 1999-2002, led by the transport & communications and wholesale & retail trade sectors. Growth in 2003, at 1.0%, was lower. This was primarily because the travel-related sectors were affected by the US-Iraq war and SARS. Table 2 Annual percentage change in sectors of the Singapore economy; at 1995 market prices Sector19992000200120022003TOTAL6.99.7-1.92.21.1Goods Producing Industries6.611.1-9.13.40.2Manufacturing13.015.1-11.67.82.8Construction-9.0-0.7-2.6-10.8-10.7Utilities3.47.21.83.81.8Other Goods Industries-1.8-4.9-5.9-5.8-0.4Services Producing Industries6.38.02.41.41.0Wholesale & Retail Trade6.514.8-3.32.76.7Hotels & Restaurants5.48.5-0.2-2.9-12.2Transport & Communications7.67.73.94.9-2.0Financial Services5.73.62.3-6.33.7Business Services5.55.72.41.2-1.8Other Services Industries6.38.58.54.62.1Owner-Occupied Dwellings7.86.34.52.12.6Source: Singapore Department of Statistics. Growth in Merchandise and Services Trade Following a healthy expansion of 4.2% p.a. in 1999-2002, Singapores external trade improved further to hit an increase of 9.6% in 2003. Buoyant growth was achieved in the second half of the year in tandem with the improvements in the external environment, particularly the US and Japanese economies, and the significant pickup in global electronics demand. Despite the sharp downturn in global electronics demand in 2001, exports rose at the pace of 4.8% p.a. in 1999-2002. Growth strengthened further in 2003 to a substantial 12.1%. Non-oil domestic exports (NODX) to all of the top 10 markets, except Malaysia and the US, went up in 2003. Notably, NODX to China, Hong Kong, the EU, Korea and Australia saw double-digit growth rates in 2003. Similarly, imports climbed significantly by 7.0% in 2003, double the average pace in 1999-2002. Table 3 Singapores trade performance, 1999-2003 TRADESingapores trade performance (at current prices, S$ billion)Annual percentage change in trade (%)1999200020012002200319992000200120022003TOTAL TRADE382.4470.0425.7432.2473.98.122.9-9.41.59.6Imports188.1232.2207.7208.3222.810.823.4-10.50.37.0Exports194.3237.8218.0223.9251.15.722.4-8.32.712.1Domestic Exports116.3135.9118.4119.4138.99.816.9-12.90.816.3Non-oil101.2113.196.798.6113.59.511.8-14.51.915.1Oil15.122.921.720.925.412.451.0-5.0-3.921.7Re-Exports78.0101.999.6104.5112.20.230.7-2.34.97.4Source: IE Singapore Trade in services grew an average of 7.7% annually from 1999 to 2003. In the past two years, growth in the exports of financial services had been the most vibrant. Underpinned by the increase in corporate credit demand in the regional economies, loans to non-bank customers in the offshore banking segment picked up strongly. Fee-based activities in the offshore banking segment strengthened significantly along with the robust regional economic recovery. In addition, international fund management activities were boosted by large Asian equities mandates from institutional investors on the back of growing investor confidence in Asia. Table 4 Singapores trade in services, 1999-2003 IndicatorSingapores trade in services (at current prices, S$ billion)Annual percentage change in trade in services (%)19992000200120022003 19992000200120022003 Total Trade in Services85.8298.02102.99106.91105.0118.614.25.13.8-1.8Exports of Services44.6850.7052.1453.6853.4913.313.52.82.9-0.3Transportation18.1220.5020.5321.4720.5519.413.20.14.6-4.3Travel8.639.018.277.996.9712.04.5-8.2-3.4-12.8Insurance0.610.871.191.321.5215.342.637.111.315.1Gov't Services0.150.170.180.180.16-5.213.17.1-1.8-8.8Construction0.280.230.350.360.32-15.1-17.349.43.0-10.8Financial2.022.402.122.333.140.818.8-11.410.034.6Computer & Information0.390.430.560.570.56-7.110.131.01.2-1.8Royalties0.110.150.310.330.3415.732.7105.77.82.8Social0.020.030.040.030.0442.027.644.4-6.72.0Other Business Services14.3716.9218.5919.0919.9010.417.79.92.64.3Imports of Services 41.1347.3250.8553.2351.5125.015.07.54.7-3.2Transportation18.7922.1022.1822.8723.4117.317.60.43.12.4Travel6.567.829.8111.308.5829.919.325.415.3-24.1Insurance1.952.562.612.983.197.331.42.114.36.9Gov't. Services0.200.200.250.260.271.60.724.53.96.2Construction0.310.210.310.280.25-4.1-31.744.5-10.8-10.7Financial0.550.690.640.710.6036.026.0-6.610.8-15.2Computer & Information0.310.390.490.390.3818.626.827.3-21.3-1.7Royalties6.536.236.095.655.81108.6-4.6-2.2-7.32.8Social0.020.040.050.060.0695.067.928.524.22.1Other Business Services5.927.088.418.738.963.519.518.93.82.6Source: Singapore Department of Statistics. Strong Inward and Outward FDI Singapore continues to be active in international investments. Singapore is one of the worlds top destinations for foreign direct investments (FDI), with inward FDI stock of S$235 billion in 2002. Its stock of outward FDI amounted to S$146 billion in 2002. Singapore is a significant investor in all the ASEAN countries and in China, India and Australia. Trade and Economic Policy Singapores economic strategy was comprehensively reviewed by the Economic Review Committee that was set up in 2001, and chaired by the Deputy Prime Minister. The Committees work, lasting 14 months, involved more than a thousand people from the private sector, unions, government, and other stakeholders. The Committees recommendations have been accepted by the Government and are being implemented. The Government remains committed to the successful polices that have delivered sustained economic growth, low inflation, and a stable currency for more than 40 years. These include: a. Prudent and rational macroeconomic policies; b. Openness to foreign investment and avoidance of trade barriers and other price-distorting measures; c. A successful tripartite partnership involving the unions, employers and the Government, that maintains harmonious industrial relations; and d. Social investment in education, housing and basic healthcare. Going forward, the Governments strategy is to create a competitive economy that is globalised, entrepreneurial and diversified. Promoting a Competitive Economy Costs The quality and cost of factor inputs is an important determinant in the economys competitiveness. Recognising this, Singapore has fully liberalised the telecommunications sector, and 70% of the total energy demand is now contestable. This has led to more competitive factor prices. Since liberalisation in 2000/2001, electricity tariffs have decreased by at least 9.5%, keeping oil prices constant. Telecommunications prices have also fallen, with international call rates falling by 60-80%. Competition Policy With greater experience gained from enforcing sector-specific competition regimes, Singapore is moving towards the introduction of a generic competition law that will cover all sectors. Legislation is expected to be passed by 2005. Government Linked Companies (GLCs) will also be subject to the new competition law. This is a continuation of Singapores longstanding and consistent policy that GLCs operate like any private sector companies on a commercial basis, with no subsidy or preferential treatment from the government. Wages Singapore has also embarked on a policy of wage reform, in order to introduce greater competitiveness and flexibility to the wage system. In the existing structure, wages for an older employee who has been in his job for a long time could be 1.7 times that of a new employee performing the same job. Such rigidities exacerbate structural unemployment, and makes industries less able to respond to changing market conditions. a. The Government is encouraging employers and unions to move towards a system in which a larger portion of wages is variable, and linked to individual performance and the performance of the company. b. In addition, Singapores Central Provident Fund (CPF) scheme has also been re-tuned. Contribution rates have been reduced from 40% to a range of 30-36%, depending on economic conditions. Contribution rates for workers above the age of 50 to 55 will be lower, in order to improve their employability. The salary ceiling beyond which income will not be subject to CPF contribution will also be progressively lowered from S$6,000 per month to S$4,500 per month. Other changes have also been introduced to ensure that the CPF objective of providing for sufficient retirement savings for workers is preserved. Workforce Restructuring Singapores workforce tops BERIs worldwide ranking for technical skills, and there has been a marked improvement in the educational profile of recent cohorts. However, Singapores workforce still lags behind in worldwide comparisons, as there is a large pool of workers who lack formal qualifications, and who have to be retrained and upgraded (see Figure 1). In addition, in line with global trends, the share of manufacturing employment has decreased from 28% of the workforce in 1991, to 19% in 2001. With the shift towards services, new capabilities and knowledge will have to be acquired by the workforce to meet industry needs.  Singapore established in September 2003 the Singapore Workforce Development Agency (WDA). The WDA aims to enhance the employability of the local workforce and the competitiveness of industries by developing a comprehensive, adult continuing education and training framework that is closely linked to the changing demands of the economy. The WDA will also help industries develop their capabilities to plan and meet their manpower needs, as well as upgrade human capital management practices. with Global Links and Reach Building Multilateral, Regional and Bilateral Highways With a small domestic economy, Singapores trade and economic policies are closely intertwined. Singapore believes that the success of global trade system depends on simultaneous efforts to pursue the maximum possible extent of liberalisation in the multilateral, regional and bilateral fronts. Singapores principal priority remains the ϲʹ, and the Doha Development Agenda. To facilitate successful resolution of the public health exception under TRIPS for least developing countries, Singapore was one of the first ϲʹ developing members to declare that it would not avail itself to the exception, except in situations of national emergency or other circumstances of extreme urgency. Singapore is active in negotiations on non-agricultural market access, anti-dumping matters and the trade facilitation. Both in the respective negotiating meetings as well as the key informal negotiating groupings in these areas, Singapore has tabled proposals and made constructive suggestions on ways to move negotiations forward. Singapore has also been active in the various services rules negotiations on domestic regulations, government procurement, emergency safeguard measures and subsidies in services and has tabled specific papers to facilitate progress in some of these areas. Singapore is among those that have tabled its initial requests and offer. In addition, Singapore has worked with like-minded members to advocate liberalisation in a number of services sectors, including air transport, computer, logistics, maritime transport and telecommunications. On the regional front, Singapore is a founding member of the Association of South East Asian Nations (ASEAN), the Asia Pacific Economic Cooperation (APEC), and the Asia Europe Meeting (ASEM), all of which have a clear trade and investment dimension to them. a. Of the three fora, the ASEAN economic agreements provide the most comprehensive and deepest commitments. Since 2003, an ASEAN Free Trade Area in goods has existed between the original 6 members of ASEAN. The original 6 members of ASEAN have also committed to remove National Treatment restrictions to manufacturing by 2003 and services incidental to manufacturing by 2010 for ASEAN investors, and by 2010 for other investors. Together with other ASEAN countries, Singapore is working towards achieving an ASEAN Economic Community by 2020. This will include ϲʹ-plus undertakings covering trade in goods, services and investment, non-tariff barriers, and standards. Eleven priority sectors have been identified, with sectoral integration agreements currently under negotiation. b. APEC operates on a non-binding basis to achieve "open regionalism", and has adopted a target to achieve free trade and investment in the region by 2010 for developed economies, and 2020 for developing economies. Under the APEC framework, Singapore is committed to various "pathfinder" projects to facilitate trade. These include electronic certificates of origin and electronic certificate for Sanitary and Phyto-sanitary (e-SPS) Measures, and mutual recognition arrangement for conformity assessment of telecommunications equipment and electrical and electronic equipment. Singapore is also party to a Multilateral Agreement on the Liberalisation of International Air Transportation (MALIAT), an initiative started with several other APEC economies. c. In 2002, the 26 ASEM Partners endorsed the establishment of an ASEM Closer Economic Partnership (CEP) Task Force, a concept that was first mooted by Singapore. The Task Force, which comprises of independent experts, has been mandated to make concrete and action-oriented recommendations for closer cooperation in the areas of finance, trade and investment. In addition, Singapore co-facilitates the Trade Facilitation Action Plan (TFAP) priority area of distribution, and has sought to identify non-tariff barriers encountered by retail distributors. ASEM also goes beyond the regional and bilateral level; in the lead up to the Cancun Ministerial, Singapore was an active participant in the two ASEM consultations on the DDA, which served as platforms for a frank exchange of views on ϲʹ issues amongst ASEM Partners. Given the overlapping membership of these three important regional groupings, region-to-region initiatives in economic integration have also blossomed. For instance, ASEAN is vigorously pursuing trade and investment engagements with its external dialogue partners, and is currently engaged in FTA negotiations with China, India, Japan, as well as exploring the feasibility of an FTA with Korea. ASEAN has also established cooperation programmes with Australia and New Zealand and the EU with the objective of facilitating two-way trade and investment flows. ASEAN is also engaged with the US through the Enterprise for ASEAN Initiative, which provides a framework for ASEAN countries to engage in bilateral FTAs with the US. Singapore fully supports these developments, as it believes that the long-term economic prospects of Southeast Asia are enhanced by it maintaining open links to all the regions in the world. On the bilateral front, Singapore has concluded FTAs with New Zealand, Japan, the European Free Trade Association, Australia, and the United States. Discussions continue with Canada, India, South Korea, Jordan, Sri Lanka, Bahrain, Mexico and Panama. Singapore views bilateral FTAs as a critical complement to efforts at the multilateral and regional level. The FTAs with Japan and the US have been precursors to their subsequent initiatives with ASEAN. In addition, the high-standard commitments of the FTA hopefully anticipate the eventual ambitious results of the DDA. Using the Highways Singapore is also encouraging companies to leverage on the opportunities arising from greater trade and investment liberalisation in the multilateral, regional and bilateral fronts. An extensive outreach programme has been developed in partnership with the business associations. These include workshops and seminars on the ϲʹ, ASEAN, APEC, ASEM and our FTAs, to create greater awareness of the benefits to be reaped from these initiatives amongst the business community. Consultations have also been held to solicit inputs on matters ranging from trade barriers faced by our companies to production processes undertaken by the manufacturers, in order to improve the level of understanding between government departments and the business community, and also to facilitate effective trade negotiations. Feedback channels are also available through government websites and hotlines for Singapore companies to provide comments on the Government's trade policies. In April 2002, the former Trade Development Board was re-organised to become "International Enterprise Singapore". The role of this agency is to help Singapore-based companies grow and internationalise successfully. As part of this refocused mission, IE Singapore has realigned its network of overseas centres, added new offices and increased staffing in key markets, and introduced business support offices in nine key cities to facilitate the entry of Singapore companies into these new markets. These measures will reinforce the momentum of Singapores stock of outward investment, which in 2002 stood at $146 billion, up 560% from 1992. A More Entrepreneurial Economy Rewarding Enterprise Singapore has also kept direct taxes on companies and individuals as low as possible. The corporate tax rate will be progressively reduced to 20% in the Year of Assessment (YA) 2005. To promote entrepreneurship, and to attract and retain talent, the top marginal personal income tax rate was cut from 25% to 22%. To ensure long-term budget sustainability, the Goods and Services Tax was increased from 3% to 4% in 2003, and further increased to 5% beginning 2004. Encouraging Enterprise Notwithstanding Singapore's high ranking in terms of government efficiency, Singapore will continue to promote a pro-business environment by cutting red tape and removing obstacles to enterprise. a. A Pro-Enterprise Panel was set up in 2000 to ensure that government regulations and rules remain relevant and supportive of a pro-enterprise environment. The Panel actively solicit business-related feedback on rules and regulations. So far, the Panel has reviewed over 1,100 suggestions, and accepted more than half of them. b. The public service has also launched initiatives to cut red tape: i. At a strategic level, a Rules Review Process was introduced in 2002, under which all government agencies had to review all their rules and regulatory frameworks. In the past year, the Panel reviewed 2912 rules, 23% of the total. It removed or updated 1094 rules. By end FY2005, public agencies will have reviewed all their existing rules, remove outdated ones and streamlined the rest, with the plan to review all rules regularly, on a rolling five-year cycle. ii. At the operational level, a campaign for Public Officers Working to Eliminate Red-tape (POWER) was also introduced in 2000 to encourage front-line public officers to become advocates in creating a pro-enterprise environment, by eliminating cumbersome and obsolete public sector rules. iii. These are supported by the Cut Red Tape website, which serves as a one-stop portal where the public can voice their comments and feedback, which will then be channelled to the relevant ministry or agency for the necessary follow-up actions to be taken. Nurturing Enterprise Singapore has always recognised the importance of investing in education so as to equip its citizens with skills and capabilities relevant to the demands of the economy. The strong foundation in mathematics, science and literacy has enabled the economy to move progressively to higher value activities. In line with its objective to move from an investment-driven economy to an innovation-driven economy, the education system will be refined to promote and nurture a greater spirit of innovation, enterprise and tolerance of risk. There will be greater diversity and customisation of the academic curriculum, together with a broader mix of programmes, types of schools and pathways to university education. New specialised schools will allow students with exceptional ability to fully realise their potential, whether in mathematics and science, sports or arts. Universities will give greater attention to multi-disciplinary education and research. Diversification for Sustainable Growth Singapore will continue to develop manufacturing and services as the twin engines of growth. Singapore believes that its strengths in these two sectors can be sustained, if it takes the necessary steps to upgrade its capabilities, and move towards higher value-added activities. In the manufacturing sector, the chemicals, electronics, engineering and biomedical sciences sectors are the four key clusters. Efforts will be placed in continuing to grow these clusters and encouraging companies to move up the value chain. Going forward, nanotechnology, photonics, and industrial information technology offer promising areas of growth. In the service sector, Singapores current strengths are in trading and logistics, financial services, info communications technology, as well as tourism. To ensure global competitiveness in these areas, Singapore has embarked on autonomous liberalisation so that strong players will emerge. Singapore has progressively liberalised the financial sector to promote competition and innovation. The Monetary Authority of Singapore (MAS) lowered barriers in banking and insurance, while deregulating the securities industry. This not only provided international financial institutions greater incentive to boost activities in Singapore, it also spurred local financial institutions to upgrade their capabilities and sharpen their competitiveness. Singapore has also fully liberalised its telecommunications sector (see Box 1). Box 1: Singapores Autonomous Liberalisation in TelecommunicationsFull liberalisation of the telecommunications industry in April 2000 (two years ahead of schedule). All direct and indirect foreign equity limits on public telecommunication services were lifted with immediate effect A Telecommunications Competition Code was introduced in September 2000 to set clear boundaries for competitors while providing sufficient flexibility for deployment of innovative services to meet customers demands. Code is reviewed every three years. Under the Code, dominant licensees are required to file a Reference Interconnect Offer (RIO) that is approved by the regulator. The prices, terms and conditions for interconnection set out in the RIO must be non-discriminatory, transparent and cost based. Lifted the requirement of local incorporation for all SBO licensees and certain categories of FBO licensees in April 2003. Singapore will pursue policies to further develop globally competitive sectors in healthcare, education and the creative industries. As sectors like healthcare and education have traditionally focused on meeting domestic demand, Singapore recognises a need for regulatory frameworks to be reviewed so that they do not become impediments to growth. At the same time, social objectives, such as ensuring affordable healthcare and education, have to be maintained. Conclusion During the period under review, Singapore has maintained its position as one of the most competitive economies in the world. This openness has been reinforced by its successes in pursuing trade and investment liberalisation on the multilateral, regional and bilateral fronts, as well as its pursuit of autonomous liberalisation. Singapore recognises the importance of adapting to the increasingly competitive global environment and is pursuing policies to create a globalised, entrepreneurial and diversified economy. This is achievable if it perseveres with restructuring and upgrading, and provides an environment for local and foreign talent to flourish and grow. The improved global economic conditions in 2004 provide an opportunity to press on with necessary policy adjustments, so that Singapore can be transformed into a leading global hub of talent, enterprise, and innovation. __________  IMD (2003), IMD World Competitiveness Yearbook 2003, 14 May, p. 5.  The Heritage Foundation/The Wall Street Journal (2004), 2004 Index of Economic Freedom.  Business Environment Risk Intelligence S.A. (2003), Business Risk Service (BRS) 2003-I Labour Force Evaluation Measure, April, p. 8.  Agro-based products, air travel, automotive, e-ASEAN (or ICT), electronics, fisheries, health care products, rubber-based products, textiles/apparels, tourism and wood-based products.  With Korea and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.  With Australia, New Zealand, The Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu , USA and Canada.  With Australia.  With Australia and New Zealand.  Other signatories are: Brunei, Chile, New Zealand, the US, and Peru. Samoa and Tonga recently acceded to the MALIAT.  Under the AFTA-CER Closer Economic Partnership framework.  Under the Trans-Regional EU ASEAN Trade Initiative (TREATI) framework.  The Singapore Government ranked as the second most efficient among 29 developed and developing countries in 2003. IMD (2003), IMD World Competitiveness Yearbook 2003, 14 May, p. 417. WT/TPR/G/130 Trade Policy Review Page  PAGE 14 Singapore WT/TPR/G/130 Page  PAGE 11 $()*ABNOPQV[\_abcgimn z  p q ý÷ɣɣԣɜɔԔԔɣɣɮɣɣԣɏ h?5jh!iU h!ih4Vjh!iho!Uh&{D ho!5 hbCJ h&{DCJ ho!CJ h!iho!h4}h!i h!i5jh!i5U ho!:CJ,ho! ho!>*ho!5:CJ,4 $%&'()HJkdo$$Ifl40+p# E 4 lazf4$d$Ifa$Hkd$$Ifl40+p#`E 4 lazf4 $$Ifa$ $dh$Ifa$tyy)P\]^_ijklgEkdQ$$Ifl0+p#E 4 lazHkd$$Ifl40+p# E 4 lazf4 $$Ifa$ lm[YYYYYYEkd+$$Ifl0+p#E 4 laz $ @$Ifa$ $$Ifa$Gkd$$Ifl`0+p#E 4 laz   $Ifikd$$Ifl  04 laQp F$If^  = ` yyy p"gdHQ p"gdHQ p"gd5QE p"gd&{D $a$gdJGBkd/$$Ifl  4 laQp _ ` a e ~     ) * , - . / 0 D ŻŻŲŲŲŻŇ|xhh? h!ih!iho! huCJ hCJh&{Dh5QECJ h5QECJ ho!CJ h&{DCJh&{DhHQCJhuh:CJh&{DhCJh&{DhJCJh&{Dho!6CJh&{DhJ6CJh&{DhHQ6CJh&{Dho!5CJ,  - . / 0 E '?INSX]b$9<<$If]9a$gdZS$<<$Ifa$gd+8$9<<$If^9a$gd+8@&gd+8gdgd p"gdHQ p"gdHQ p"gduD E ]b{  4f!N^,-4ôôôôôôôôôôôôôôôÖ}shZh56h+85;CJaJh+8h+85;CJaJh+8h+856;CJaJh+8h+8B*CJaJphh+8h+8B*CJaJphh+8h+8CJaJ h+8h+85B*CJaJphh+8h+85CJaJjhjW20JUh hh-bc{|@, <($Ifgd+8$9<($If^9a$gd+8kd$$Ifl4ֈ.>O_p#0p#4 lal|}~9<($If]9gdZS <($Ifgd+8A-$(($Ifa$gd+8$(($If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal$9(($If]9a$gdZS$(($Ifa$gd+8A-$(($Ifa$gd+8$(($If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal $9(($If]9a$gdZS$(($Ifa$gd+8    A-$(($Ifa$gd+8$9(($If^9a$gd+8kd$$Iflֈ.>O_p#0p#4 lal  $9(($If]9a$gdZS$(($Ifa$gd+84>A-$(($Ifa$gd+8$(($If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal>HR\f$9(($If]9a$gdZS$(($Ifa$gd+8fgA-$(($Ifa$gd+8$(($If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal$9(($If]9a$gdZS$(($Ifa$gd+8A-$(($Ifa$gd+8$9(($If^9a$gd+8kd $$Iflֈ.>O_p#0p#4 lal$9(($If]9a$gdZS$(($Ifa$gd+8?+$9(($If^9a$gd+8kd $$Iflֈ.>O_p#0p#4 lal$9(($If]9a$gdZS$(($Ifa$gd+8A-$(($Ifa$gd+8$(($If^a$gd+8kd $$Iflֈ.>O_p#0p#4 lal$9(($If]9a$gdZS$(($Ifa$gd+8!?($$$(($If^a$gd+8kd $$Iflֈ.>O_p#0p#4 lal!*3<EN$$$9(($If]9a$gdZS$$$(($Ifa$gd+8NO^A*$$$(($If^a$gd+8kd $$Iflֈ.>O_p#0p#4 lal^elsz$$$9(($If]9a$gdZS$$$(($Ifa$gd+8A*$$$(($If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal$$$9(($If]9a$gdZS$$$(($Ifa$gd+8A*$$$(($If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal$$$9(($If]9a$gdZS$$$(($Ifa$gd+8A*$$$(<$If^a$gd+8kd$$Iflֈ.>O_p#0p#4 lal$(,$$$9(<$If]9a$gdZS$$$(<$Ifa$gd+8,-A7/*gd & Fgd+8  & Fxgd+8kd$$Iflֈ.>O_p#0p#4 lal !&+$$$9<<$If]9a$gds_$$$<<$Ifa$gds_$$$9<<$If^9a$gds_ $$@&gds_gd +2Gcy8Lf|,G[u-ννννννννννννννή{phh$CJaJhhCJaJhh5CJaJhhs_h56hs_hs_5;CJaJhs_hs_56;CJaJ hs_hs_B*CJaJhphhs_hs_CJaJ hs_hs_5B*CJaJphhs_5CJaJhs_hs_5CJaJ)+,2A*$$$9(($If^9a$gds_kd$$Iflֈ.>O_p#04 lal26:?CG$$$9(($If]9a$gds_$$$(($Ifa$gds_GHcA*$$$9(($If^9a$gds_kd$$Iflֈ.>O_p#04 lalcglquy$$$9(($If]9a$gds_$$$(($Ifa$gds_yzA*$$$(($If^a$gds_kd$$Iflֈ.>O_p#04 lal$$$9(($If]9a$gds_$$$(($Ifa$gds_A*$$$(($If^a$gds_kd$$Iflֈ.>O_p#04 lal$$$9(($If]9a$gds_$$$(($Ifa$gds_A*$$$(($If^a$gds_kd$$Iflֈ.>O_p#04 lal$$$9(($If]9a$gds_$$$(($Ifa$gds_A*$$$(($If^a$gds_kd$$Iflֈ.>O_p#04 lal $$$9(($If]9a$gds_$$$(($Ifa$gds_8A*$$$9($If^9a$gds_kd$$Iflֈ.>O_p#04 lal8<@DHL$$$9($If]9a$gds_$$$($Ifa$gds_LMfA*$$$(($If^a$gds_kdc$$Iflֈ.>O_p#04 lalfjotx|$$$9(($If]9a$gds_$$$(($Ifa$gds_|}A*$$$(($If^a$gds_kdD$$Iflֈ.>O_p#04 lal$$$9(($If]9a$gds_$$$(($Ifa$gds_?($$$(($If^a$gds_kd%$$Iflֈ.>O_p#04 lal$$$9(($If]9a$gds_$$$(($Ifa$gds_A*$$$(($If^a$gds_kd $$Iflֈ.>O_p#04 lal$$$9(($If]9a$gds_$$$(($Ifa$gds_A*$$$(($If^a$gds_kd$$Iflֈ.>O_p#04 lal#',$$$9(($If]9a$gds_$$$(($Ifa$gds_,-GA*$$$(($If^a$gds_kd$$Iflֈ.>O_p#04 lalGKOSW[$$$9(($If]9a$gds_$$$(($Ifa$gds_[\uA*$$$9(<$If^9a$gds_kd$$Iflֈ.>O_p#04 laluy}$$$9(<$If]9a$gds_$$$(<$Ifa$gds_HA5-(gd & Fgds_ $ & Fxgds_kd$$Iflֈ.>O_p#04 lalH-5^d$<<$Ifa$gd9<<$If^9gd@&gdgdRA111$<($Ifa$gd9<($If^9gdkd} $$If84FOp#O   0    4 8a8f4p !'+059$(($Ifa$gd9(($If^9gdFf#$9<($If]9a$gd$$<($Ifa$gd9=>FLRX^dintx|}FfN*$(($Ifa$gd(($If^gdFf&$9(($If]9a$gd$=>|}?@vwK"",#-#E#}#~##### $ $$F$G$Q$$$$$$$%%%C%ƺ~o~o~o~o~o~o~o~hIh4zB*CJaJphhIhIB*CJaJphhIhICJaJ hIh4z5B*CJaJph hIhI5B*CJaJphhIhI5CJaJhhhCJaJhh6CJaJhh$B*CJaJphhhB*CJaJph+ (($If^gdFf1T(($If^TgdFf-$9(($If]9a$gd$$(($Ifa$gd!'+06:?@DINSX]bglqvwFf8(($If^gdFf(5$9(($If]9a$gd$$(($Ifa$gdwK"S"|""$9<<$If^9a$gdI@&gdIgd x@&gdFfd<$9(<$If]9a$gd$$(<$Ifa$gd(<$If^gd"""""?+$9<($If^9a$gdIkd>$$Ifl4F&p#J J   t0    4 lalf4p$<<$Ifa$gdI""## ####!#&#,#-#E#K#Q#X#_#f#k#p#t#x#$(($Ifa$gdI$9(($If^9a$gdIFf@$<($Ifa$gdIx#}#~##################$(($If^a$gdIFfG$(($Ifa$gdI$(($If^a$gdIFfzD$9(($If]9a$gdI####$$ $ $$$$#$($-$2$6$;$@$F$G$Q$V$[$Ff O$(($If^a$gdIFfK$9(($If]9a$gdI$(($Ifa$gdI[$`$e$j$o$t$y$~$$$$$$$$$$$$$$$$FfV$(($If^a$gdIFfR$9(($If]9a$gdI$(($Ifa$gdI$$$$$$$$$%%%%%% %%%*%.%3%9%>%C%$(($If^a$gdIFfY$9(($If]9a$gdI$(($Ifa$gdIC%D%[%`%e%j%o%t%y%~%%%%%%%%%%%%%%Ff`$9(($If]9a$gdI$(($Ifa$gdI$(($If^a$gdIFf]C%D%[%%%%%%%&&&N&O&P&Z&[&p&&&&&&&%'&'0'_'`'p'''''''( (7(j(k(u(((((((()))1)U)s)****0/P/𿳩 h4zaJh4zhaJhh4zh56h4zhI5CJaJh4zhI6CJaJhIh4zCJaJhIhIB*CJaJphhIhICJaJhIh4zB*CJaJph:%%%%%%%%%%%%%%&&& &&&,&2&8&=&Ffg$(($If^a$gdIFf'd$9(($If]9a$gdI$(($Ifa$gdI=&B&F&J&N&O&P&Q&R&S&T&U&V&W&X&Y&Z&[&p&v&$(($If^a$gdIFfn$9(($If^9a$gdIFf1k$9(($If]9a$gdI$(($Ifa$gdIv&|&&&&&&&&&&&&&&&&&&&&&&Ffu$(($If^a$gdIFf;r$9(($If]9a$gdI$(($Ifa$gdI&&&&'' '''''%'&'0'5':'?'D'I'M'R'V'['FfEy$9(($If]9a$gdI$(($Ifa$gdI$(($If^a$gdI['_'`'p'u'z''''''''''''''''''FfO$(($Ifa$gdI$(($If^a$gdIFf|$9(($If]9a$gdI'''''''''(( ((((( (7(<(A(F(K(P(FfY$(($If^a$gdIFfԃ$9(($If]9a$gdI$(($Ifa$gdIP(U(Z(_(e(j(k(u(z(((((((((((((((Ffc$(($If^a$gdIFfފ$9(($If]9a$gdI$(($Ifa$gdI((((((((((()) )))) )$)$(<$Ifa$gdI$(<$If^a$gdIFf$9(($If]9a$gdI$(($Ifa$gdI$)()))U)s)**,B-r--j..0/P/V/H1[1l3r3 & F0^`0gd4z  & F`gd4zgd4zgd & Fgd4z$ "xa$gdIFfm$9(<$If]9a$gdIP/V/H1[1l3r3M8e888:::<<+=G GGGGGGxHyHHHHH I!IIIII\J]JrOsO~OOpSSWWWWYYZ[[8\9\*>*5604J45󴡱᫗󴡱󴡱204>*:35588::<<+=U>?LCPDdG^JM/QpSSKWY$$gdB $$ & FgdBxgdAUdgdAUd & Fgd4z & F0^`0gd4zgdYYZ[[\]B^`8ax?x@xAxyxzx{x|x}xxxxxx7y8yEymy|y}y~yyyyyyȼȪȼ񦟔jh!ih)FU h!ih)FhJW#hlh)F6B*]mH phsH h)FB*mH phsH hlh)FB*mH phsH  hlh)Fh)FmH sH hlh)FmH sH h)Fjh)F0JU:w?x{xx~yyyyyyyygd!idkd5$$IflD#$04 lap $Ifgd!i yyyyyyyyyyyyyyyyyyy h!ihJWhJWh)Fh!ih)F5 h!ih)Fjh!ih)FUhJWmHnHuyyyyyyy$a$gdJWgd!idkdî$$IflD#$04 lap 1 0&P :p?. A!"#n$%n1 0&P :p?. A!"#n$%n1 0&P :p?. A!"#n$%nm$$Ifz!vh55E #v#vE :V l4+55E 4azf4q$$Ifz!vh55E #v#vE :V l4+55E 4azf4m$$Ifz!vh55E #v#vE :V l4+55E 4azf4p$$Ifz!vh55E #v#vE :V l55E / 4azf$$Ifz!vh55E #v#vE :V l`55E 4azb$$Ifz!vh55E #v#vE :V l55E 4az$$IfQ!vh5#v:V l  054aQp k$$IfQ!vh5#v:V l  54aQp $$Ifl!vh555555#v#v#v#v#v:V l40p#,55555/ /  / / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ /  / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / / 4al $$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / / 4al$$Ifl!vh555555#v#v#v#v#v:V l0p#55555/ / /  / 4al$$Ifl!vh555555#v#v#v#v#v:V l0,55555/ 4al$$Ifl!vh555555#v#v#v#v#v:V l055555/ 4al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l0555554al$$Ifl!vh555555#v#v#v#v#v:V l055555/ 4al$$If8!vh5O5 5 #vO#v #v :V 84 05O5 5 / 44 8a8f4p~$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 80,, 5O55555555 5 5 / 44 8a86kd!$$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kdJ%$$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kd($$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kd,$$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kd$0$$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kd3$$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kd`7$$If8 O r)L p#O0,,,,4 8a8d$$If8!v h5O55555555 5 5 #vO#v#v#v#v#v#v#v#v #v #v :V 805O55555555 5 5 44 8a86kd:$$If8 O r)L p#O0,,,,4 8a8$$Ifl!vh55J 5J #v#vJ :V l4  t055J / 4alf4pS$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 / 4al<kd?$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd3C$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdF$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd=J$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdM$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdGQ$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdT$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdQX$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd[$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd[_$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdb$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdef$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdi$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdom$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdp$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdyt$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kdw$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd{$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd$$Ifl  ,}&v p# t0,,,,4 lalE$$Ifl!v h555555555 5 5 #v#v#v#v#v#v#v #v #v :V l t05555555 5 5 4al<kd&$$Ifl  ,}&v p# t0,,,,4 lalDd 7,30  # A"_Ⱥdm~_W@=_Ⱥdm~_WyZ ȫmwCx]tTՙ͛7o7QirbHhdl-%Z$\ bTѣ]+u-*vO< R]mU,J-~ޗf&3L2}~*J))2 1ZeLaomg;>jR-c |LIz `5D*qSޤTsqIt"/uqՒY9]7%S؅"?RȫKITl{*>C d>侗Pܫ2`ıVլ+inu[_<{_bߕG=b߱W~߈mmʟս)q|]y3$\YtXX;2 Wϡ-7BWoAnam0Jq)Ocݓi\o=H%V')] 9A/pqR/ɿX Rj>Rd!`|~/tȟP+=FuFW߃eҵiE1r?YLg2_O9q+.xV\B )tvzJt1mR)yɞxݻ8SbB6|νa#gqۇ1qmdϔ~ ]7CjRHْ>y)uKq.륋0ncQ~J-XSl[~yeP\O؋44X]AJ Jb"]Ecp^L2dI*IUq#cz) vv46=mOXA 6h'5~+ zuaJr/Ҹq 818%R>-֐*R>6 1x#[4.k{u79.R-,j1-^m$81x')s4E&TZa1QoSNb1)2kIڹD1/RPj60&M= NJ[\{l |Hݞ4Q$dWUI秊s몍#jBE:GdWJͮ7?QqDC<6s:;8t%|cIdyxf. %c3!V|Bb=n. c3Oёi|0c3 1+>r!1y51c3ڥ'N|t! ApGi<63ⱙ&Ԧ}f^ %c3wBH^gP.$ubc3;#<6D h뿦0̏# v  Ap wxl.c38ƞh-> 㱙Ʊ261:AB600c3"<6Bk;}<6=`#HϠO NʁAp-޳J9o1h~m7p0Xⱙ<63ZGF'[د=>1!h261"3(7 # ylDl7ćߧ (> `Ў`HǬ ʅ 8Qf!4~,c_X|>c3E>gP.$C]` 5_ 0hf0}Qz/3(w# "<6 "6>2avAҳ>"<6 "6?@a&c3E=Ϡ\H 47"<6 "6siEh)c3EQA93W.\*Y<]ٹ}JC~6s:;SusY6yl~ڵR }C2!YC23!Y5mFKorcZjvvkMǴKdu Yp>7h,a#ON6 lL;i{؛_vQ7uC{3JȓwRm>j llv;/hu`T,׫QHF/PzRwyxT-76Q}ޥTb Ypz`cf y}.tP?m<1b=Yj.eGvO*6 됐␅~F+a#O7Y}]SiZ͍6j7iۭbBVCF}ɧMwG Kwa98O:=BV8 DM]a w?9pa8hsXǹᰍ%79ަsOwaAa!^!aq;*a#OHwYsX%9X BSB87TJȏm8,sد8sاt Y{,'qn8Oɛ?48 },þjp;!a!됐8 m,EAsOq؟^ta`pL簐E\ad7 aa/τ9=va9I簐,d99,saJkmy}9#;;v6>`sXǹ[-q|0"8aa'GqaagG9,d+d99,saŖ"nZsؿ#I簐8 m(qؼ9;LwQs#f:B8w%uXSÚ.aMk\5:afuX-7&LwLaw8=&oB⸈+l4Hl ]kƦ_O W:c.&_>M[r=C]jYn,QOnOB~E˿"N~\t "D||)5k9O#}ӿ>E1'mLYl53W4^zXz;{Cck-,F= Ԋ lO֡z`kIuKsԟwHky9v :(nhV=kV+-:>kųRaR-IW \ʿ{$$~b} i$UKV옃Qᨚ[W y]ksx\NO a9[P['9W]Veyf*QEu"Ogx/dm-oH׉oOꢝySyl#zSJדUnۇw@ |׼w@7w@a Pj~w@=Yg(I<# |ڞC؞YmVG`r9nbEَ,| 5WkV@ŤygRA}Bt[s_Byy<t}WRV :JXqJBv7q`KA㝴om7 lXGjE vj)_.M U7 R]--vRQ.ͽ:<"$éwԦV,1\En!m}D1mkJz0ڛስsң~c!l8pzmJeZm8tm8m8;mVk,wL(a8mu |_7oaΞhT"|,0|_RFyHϛ{^M~H'@8?=϶нE)t ~k]"IKߧM"VivqUmpRW=5g` zg~-pEi$IzgxŖI[S,~O}S8t#%?Io.ia7[鼿\>զ<ƑB's/a||pvRn~_2ozYw)x%xn6sN\3I}25g>h3uٟd qk6-v|)Hm#^l󁸟|[/||=f Lxńקu:8hu^fI.BV!$w?GʟxIxXo(" l?9A&5 I2sYFkl'aOZ|ܟLs[jzje'7?97?REF9';&$p?A'!*k"O1Xj)8}ARyg4=ϺAy#zs6dFy I> p>0;-!$> 0| om+t UE'὾!H'M}c {FzFfU%k}oQe~!mߟZj^au[{Z([kr]TZ[X렽-U[Ajao7ɦY=6bK^ͰW-YknZsUJ>< 'ْǡW*iYj-Iϗ__ ~kS'lHLKqP[||.ч-+׹:}|cw˿W0]gg~MM~aG YƼU?~_3C}UaaӘGj$$Ifl!vh5"#v":VNl t065"al$$Ifl!vh5"#v":VNl t065"al$$If!vh5$#v$:V lD0,5$4p $$If!vh5$#v$:V lD0,5$4p OJ@J Normal$ a$CJ_HmH sH tH h@"h Heading 1,Part+$ & FG 0@&^`05;^@2^ Heading 2+$ & FH 0@&^`05:\@B\ Heading 3+$ & FI 0@&^`05X@RX Heading 4+$ & FJ 0@&^`0@@@ Heading 5 & FK@&66@6 Heading 6 @&6@6 Heading 7 @&^@^ 2 Heading 8"$ \<@&^\a$CJOJQJtH ^ @^ 2 Heading 9" $  <@&^ a$CJOJQJtH DA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k@(No List BB@B Body Text & FD DT@D Block Text]^FP@F Body Text 2 & FE FQ@"F Body Text 3 & FF ^M@2^ Body Text First Indent & F `HC@BH Body Text Indent^TN@ART Body Text First Indent 2 `RR@bR Body Text Indent 2d^PS@rP Body Text Indent 3^CJ>+>  Endnote Text htH uh$@h Envelope Address!@ &+D/^@ CJOJQJ@V@@ FollowedHyperlink>*B* 4 @4 Footer  !@&@@ Footnote ReferenceH*B@B  Footnote Text `CJ@@@ Header$ "a$5CJ0U@0 Hyperlink>*B*: : Index 1 #^`#6!6  Index Heading!4/@"4 List"0^`082@28 List 2#0^`083@B8 List 3$^`84@R8 List 4%p0^p`085@b8 List 5&^`:0@r: List Bullet ' & FLT6@T List Bullet 2 ( & FM 0^`0X7@X List Bullet 3#) & FN @^`X8@X List Bullet 4#* & FO p0^p`0X9@X List Bullet 5#+ & FP ^`BD@B List Continue,^NE@N List Continue 2-^`FF@F List Continue 3.^NG@N List Continue 4/^`NH@N List Continue 50p0^p`0@1@@ List Number1 & FQ hT:@"T List Number 2 2 & FR 0^`0T;@2T List Number 3 3 & FS ^`T<@BT List Number 4 4 & FT p0^p`0T=@RT List Number 5 5 & FU ^`.)@a. Page Number<Z@r< Plain Text7 CJOJQJ6J@6 Subtitle 8$@&a$D,D Table of Authorities9D#D Table of Figures : 6>@6 Title;$a$ 5;KH6.6  TOA Heading<5TT TOC 1,=$ p# 0]^`0a$;TT TOC 2,>$ p# 0x]^`0a$:PP TOC 3+?$ p#@J0]^`0a$LL TOC 4(@$ p# p0]^p`0a$PP TOC 5+A$ (p# 0]^`0a$HH TOC 6 B$ p# o]^oa$CJHH TOC 7 C$ p# L]^La$CJHH TOC 8 D$ p# )]^)a$CJHH TOC 9 E$ p# ]^a$CJPObP TPR1st page titleF$a$ 5CJ$KH$DOrD Tpr-Note 1st pageG&d@Y@  Document MapH-D OJQJ4O4 Title 2I$a$>*4O4 Title 3J$a$6@O@ Title CountryK$a$;fOf 2SubSection TitleL$$ a$56CJOJQJtH hOh 2 Section TitleM$$$ a$5:>*CJOJQJtH j@j 2 Table Grid7:VN0N0?@ AAA\BrG~G8Tq E&5V0q L 3L fL'?INSX]bc{|}~     4>HR\fg! * 3 < E N O ^ e l s z    $ ( , -  !&+,26:?CGHcglquyz 8<@DHLMfjotx|}#',-GKOSW[\uy}5^d !'+059=FLRX^dintx| !'+06:?DINSX]bglqvS| !&,EKQX_fkptx} #(-26;@FQV[`ejoty~ %*.39>C[`ejoty~ &,28=BFJNPQRSTUVWXYZpv| %05:?DIMRV[_puz      7 < A F K P U Z _ e j u z  !! !!!! !$!(!U!q @0 @0@0 @0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0 @0 @0@0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0  @0 @0 @0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0 @0 @0 @0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0Yp $%&'()P\]^_ijklm =`-./0E'?INSX]bc{|}~     4>HR\fg! * 3 < E N O ^ e l s z    $ ( , -  !&+,26:?CGHcglquyz 8<@DHLMfjotx|}#',-GKOSW[\uy}H-5^d !'+059=>FLRX^dintx|} !'+06:?@DINSX]bglqvwKS| !&,-EKQX_fkptx}~  #(-26;@FGQV[`ejoty~ %*.39>CD[`ejoty~ &,28=BFJNOPQRSTUVWXYZ[pv| %&05:?DIMRV[_`puz      7 < A F K P U Z _ e j k u z  !! !!!! !$!(!)!U!s!""$B%r%%j&&0'P'V'H)[)l+r+--M0e02244+5U67L;P<d?^BE/IpKKKOQQRSSTUBVX8YHR\fg! * 3 < E N O ^ e l s z    $ ( , -  !&+,26:?CGHcglquyz 8<@DHLMfjotx|}#',-GKOSW[\uy}5^d !'+059=FLRX^dintx| !'+06:?DINSX]bglqvS| !&,EKQX_fkptx} #(-26;@FQV[`ejoty~ %*.39>C[`ejoty~ &,28=BFJNPQRSTUVWXYZpv| %05:?DIMRV[_puz      7 < A F K P U Z _ e j u z  !! !!!! !$!(!U!1d2d e f ggggqz0D ,S0@B  @0 @0@0 @0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0 @0 @0@0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0 @0  @0 @0 @0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0 @0 @0 @0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0;b@0;b@ 0;b@ 0;b@ 0;b@ 0;b@0;b @0;b@0Yp6cccccccccccccccccf D C%P/kvyy=DFe)l b|  >f!N^,+2Gcy8Lf|,G[uH9w""x##[$$C%%=&v&&[''P(($)r3Y1lowyy>@ABCEGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdfghijklmnopqrstuvwxyz{|}~y?)ANqUUTUTUT&-0SZ]f!!8@0(  B S  ?aa$JaLra ra,a<ala,aaala\KaKaJaJa\JaJaIaIa\IaIa4aaata4aaata4aa%a%aL%a %a%a%afa\faa$aaa aa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa|a<aaa@a@al@a,@aaSaa>a>a?aT?a? a?!a@"aT@#a4$at%a&a'a4(at)a*a+a4,at-a.aH/aH0aa\?a\@a4]Aat]Ba]Ca]Da4^Eat^Fa^Ga^Ha4_Iat_Ja_Ka_LaMaNa,OalPaQaRa,SalTaUaVa,WalXaYaZa,[al\a]a^a,_al`aaaba,caldaeafa,galhaiaja,kallamana,oalpaqara,saltauaZZaa 9 9 @@QQxxddEs!s!!!v"v"""""""""''))**r+r+--e0e01122J5J555U6U6777788.9.9/:/:::c;c;%>%>V@V@AABBDDFFFFFFGGYGYGgGgGGGGGkHkHpHpHHGIGIiIiIvIvIIIIIIIIIIIIIJJJJJJ"J"J+J+JJJJJKKNNOOmQmQQQRRSSSS;T;TFZFZQZQZ2^2^^^``aaaa#c#cccccccfggmhmhiijjllmmnnnnnnnnoo%o%o0o0oAoAoJoRo_o_ogozozoooooooooooooooopppppppqqq      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~ccjj B B !!HHSS}}mmI|!|!!!""""""""""''))**{+{+..n0n01122S5S555^6^677778879798:8:::l;l;.>.>_@_@AABBDDFFFFFFGGbGbGrGrGGGHHmHmHyHyHHPIPItItI{I{IIIIIIIIIIIJJ J JJJJJ(J(J4J4JJJJJKKOOOOvQvQRR R RSSTTDTDTPZPZZZZZ;^;^^^``aaaa,c,cccccccfggvhvhiijjllmmnnnnnnoo oo.o.o;o;oIoQo[o[oeoeomoooooooooooooooooopp p ppppqqq  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~=**urn:schemas-microsoft-com:office:smarttags PlaceType=,*urn:schemas-microsoft-com:office:smarttags PlaceNameB*urn:schemas-microsoft-com:office:smarttagscountry-region9*urn:schemas-microsoft-com:office:smarttagsplace8*urn:schemas-microsoft-com:office:smarttagsCity:?*urn:schemas-microsoft-com:office:smarttagsStreet;@*urn:schemas-microsoft-com:office:smarttagsaddress @?,,*,,*lllqqq44AAllHmKmnozooooooApzp}ppqqq3333333333E4!  -  -d|)!U!s!""2%B%0'V'H)[)l+r+M0e0pKKSS%̃'29A$6ct&Et^`.^`.^`.^`. ^`OJQJo( ^`OJQJo( ^`OJQJo( ^`OJQJo(hh^h`. hh^h`OJQJo(^`.h^`()^`()h^`(a)^`h^`.h^`-0^`0-0^`0()0^`0.0^`0.0^`0.0^`0()h^`.0^`0()p0p^p`0()^`()p@ ^p`()h^`o(0^`0o(()p0p^p`0o(()p0p^p`0o(-0^`0o(()0^`0o(()0^`0o(-p0p^p`0o(()@ 0@ ^@ `0o(()h^`o(. 0^`0OJQJo(-^`.h^`()^`()h^`(a)^`h^`.h^`-0^`0-0^`0()h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hH^`.^`()^`()^`()^`^`.^`-0^`0-0^`0()Wu u u u 47 u u u u u >%<~~}}||'z22222222 >%<~}|ct&Ect&Ect&Ect&Ect&Ect&Ect&Ect&E >%<~}|ct&Ect&Ect&Ect&Ect&Ect&Ect&Ect&E >%<~}|A9                  54JW$[b m BSz o!R*v%.jW2&{D5QE)FeIaJsLZnG\e_AUd'ilqw}zw4zQ{4}_pZS?IJ4Vs_6}+83bu%2`!iHQ$%&'()]^_ijklm?INSX]bc{|}~     4>HR\fg! * 3 < E N O ^ e l s z    $ ( , - !&+,26:?CGHcglquyz 8<@DHLMfjotx|}#',-GKOSW[\uy}^d !'+059=>FLRX^dintx|} !'+06:?@DINSX]bglqvw| !&,-EKQX_fkptx}~  #(-26;@FGQV[`ejoty~ %*.39>CD[`ejoty~ &,28=BFJNOPQRSTUVWXYZ[pv| %&05:?DIMRV[_`puz      7 < A F K P U Z _ e j k u z  !! !!!! !$!(!)!c1d2dggqqqqqqq[Y@q@UnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New5& z!Tahoma;Wingdings#hkFS&S&(~A\7A\72dllEi++ 3QH)?}zwHC:\Program Files\Microsoft Office\Templates\1033\Publications\TPRG-E.dot WORLD TRADEPoissonbardinX              Oh+'0p   , 8 DPX`h WORLD TRADEORLPoissonois TPRG-E.dotbardind40dMicrosoft Word 10.0@t@Sy6@:^W!@8wy6A\՜.+,D՜.+,@ hp   OMC - ϲʹ17l{  WORLD TRADE Title(LThCountrySymbol1 Singapore1 WT/TPR/G/1300  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry F`Jy6Data Q1TablejtWordDocumentLSummaryInformation(DocumentSummaryInformation8CompObjj  FMicrosoft Word Document MSWordDocWord.Document.89q