ࡱ> u@ ibjbj ?`T PPPDQtQ XRFR^RRRR S (SROjRROjOjRRUlUlQlOjRRQlOjUl:Ullb&RLR w6PkzV"|˳0аVk&  &0SZQlr`ldq0S0S0S  :/l" :World Trade OrganizationRESTRICTED DOCPROPERTY "Symbol1" WT/TPR/S/130 17 May 2004 (04-2082)Trade Policy Review Body TRADE POLICY REVIEW  DOCPROPERTY "Country"\* Upper SINGAPORE Report by the Secretariat  This report, prepared for the fourth Trade Policy Review of Singapore, has been drawn up by the ϲʹ 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 the Government of Singapore on its trade policies and practices. Any technical questions arising from this report may be addressed to Mrs.RohiniAcharya (tel: 022 739 5874) and Mr. Michael Daly (tel:0227395077). Document WT/TPR/G/130 contains the policy statement submitted by the Government of Singapore.  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 SUMMARY OBSERVATIONS vii (1) Economic Environment vii (2) Trade and Investment Policy Framework vii (3) Trade and Trade-Related Measures viii (4) Other Measures Affecting Trade ix (5) Sectoral Policies x (6) Prospects xi I. Economic environment 1 (1) Introduction 1 (2) Recent Economic Performance 1 (3) Macroeconomic Policies 7 (i) Monetary and exchange rate policy 7 (ii) Fiscal policy 8 (iii) National wage policy 9 (4) Structural Measures 9 (5) Developments in Trade 11 (i) Composition of merchandise trade 11 (ii) Direction of merchandise trade 11 (iii) Composition of trade in services 14 (iv) Direction of trade in services 14 (6) Developments in Foreign Direct Investment (FDI) 15 (7) Prospects 15 II. trade policy regime: framework and objectives 16 (1) Overview 16 (2) General Constitutional and Legal Framework 16 (3) Development and Administration of Trade Policy 17 (i) Agencies involved in trade policy implementation 17 (ii) Main trade laws 19 (4) Trade Agreements and Arrangements 19 (i) World Trade Organization 19 (ii) Regional agreements 20 (iii) Bilateral agreements 22 (iv) Other preferences 25 (5) Foreign Investment Regime 26 (i) Overview 26 (ii) Legislation and incentives 26 (iii) International agreements 27 Page III. trade policies and practices by measure 28 (1) Introduction 28 (2) Measures Directly Affecting Imports 29 (i) Customs procedures 29 (ii) Tariffs 30 (iii) Other charges affecting imports 34 (iv) Customs valuation and rules of origin 35 (v) Import prohibitions, restrictions, and licensing 36 (vi) Contingency measures 37 (vii) Standards and sanitary and phytosanitary requirements 38 (viii) Government procurement 43 (ix) State trading 45 (x) Other measures 45 (3) Measures Directly Affecting Exports 45 (i) Procedures 45 (ii) Export taxes and other charges 46 (iii) Export prohibitions, restrictions, and licensing 46 (iv) Export assistance 47 (v) Free-trade zones 48 (4) Measures Affecting Production and Trade 49 (i) Industrial policy 49 (ii) Incentives 55 (iii) Legal framework for businesses 60 (iv) Competition policy and corporate governance 60 (v) Intellectual property rights 63 IV. trade policies by sector 68 (1) Introduction 68 (2) Agriculture 68 (3) Manufacturing 69 (i) Overview 69 (ii) Policy responses 71 (4) Power and Water 72 (i) Electricity 72 (ii) Gas 75 (iii) Water 76 (5) Services 77 (i) Overview 77 (ii) Commitments under the General Agreement on Trade in Services 77 (iii) Banking and insurance 78 (iv) Telecommunications 85 (v) Transport 88 (vi) Air transport 91 (vii) Maritime transport 93 (viii) Professional services 96 (ix) Tourism services 100 REFERENCES 103 APPENDIX TABLES 107 Page CHARTS I. ECONOMIC ENVIRONMENT I.1 Total factor productivity growth, 1983-03 5 I.2 Product composition of merchandise trade, 1999 and 2003 12 I.3 Direction of merchandise trade, 1999 and 2003 13 III. TRADE POLICIES AND PRACTICES BY MEASURE III.1 Share of bound tariff lines, by HS section, 2003 31 III.2 Average bound tariff rates, by HS section, 2003 32 IV. TRADE POLICIES BY SECTOR IV.1 Value added in manufacturing, 1999 and 2002 70 IV.2 Interest rates of commercial banks, 1996-2003 81 IV.3 Maximum IDD rate between Singapore and selected countries 86 TABLES I. ECONOMIC ENVIRONMENT I.1 Selected macroeconomic indicators, 1999-03 1 I.2 Basic economic and social indicators, 1999-03 3 I.3 Sources of productivity growth, 1981-03 5 I.4 Trade in services, 1999-03 14 II. TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES II.1 Ministerial responsibility for trade-related issues 18 II.2 Elements of Singapore's bilateral free-trade agreements 23 III. TRADE POLICIES AND PRACTICES BY MEASURE III.1 Bound tariff rates, selected years 31 III.2 Applied MFN tariffs, 2003 33 III.3 Singapore's preferential rules of origin, 2003 35 III.4 Standards in Singapore, 2000-03 39 III.5 Percentage of alignable Singapore standards aligned to international standards, 2000-03 40 III.6 Incentives offered by IE Singapore 47 III.7 Tax incentives offered by the Economic Development Board 57 IV. TRADE POLICIES BY SECTOR IV.1 The electronics and chemical industries, 1999-02 71 IV.2 Structure and performance ratios of the banking sector, 1999-03 80 Page APPENDIX TABLES I. ECONOMIC ENVIRONMENT AI.1 Outward foreign direct investment, by industry, 1999-02 109 AI.2 Outward foreign direct investment, by country, 1999-02 110 II. TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES AII.1 Main trade-related laws in Singapore 111 AII.2 Status of selected notifications to the ϲʹ, January 2000 to January 2004 112 III. TRADE POLICIES AND PRACTICES BY MEASURE AIII.1 Import prohibitions, 1999 and January 2004 114 AIII.2 Products covered by automatic and non-automatic import licensing 115 AIII.3 Exports subject to controls, February 2004 118 AIII.4 Non-tax assistance for industrial development (administered by EDB and SPRING) 119 IV. TRADE POLICIES BY SECTOR AIV.1 Electricity licence holders, 1 January 2004 123 AIV.2 Incentives offered by the Monetary Authority of Singapore 124 AIV.3 Singapore's tourism industry, 1998-03 126 SUMMARY OBSERVATIONS Economic Environment Singapore weathered the Asian financial crisis well, with GDP rebounding by almost 7% and 10% in 1999 and 2000. The strong economic recovery was in great part due to Singapore's sound macroeconomic policies and its openness to international trade and foreign investment. Since then, however, the global economic slowdown has severely affected Singapore's exports and GDP fell by almost 2% in 2001. The effects of the international economic slowdown were further compounded by the emergence of severe acute respiratory syndrome (SARS) and events in the Middle-East in 2003. As a result, growth remained sluggish but is expected to pick up to around 3.5%-5.5% in 2004. With national saving continuing to exceed domestic investment by an average of 20% of GDP (in 1999-03), Singapore's external indicators remain strong. In particular, the counterpart of the excess saving, which has been invested abroad, are persistently large current account surpluses, averaging 20% of GDP (during the same period). While a decline in external demand was the main reason for sluggish recent growth, Singapore faces several longer-run challenges, including a lack of growth in total factor productivity (TFP), a key indicator of an economy's efficiency since the mid-1990s. This has meant that while Singapore's high rates of national savings and domestic investment have continued to raise labour productivity, capital productivity appears to have declined. At the same time, Singapore is facing the challenge of more intense competition from low-cost regional producers, resulting in structural changes and declining employment, especially in manufacturing. In response to these challenges, Singapore established the Economic Review Committee (ERC), which reported in 2003. The Government has already implemented several ERC recommendations aimed at reducing overall costs of production. These include: a lowering of the corporate tax rate from 26% in 2000 to 22% in 2003 (accompanied by an increase in the goods and services tax (GST) rate from 3% to 5%); and a lowering of mandatory contribution rates to the retirement fund, the Central Provident Fund (CPF), from 40% to 33% (20% for employees and 13% for employers). The longer run challenge of reversing the recent decline in TFP and moving into higher-value-added activities is being addressed mainly through investment in infrastructure for certain industries, and incentives to attract private investment to these activities. The TFP developments are linked to the importance of external demand to Singapore; but this and the associated decline in capital productivity does raise certain concerns, including Singapore's active industrial policy, particularly the channelling of its very high savings into investments in certain activities and sectors, through government linked companies (GLCs) and incentives. However, Singapore is redefining the role of its industrial policy and is gradually divesting non-strategic GLCs and has introduced competition in some services. Furthermore, it is committed to introducing an economy-wide competition law by 2005. Trade and investment policy framework Singapore's merchandise trade is three times its GDP, thus it is highly dependent on external markets for economic growth. It has traditionally been a strong supporter of the multilateral trading system and provides most-favoured-nation (MFN) treatment to all Members of the ϲʹ. It is also a member of the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooporation (APEC) forum, and the Asia Europe Meetings (ASEM). The major change since the previous Review has been a decision to pursue bilateral free-trade agreements. In sharp contrast to the previous review period, when Singapore had no bilateral free trade agreements, as at March 2004, it had signed FTAs with New Zealand, Japan, the EFTA States, Australia, and the United States, and was in negotiations with Canada, Chile (Pacific Three along with New Zealand), India, Jordan, Mexico, and Korea. Under the ASEAN umbrella, negotiations are under way with China, India, and Japan. Furthermore, negotiations with Sri Lanka may be launched soon. Under its bilateral FTAs, Singapore has made commitments in addition to those undertaken in the ϲʹ (including the GATS and TRIPS), underscoring its view that FTAs can be used as building blocks for a stronger multilateral trade liberalization framework. Overall responsibility for trade policy remains with the Ministry of Trade and Industry. The main change to the trade policy framework since the previous Review was the transformation of the Singapore Trade Development Board (TDB) into International Enterprise (IE) Singapore. IE Singapore, a statutory board in the Ministry of Trade and Industry, will focus on helping Singapore-based companies to grow and internationalize. In addition to regular consultations with key players, such as industry groups and labour unions, transparency has been enhanced by issuing new draft legislation for public consultation, usually through government websites, where appropriate. Foreign investment in the manufacturing sector remains unrestricted. The main changes to FDI policy have been with regard to services. In 1999, a 40% foreign shareholding restriction on local banks was lifted. A 70% limit on foreign ownership of Stock Exchange of Singapore (SES) members was also removed. In the telecommunications sector, all FDI restrictions (previously 49% direct and 24.99% indirect) were lifted in 2000. Foreign investment limits continue to be maintained in: broadcasting (up to 49%, unless waived) and newspaper services (raised from 3% to 5% in 2002 and possibly higher if permission is given); foreign law firms and foreign lawyers practicing in Singapore (although liberalized somewhat in 2000); and in some sectors in which government linked companies are dominant (for example, foreign equity in the PSA Corporation, one of two main managers of Singapore's ports, is restricted to 49%). Restrictions are also maintained on foreign ownership of certain landed properties unless permitted by the relevant authority. Trade and trade-related measures Singapore uses very few border measures, and most of these are maintained for health, security, and environmental reasons. Only six tariff lines (on alcohol products) are subject to specific rates of duty, while the rest of the applied tariff is zero. Under its regional and bilateral free-trade agreements, Singapore provides duty-free access for products subject to MFN tariffs. Singapore has bound 69% of its tariffs. The overall simple average bound rate is currently 7.5%. The gap between the average applied MFN and bound rates may create uncertainty as it provides scope for governments to raise tariffs up to their bound levels; this has not occurred in Singapore during the period under review. The bound tariff rates are especially higher in fats and oils, vegetable products, prepared foods, hides and skins, textiles, livestock, and mineral products. Singapore also levies a goods and services tax (GST), currently 5%, on most goods, as well as excise taxes on alcohol, petroleum, and tobacco products, and motor vehicles. Other border measures include import and export restrictions, which, with the exception of rice and rubber (the latter for exports only), are maintained mainly for environmental, security and health reasons. Rice imports and exports are restricted on grounds of food security and price stability and are subject to stockpile and non-stockpile licences; importers are required to stock a minimum quantity of stockpile varieties of rice, which are released into the market when there are shortages. Rubber exports are licensed in order to maintain international standards. In addition, Singapore maintains a ban on imports of cars that are three-years old and over for environmental and road safety reasons. Although three-year old cars operating in Singapore are required to undergo mandatory testing, the authorities state that the same cannot be applied to imports of three-year-old cars because the tests are not foolproof and it is better to solve the problem by banning the import of such cars. Car usage is also restricted through high taxes on the purchase of cars and fuel and a requirement that the fuel tanks of all cars travelling to Malaysia are at least three-quarters full before crossing. Singapore makes very little use of contingency measures. During the period under review it removed its remaining anti-dumping measures against imports of steel reinforcement bars from Malaysia and Turkey. No countervailing measures were imposed. Singapore has no legislation on safeguards and although such measures can be taken under some of its bilateral and regional trade agreements, it has not done so. Sanitary and phytosanitary restrictions are strict, with each imported consignment of food products undergoing checks by Singapore Customs. Imports of some products (mainly meat and poultry) are permitted only from specific countries and, in some cases, only from accredited establishments in those countries. Singapore bases its standards on international norms with around 75% of alignable standards aligned with international standards. Singapore has been a member of the ϲʹ Agreement on Government Procurement (GPA) since 1997. It has offered additional market access concessions under its recently signed bilateral free-trade agreements. Other measures affecting trade While there are few border measures, Singapore maintains an active industrial policy. This is implemented mainly through a number of tax and non-tax incentives to induce investment into certain sectors and activities; the incentives are currently aimed at attracting investment to high-value-added activities. A Post Implementation Review has been put in place to examine the effectiveness of incentives, as a result of which a few were removed in 2003 and 2004. However, no data on cost-benefit analyses or duty forgone as a result of incentives were made available to the Secretariat. The Government also maintains a significant degree of control over the allocation of land. In addition, efforts have been made to make wages more flexible including through annual recommendations by the National Wage Commission (NWC), a tripartite commission comprising government, labour and business representatives. Industrial policy has also traditionally been conducted with the support of companies known as government linked companies (GLCs), set up to assist in Singapore's industrialization efforts at a time when the domestic capital market was not well developed. The GLCs, which are owned by the Government's holding company, Temasek, are active in a wide range of sectors, including finance, telecommunications and media, transport and logistics, and utilities, and account (along with statutory board companies) for an estimated 13% of GDP. Although they operate on a commercial basis under the Companies Act, there has been increased pressure on the Government to reduce its shareholdings in these companies. Recent research by the IMF has also suggested that although the GLCs do not receive any assistance or guarantees from the Government, they are more highly valued by capital markets than other private companies, thereby reducing their cost of capital. In addition to Temasek's holdings, statutory boards have also formed companies to channel assistance into certain activities. For example, the Economic Development Board set up EDB Investments Pte Ltd (EDBI) to invest in the development of industry clusters and new technologies, and the Startup Enterprise Development Scheme (SEEDS) to provide matching financing in innovative start-up companies. Disinvestment has occurred in the GLCs, including during the period under review, and the Government has declared that it will disinvest all Temasek companies except those considered to be strategic or in the public interest or with international growth potential. It has also issued a set of guidelines to ministries and statutory boards on the formation of companies under statutory boards. During the period under review (1999 to February 2004), Temasek disinvested some 20 companies, of which six appear to have been complete divestments; no data were available on their size, market share or contribution to GDP. Although Singapore has implemented sector-specific competition legislation (for example in electricity and gas and telecommunications services), it does not have an economy wide competition policy. A major change since the previous Review has been the decision to implement a wide ranging competition law, which Singapore has committed to put in place by 2005. The law is expected to apply to all activities by private sector entities and GLCs in all sectors, unless there are exclusions and exemptions for reasons of public policy and interest. Singapore has also, since the previous Review, stepped up efforts to improve corporate governance, including through a voluntary Code of Corporate Governance, for listed companies; a Council on Corporate Disclosure and Governance was established in 2002 to, inter alia, prescribe accounting standards, strengthen the existing framework of disclosure practices and reporting standards, and review and enhance the existing framework for corporate governance in Singapore. Changes have been made to the framework on intellectual property rights, partly as a result of Singapore's bilateral FTAs. These are, inter alia, extending copyright protection to the life of the author plus 70years, measures against the circumvention of technologies that protect copyright works, protection of well known marks, and an extension of the patent term for pharmaceuticals due to delays in marketing approval. In addition, since the previous Review, Singapore has acceded to the Madrid Protocol on registration of marks (on 31October 2000). It also intends to make changes in order to align Singapore's patent legislation with the January 2004 changes to the Patent Cooperation Treaty; to give effect to Articles 1-6 of the Joint Recommendations Concerning Provisions on Well-Known Marks (1999) and the Trademark Law Treaty; and to accede to the Brussels Convention Relating to the Distribution of Programme-Carrying Signals Transmitted by Satellite, the UPOV Convention (1991), the WIPO Copyright Treaty (1996), and the WIPO Performances and Phonograms Treaty (1996) by the beginning of 2005. Sectoral policies The main economic activities are manufacturing and services (some 26% and 63%, respectively, of GDP). Singapore aims to sustain manufacturing's share of GDP at 20% or more if possible. The major manufacturing sectors are electronics and chemicals; electronics is the main manufacturing export. Singapore is currently facing a major challenge from low-cost regional producers and is attempting to direct manufacturing into high-value-added activities. Efforts are also being made to contain input costs, notably by making the labour market more flexible and by appropriate pricing of other inputs, such as electricity and land. Deregulation and liberalization of utilities, e.g. such as electricity and gas, has also been undertaken. The main reforms have been in electricity and include the separation of ownership of generation and transmission, and liberalization of the retail market as well as the creation of a new regulator for the sector. The reforms have led to a decline in electricity prices. Liberalization has also taken place in several services. In banking, the Government has been implementing a programme announced in 1999 to open up the relatively closed domestic retail banking sector. Foreign investment restrictions were removed and steps have been taken to strengthen supervision and corporate governance in banks. In insurance, restrictions were removed on foreign investment and entry into the sector by insurance companies. The telecommunications sector was liberalized in 2000, two years earlier than originally planned. As a result of the liberalization measures undertaken, there has been a considerable increase in the number of service providers, and telecommunication charges have been reduced. Several services, notably transport and tourism, were affected by the recent economic downturn, the SARS crisis, and events in the Middle-East in 2003. The Government has provided temporary assistance to encourage growth and to attract visitors and traders back to Singapore. Singapore is also trying to build up its health services for international patients. It has increased its recognition of international degrees but the registration of foreign-trained medical staff remains tightly regulated and depends upon the availability of job-offers. Singapore also continues to restrict non-Singaporeans in the practice of Singapore law; although some reform has taken place recently, the overall number of lawyers that can operate in Singapore is determined by the Government. Prospects Singapore's dependence on trade has meant that economic growth during the period under review suffered temporarily as a result of the recent global economic downturn. Improvements in the external environment during the second half of 2003, however, suggest that Singapore's immediate economic outlook is healthy. The post-SARS recovery in services also appears to be continuing, particularly in tourism and transport services. The longer term outlook may well be influenced by measures now being taken to deal with the developments in TFP growth as well as the structural changes taking place in the economy as a result of increased pressure from other low-cost regional producers. Singapore is tackling these issues including through: reforms of its mandatory savings scheme, the CPF; placing greater reliance on indirect rather than direct taxation (by raising the GST and reducing the corporate tax rate); a gradual disinvestment in GLCs, thus reducing government involvement in the economy; and plans to enact an overarching competition policy. These structural changes along with liberalization in key services and utilities should increase competition in the economy and thus its efficiency, thereby strengthening the resilience of the Singapore economy in dealing with these formidable challenges. 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