ࡱ>  u@ bjbj :0&`FVFVFV8~VWh,XX:XXXXhZ|Z@$R  XX XX" XX <$;XX B1FV<ü<,80h<x;;$[bn ^| r $[$[$[ B<|B<trade policy regime: framework and objectives Overview Singapore is a highly trade dependent country, with trade in goods equivalent to almost 300% of its GDP in 2003 and, for this reason, has been pursuing a three-pronged trade policy: multilateral, regional and bilateral. It has always been highly supportive of the multilateral trading system and belongs to few regional trade groupings, notably ASEAN, ASEM, and APEC, the latter based on "open regionalism". However, since its previous Review in 2000, it has pursued bilateral FTAs more vigorously. Whereas at the time of the previous Review, Singapore was in the process of negotiating its first bilateral FTA, it has currently concluded five bilateral FTAs and is negotiating a further nine. Singapore believes that FTAs would act as a catalyst for global trade and investment liberalization. All its FTAs are ϲʹ-plus and as such, can be used as building blocks towards greater multilateral liberalization. A few organizational changes have been made to Singapore's policy-making structure, notably the Trade Development Board becoming International Enterprise Singapore and a restructuring of agencies in relation to services, mainly due to changing industrial and regulatory structures. Efforts to enhance transparency have also been made; consultations may be held with the general public regarding changes to laws and regulations, in addition to consultations with key players through, inter alia, industry groups and labour unions, where appropriate. With a relatively open foreign investment regime in goods, Singapore has also slowly been reducing restrictions in key services. During the period under review, for example, restrictions on FDI in local banking and telecommunications services were lifted. Restrictions remain, however, in broadcasting and media services, legal services, and foreign ownership of certain types of residential property; there are also restrictions on investment in certain sectors in which government linked companies have significant operations. General Constitutional and Legal Framework There have been no major changes in the general constitutional and legal framework since Singapore's previous Review in 2000. Singapore's unicameral Parliament is headed by the President. The President is elected for a term of six years. The President is assisted by a Cabinet consisting of the Prime Minister and Ministers. The Prime Minister is appointed by the President, as are all other Cabinet Members upon advice from the Prime Minister. Members of the Cabinet must also be Members of Parliament. The term of Parliament lasts a maximum of five years. In addition to elected members, up to three Non-Constituency Members of Parliament (NCMPs) from the opposition political parties can be appointed and up to nine Nominated Members of Parliament (NMPs) may be appointed by the President. The present tenth Parliament has 94 Members, consisting of 84 elected Members, one NCMP and nine NMPs. Cabinet approval on treaty participation, including any international agreements such as those under the auspices of the ϲʹ, must generally be obtained before a treaty is signed or the relevant instrument of ratification or accession is deposited with the depository. All new legislation must be enacted by Parliament; where legislation giving effect to Singapore's rights and obligations under international agreements such as the ϲʹ Agreements does not exist, legislation is specifically enacted and the rights and obligations contained therein are "incorporated" into domestic law. Draft legislation is first formulated by the relevant ministries before being discussed and approved by Cabinet and then tabled in Parliament. Once passed by Parliament, the bill must receive assent from the President before being notified in the Government Gazette and becoming law. All bills except money bills may be introduced by any member of Parliament; money bills may only be introduced by the Government, usually represented by the Minister of Finance. There are two tiers of courts in Singapore. The Supreme Court of Singapore, which consists of the Court of Appeal and the High Court, is the superior court of record. The Court of Appeal exercises appellate civil and criminal jurisdiction, whilst the High Court exercises original and appellate criminal and civil jurisdiction. The second tier, the subordinate courts, comprise the district courts, magistrates courts, the Coroners Court, the juvenile courts and the small claims tribunals. Appeals relating to decisions taken by the subordinate courts are heard by the High Court and the Court of Appeal. ϲʹ provisions may not be invoked before a national court of law but can be enforced through enabling legislation or, if applicable, as part of common law. Development and Administration of Trade Policy Agencies involved in trade policy implementation Overall responsibility for trade policy formulation and implementation in Singapore remains with the Ministry of Trade and Industry. One major change in the trade policy framework since 2000, however, was the restructuring of the Singapore Trade Development Board (STDB) into International Enterprise Singapore (IE Singapore) on 12 April 2002. While STDBs mission was to promote and facilitate trade, the focus of IE Singapore is to help Singapore-based companies grow and "internationalize" successfully. The functions of the Economic Development Board (EDB), also based in the Ministry of Trade and Development, remain unchanged. The EDB is responsible for the planning and implementation of industrial development and services promotion strategies. The Singapore Productivity and Standards Board, responsible for improving industrial competitiveness and the formulation and implementation of standards, has now become the Standards, Productivity and Innovation Board. There have also been changes in the policy-making structure for agriculture and SPS, with the activities previously performed by the Primary Production Department in the Ministry of National Development being moved to a new statutory agency called the Agri-Food and Veterinary Authority; and with respect to key services such as electricity, telecommunications, and transport (Table II.1). Table II.1 Ministerial responsibility for trade-related issues Ministry/statutory agencyCompetenceMinistry of National DevelopmentAgri-Food and Veterinary AuthorityAgriculture and fishing, sanitary and phytosanitary standardsUrban Redevelopment AuthorityLand use and planning, planning and control development projectsMinistry of Trade and IndustryTrade policy; anti-dumping, countervailing, and safeguard measuresInternational Enterprise SingaporeTrade promotionEconomic Development BoardInvestment promotion; development policy; industrial developmentStandards, Productivity and Innovation Board (SPRING Singapore)Standards and conformance Singapore Tourism BoardTourismHotel Licensing BoardHotel licensingAgency for Science, Technology and Research (A*STAR)Science and technology; technopreneurship developmentMinistry of FinanceSingapore Customs Customs tariff; valuation; rules of origin; trade facilitation; trade enforcementMonetary Authority of SingaporeInsurance; banking; securities and futures industryMinistry of LawIntellectual Property Office of SingaporeIntellectual property rightsMinistry of Information, Communications and the ArtsInfo-Comm Development Authority of SingaporeTelecommunications, electronic commerce, information technologyMinistry of TransportLand Transport AuthorityLand transportMaritime and Port Authority of SingaporeShipping and portsCivil Aviation Authority of SingaporeAir transportSource: Government of Singapore. Singapore consults regularly with the business community through meetings between the MTI and the Singapore International Chamber of Commerce and Singapore Confederation of Industries. In addition, as a result of a process initiated by the Government in 1998, the Singapore Business Federation (SBF) was formed on 1 April 2002 under the Singapore Business Federation Act, 2001. The SBF, which is considered to be the new apex body of the business community in Singapore, mainly represents the largest companies in Singapore. The Act requires compulsory membership of all companies registered in Singapore with a paid-up capital of S$0.5 million and above; the subscription fee ranges from S$300 to S$800 depending on the company's paid up capital. Smaller companies may also join if they wish to do so. The SBF's role is to liaise with the Government on matters of concern to its members. Consultations are also held with the tripartite National Wages Council, the National Trades Union Congress, and the Consumers Association of Singapore, if deemed appropriate. National committees, such as the Economic Review Committee, are formed from time to time to examine specific issues. The Committees usually include representation from ministries and statutory boards, but they do consult with private sector players. A new development since the previous Review is that new draft legislation or guidelines may be issued for public consultation, usually through the website of Ministries and statutory boards. The Auditor General is required, under Article 148(F) of the Constitution, to audit and report annually on the accounts of Government, Parliament, and the national courts. However, there is no independent body to evaluate the Governments economic policies and measures, although they may be debated in Parliament. Main trade laws Singapore's main trade legislation is the Regulation of Imports and Exports Act, which includes restrictions on imports and exports for safety and health reasons or in accordance with international agreements. In addition, the Customs Act addresses issues relating to the Customs tariff, and excise taxes and includes any preferential rates that may result from Singapore's regional or bilateral free-trade agreements. Singapore's investment incentives are mainly covered by the Economic Expansion Incentives (Relief from Income Tax) Act and the Income Tax Act. Since the previous Review there have been no major changes to the main trade legislation (TableAII.1). Trade Agreements and Arrangements World Trade Organization Singapore is an original Member of the ϲʹ and grants at least most-favoured-nation (MFN) treatment to all other ϲʹ Members. Singapore is an active participant in the ϲʹ. It also participated in the extended services negotiations and accepted the Fourth and Fifth Protocols on 11April 1997 and 26 February 1998, respectively. With regard to the current round of trade negotiations, despite recently signing a number of bilateral free-trade agreements, Singapore believes that multilateral trade negotiations are the best way in which to advance its trade interests. It also believes that trade liberalization efforts undertaken bilaterally and in regional fora such as APEC, ASEM, and ASEAN can accelerate the momentum towards trade liberalization and strengthen the multilateral trading system. Singapore has strongly supported the Doha Development Round and at the most recent Ministerial Conference in Cancun, in September 2003, urged Members to reconcile their differences in order to launch a new round of trade negotiations. In its statement to the Ministerial Conference, Singapore warned that failure to reach an agreement on a common framework for negotiations would weaken the multilateral trading system further. In particular, failure to agree on agricultural liberalization would jeopardize progress towards meeting the 1 January 2005 deadline set by Members. During the course of the current ϲʹ negotiations, Singapore has submitted several proposals on key issues. On market access for non-agricultural products, Singapore has raised several issues that Members should address, including: the gap between bound and applied rates and the percentage of rates that are bound; tariff peaks and nuisance tariffs; escalation; and transparency, notably the use of non-ad valorem tariff rates, which Singapore believes reduces the transparency of a country's tariff profile and creates difficulty in determining the incidence of tariff protection. Notwithstanding the latter stance on non-ad valorem duties, Singapore's very few applied tariffs all involve specific rates; in its bound tariff, around 1% of all tariff bindings carry specific duties. In the Negotiating Group on Rules Singapore has expressed concern about the continued increase in the use of contingency measures and has submitted several joint proposals on clarifying and improving the rules on anti-dumping. Singapore has also participated actively in the negotiations on Services. It submitted its GATS initial offer on 15 July 2003. Like all Members of the ϲʹ, Singapore is required periodically to notify to the ϲʹ laws and changes to laws. The status of selected notifications as at January 2004 is given in TableAII.2. Since its previous Review, Singapore has not been involved in any disputes at the ϲʹ as complainant or defendant. Regional agreements ASEAN Singapore is a founding member of the Association of Southeast Asian Nations (ASEAN), established in 1967. The Framework Agreement on enhancing economic cooperation, signed in 1992, established the Common Effective Preferential Tariff (CEPT), which aimed to achieve a free-trade area among ASEAN members, the ASEAN Free-trade area (AFTA). Under CEPT it was agreed among the original founding members of ASEAN (Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore, and Thailand (ASEAN-6)) that tariffs on goods committed for tariff reductions would be reduced to 0-5% by 2008. The ASEAN-6 members decided to accelerate this process initially to ten years (by 2003) and later to nine years (by 2002). The 0-5% tariff goal will be reached by 2006 by Viet Nam, 2008 by Lao PDR and Myanmar, and 2010 by Cambodia. ASEAN member countries have also agreed to eliminate tariffs by 2010 for ASEAN-6 and by 2015 (with flexibility to 2018) for Cambodia, Laos, Myanmar, and Viet Nam. According to the authorities, around 99.6% of all tariff lines committed for tariff reductions in the ASEAN-6 are currently within the 0-5% range, while over 53% of tariff lines are zero. The corresponding figures for the newer ASEAN members is 65.4% and 15%, respectively. In meeting its goals under the CEPT, Singapore removed all remaining tariffs with regard to its ASEAN partners, as of 1 January 2001; since tariff reductions are based on reciprocity, however, Singapore's tariff removal so far applies only to the Philippines and Thailand (Chapter III(2)(ii)). ASEAN is also working to remove barriers to intra-ASEAN trade caused by non-tariff barriers; to harmonize customs nomenclature, valuation, and procedures; harmonize product standards and regulatory requirements; and improve rules of origin under the CEPT. Under the ASEAN Framework Agreement on Services (AFAS), signed in 1995, which aims to eliminate restriction to trade in services and enhance intra-ASEAN cooperation in services, negotiations currently focus on seven priority sectors. The protocol to implement the initial package of commitments on five services (air transport, business, maritime transport, telecommunication, and tourism) entered into force on 31 March 1998; the protocols to implement the second and third packages, including commitments in all seven priority services, came into force on 31 March 1999 and 31 March 2002, respectively. A third round of negotiations is expected to be completed by 31December 2004. The Framework Agreement on the ASEAN Investment Area (AIA), signed in 1998, envisaged liberalizing the investment environment in ASEAN to ensure a free flow of investment in the area by 2020. The agreement covers direct investment in manufacturing, fisheries, forestry, mining and agriculture, and services incidental to these sectors. Reservations made by members and scheduled in the temporary exclusion list were due to be eliminated in 2015 for ASEAN investors and 2020 for non-ASEAN investors. The ASEAN-6 countries agreed to accelerate this process by eliminating reservations in manufacturing for ASEAN investors by 2003 and for all investors by 2010. In addition, Myanmar has eliminated reservations in manufacturing for ASEAN investors in 2003. ASEAN is also currently reviewing ways in which regional economic integration can be enhanced, including through additional measures to: remove remaining impediments to intra-ASEAN trade in goods, services and investment; accelerate the integration of 11 priority sectors; and put in place an effective dispute settlement mechanism, modelled after the ϲʹ DSM, to ensure compliance. It is expected that these measures will be implemented progressively from 1January2004. ASEAN is attempting to strengthen links with other countries and regional trading partners. It is currently negotiating with China to establish the ASEAN-China free-trade area, by 2010 for the original ASEAN members and 2015 for newer members; negotiations will begin in 2004 to establish an ASEAN-India FTA, and in 2005 to establish an ASEAN-Japan Comprehensive Economic Partnership covering trade in goods and services by 2012 for ASEAN-6 and 2017 for newer ASEAN members. In addition, ASEAN continues to cooperate with Australia and New Zealand under the AFTA-CER Closer Economic Partnership including on e-commerce legal infrastructure, mutual recognition of skills, quality assurance systems for fruit and vegetables, and quality assurance and safety of fish and fishery products, processing and packaging. Cooperation with the EU is taking place on trade facilitation, industrial standards, food products, and investment promotion under the Trans-EU ASEAN Regional Trade Initiative (TREATI). ASEAN is also working with the United States towards a US-ASEAN Trade and Investment Framework Agreement (TIFA) under the Enterprise for ASEAN initiative (EAI) announced by the United States in 2002. APEC Singapore participates in the Asia Pacific Economic Cooperation (APEC) forum and aims to implement free trade and investment by 2010 along with other developed country members of APEC. Under its individual action plan (IAP) in 2003, Singapore indicated that it had bound 94% of its tariff lines at 6.5% or below; by 2005, it will bind 100% of its tariff at 6.5% or below. Singapore has also committed itself to accelerated implementation of its obligations under the ϲʹ agreements on TRIPS, TRIMs and Customs Valuation. The Shanghai Accord was signed in October2001, which seeks to operationalize the Bogor Goals and provide a roadmap for APEC in the 21st century. The accord also established a "pathfinder approach", which encourages those members ready and able to implement APEC initiatives to do so, thereby establishing a framework for other APEC members to follow when they are ready to do so. Singapore has been a participant in six such pathfinder groups. Other initiatives included: the adoption of appropriate trade policies for "the new economy"; concrete actions and measures to implement the APEC Trade Facilitation Principles by 2006, aiming to reduce transaction costs by some 5% across the region over five years; and adoption of transparency principles. In May 2002, Ministers agreed to maintain the schedules and deadlines that had been put forward for the fifth ϲʹ Ministerial Conference in Cancun. Ministers also agreed on the need to consolidate and focus on capacity-building efforts for least developed countries and reached explicit consensus on the need to deal with the Singapore issues individually. The APEC Economic Leaders' Declaration in October 2002 endorsed the APEC Trade Facilitation Plan and agreed that transparency standards be implemented by 2005. In addition, the declaration endorsed pathfinder initiatives on: advance passenger information systems; the revised Kyoto Convention on the Simplification and Harmonization of Customs Procedures; electronic SPS certification (e-cert); electronic certificates of origin; mutual recognition arrangements on conformity assessment of electrical and electronic equipment parts; and corporate governance. The Bangkok Declaration in October 2003 reaffirmed the primacy of the multilateral trading system and pressed for an ambitious and balanced outcome to the DDA, including taking concrete steps to make APEC's trade agenda more supportive of the work of the ϲʹ and to advance free trade in a coordinated manner among multilateral, regional, and bilateral frameworks so that they are complementary and mutually reinforcing. ASEM Singapore has been an active participant in the Asia Europe Meetings (ASEM), since ASEM's establishment in 1996. ASEM is an informal process of dialogue and cooperation between the European Commission, the fifteen European Union members and ten Asian countries. Under the ASEM Trade Facilitation Action Plan (TFAP), Singapore is co-facilitator (with Belgium) for the priority area of distribution; the TFAP aims at the reduction and removal of non-tariff barriers to trade between the two regions. Singapore is also represented on the Taskforce on Closer Economic Partnership, which aims to define the outcome of closer integration and cooperation between the two regions, specifically in finance, trade, and investment. There have been four ASEM Summits thus far. Bilateral agreements While remaining a strong supporter of the multilateral trading system, Singapore also believes that trade efforts made in regional and bilateral fora may accelerate the momentum for trade liberalization and, in turn, strengthen the multilateral trading system. Thus, since 2000, Singapore has signed bilateral free-trade agreements with New Zealand (14 November 2000, effective 1January2001), Japan (13 January 2002, effective 30 November 2002), the European Free Trade Association (EFTA) (26 June 2002, effective 1 January 2003), Australia (17 February 2003, effective 28 July 2003), and the United States (6 May 2003, effective 1 January 2004). In addition to improving market access for goods and services, negotiations have focused on investment, intellectual property rights, and other trade-related issues such as competition policy (Table II.2). Table II.2 Elements of Singapore's bilateral free-trade agreements Agreement/ SectorANZSCEPJSEPAESFTASAFTAUSSFTAAgreement between Singapore and New Zealand on a Closer Economic Partnership, in force since January 2001. To be reviewed biannually.Agreement between Singapore and Japan for a New-Age Economic Partnership in force since November 2002. To be reviewed annuallyAgreement between Singapore and EFTA states in force since January 2003. To be reviewed biannually.Agreement between Singapore and Australia in force since July 2003. To be reviewed annually.Agreement between Singapore and the United States in force since January 2004. To be reviewed annually.GoodsElimination of customs duties on date of entry into force.Singapore eliminated all remaining customs duties on imports from Japan on entry into force. Based on a positive list. For most exports to Japan, tariff elimination is immediate. For the rest, tariff elimination is phased over a 3 to 8-year period.Elimination of duties on industrial goods on entry into force. Liberalization of duties on agricultural goods based on positive list and on agreements with each EFTA state; duties on processed agricultural and fish products to be liberalized based on positive lists with each EFTA state.Elimination of customs duties on entry into force.Based on a positive list. Singapore eliminated all remaining customs duties on imports from the United States on entry into force. For most exports to the United States, immediate tariff elimination, and a transition period of 3 to10 years for others.ServicesBased on a positive list and to be reviewed with the goal of free trade in services by 2010. Preferential treatment extended to non-parties engaged in "substantive business operations" in either of the parties. Singapore's commitments beyond GATS include professional, telecommunications financial, business, and transport services.Based on a positive list; preferential treatment also extended to non-parties engaged in "substantive business operations" in either of the parties. Singapores commitments beyond GATS include professional, telecommunication, financial, business, and transport services. Based on a positive list and to be reviewed with the goal of eliminating substantially all remaining restrictions in services covered at the end of ten years. Singapores commitments beyond GATS include professional, telecommunication, financial, business, and transport services. Based on a negative list; exceptions to market access and national treatment listed in annexes. Preferential treatment extended to non-parties engaged in "substantive business operations in either of the parties. Singapore's commitments beyond GATS include professional, telecommunication, financial, business, and transport services. Based on a negative list, with exceptions to market access and national treatment listed in annexes. Singapores commitments beyond the GATS include professional, telecommuni-cations, financial, business, and transport services. Contingency measuresNo right to take safeguard measures against each others' imports; anti-dumping provisions are stricter than those applied under GATT Article VI.May take emergency measures against each others' imports only during the 10-year transition period; anti-dumping measures to be in accordance with GATT ArticleVI.May take emergency measures against each others' imports but not anti-dumping measures.No right to take safeguard measures against each others' imports; anti-dumping rules are stricter than those applied under GATT Article VI.Safeguard measures may be taken during the ten-year transition period; anti-dumping measures may be taken in accordance with GATT ArticleVI.Table II.2 (cont'd)Intellectual property rightsϲʹ TRIPS Agreement provisions to apply.ϲʹ TRIPS Agreement provisions to apply. Cooperation on IPR matters, including through a Joint Committee.ϲʹ TRIPS Agreement provisions to apply.ϲʹ TRIPS Agreement provisions to apply. Cooperation inter alia on enforcement and education.Singapore to accede to international conventions including WIPO Copyright Treaty, WIPO Performances and Phonographs Treaty, and UPOV. TRIPS-plus provisions include extending copyright protection to life of author plus 70 years, measures against the circumvention of technologies that protect copyright works, protection of well-known marks, extension for unreasonable curtailment of patent term for pharmaceutical products due to delays in marketing approval process.CompetitionCommitment to creating and maintaining open and competitive markets; endeavouring to implement the APEC Principles to Enhance Competition and Regulatory reform. Parties also agreed to consult with each other in the development of any new competition measures.Cooperation on controlling anti-competitive practices including the exchange of information on such practices.Cooperation through consultations on eliminating anti-competitive business practices.Commitment to promote competition by addressing anti-competitive practices including through consultation and review. Within six months of a generic competition law being enacted by Singapore, a review of the competition provisions of the FTA to be conducted.Commits Singapore to enacting generic competition legislation by 2005 and ensuring that GLCs do not engage in agreements that restrain competition or in exclusionary practices that substantially lessen competition. InvestmentProvisions apply to all goods and those services listed in the parties' schedules.Provisions apply to all goods and those services listed in the parties' schedules. Performance requirements are prohibited.Provisions on investment do not apply to measures affecting trade in services and to investors investing in services (subject to a review after ten years).Provisions apply to all goods and services (except where reservations have been listed by the parties). Negative list for goods and services except those scheduled, and detailed investor-state dispute settlement provisions. Performance requirements are prohibited.Table II.2 (cont'd)Government procurementSingle market between the two parties for procurement valued at over SDR 50,000.Provisions of the ϲʹ GPA apply. Procurement threshold of SDR 100,000.Provisions of the ϲʹ GPA apply.Single market between the two parties.Preferences up to S$102,710 for goods and services for Ministries (S$910,000 for statutory boards), and S$11,376,000 for construction servicesOthersProvisions on labour and environment.Note: Details of rules of origin under these agreements are provided in Chapter III (Table III.3). Source: ϲʹ Secretariat, based on the texts of Singapore's bilateral FTAs. In general, Singapore's commitments on services under its bilateral FTAs have gone beyond its GATS commitments, including in financial services, business and professional services, telecommunications, education, and environmental services. In addition, the FTA with the United States is the only one of Singapore's FTAs to contain provisions on trade and labour and trade and environment issues. The commitments, which appear to be based on NAFTA provisions, include commitments to ensure that labour and environment laws are properly enforced and neither party weakens these laws. It also contains commitments on the transfer of capital and the avoidance of capital controls; any restrictions that "substantially impede transfers" become subject to damages claims. The FTA with the United States also commits Singapore to enact general competition policy legislation by 2005 and to ensure that all enterprises, including government enterprises, are subject to competition disciplines. Rules of origin within Singapores bilateral agreements are detailed and complicated. They appear to follow the rules established in other agreements such as the Australia-New Zealand CER Agreement (for example Singapore's bilateral agreements with New Zealand and Australia Singapore), NAFTA (for example the bilateral FTAs with Japan and the United States), and European rules of origin (the agreement with the EFTA states), but also take into account specificities within each contracting party. They range from the general, value-added criteria (the agreements with New Zealand and Australia) to detailed, product-specific rules (agreements with Japan, the U.S. and the EFTA states). Since Singapore's tariff, with the exception of six tariff lines, is duty free, the burden of complying with the rules of origin is primarily on Singapore-based exporters to gain preferential access to the markets of their bilateral trade partners. Other preferences Under the Generalized System of Preferences (GSP), exports from Singapore receive duty-free or preferential access to the markets of Belarus, Canada, the Czech Republic, Hungary, Norway, the Russian Federation, and the Slovak Republic; Singapore was graduated out of Japan's GSP programme in April 2000. Singapore also grants preferences to (and receives them from) Mauritius under the Commonwealth Preference (CP) scheme. No data were available on the annual value of Singapore's exports or imports under either the GSP or the CP schemes. Foreign Investment Regime Overview Foreign direct investment in Singapore is liberalized with regard to manufacturing activities; thus, the main changes to the FDI regime since its previous Trade Policy Review have been in services. In financial services, a 40% limit on foreign shareholding of local banks was lifted in 1999, and a 70% limit on foreign ownership of Stock Exchange of Singapore (SES) Members was removed and new entrants were allowed to become members of the renamed Singapore Exchange-Securities Trading (SGX-ST) by January 2002. In telecommunications services, foreign ownership restrictions of up to 73.99% of equity (49% direct and 24.99% indirect) were lifted on 1 April 2000. Foreign investment limits have been maintained in broadcasting and newspaper services. In broadcasting, FDI is allowed up to 49%, unless waived by the Minister for Information, Communication and the Arts; individual ownership of shares issued by broadcasting and newspaper companies was raised from 3% to 5% on 2 September 2002, or higher, with prior approval. There are also restrictions on foreign law firms and foreign lawyers practising in Singapore. Foreign lawyers are prohibited from practising Singapore law and foreign law firms cannot employ Singapore-qualified lawyers to practise Singapore law. Foreign investment in some of Singapore's government linked companies (GLCs), depending on the sectors they operate in, is also subject to restrictions. For example, the aggregate foreign shareholding limit in PSA Corporation, which manages Singapore's ports, is 49%. Foreign ownership restrictions may also apply to Singapore designated airlines depending on the requirements of Singapore's bilateral and multilateral air services agreements. Foreign persons can purchase private residential property in an approved condominium development or any unit within a building of six or more levels or any non-residential, commercial or industrial property. In addition, foreign nationals who are permanent residents are permitted to buy public housing built by the Housing Development Board (HDB) from the open market. Foreign persons are restricted under the Act from freely purchasing restricted residential properties (landed properties such as bungalows, semi-detached houses, terrace houses, and flats in building of less than six levels), unless permitted by the Controller of Residential Property, Land Deaings (Approval) Unit. The main criteria for approval are whether the applicants are permanent residents of Singapore and their economic contribution to Singapore. Singapore maintains no restrictions on portfolio investment or on outward FDI. Legislation and incentives Legislation While there is no specific legislation relating to foreign investment, investors, like all other firms, need to register under the Companies Act or Business Registration Act (Chapter III). Incentives In order to attract foreign investment, Singapore feels that it is necessary to offer not just a stable macroeconomic and business environment for companies to operate in, but also a range of incentives. Incentives for investment are provided mainly under two Acts, the Economic Expansion Incentives (Relief from Income Tax) Act (Cap 86) and the Income Tax Act (Cap 134). The incentives usually include concessional corporate tax rates of between 5% and 15% (the normal rate is 22%) or corporate income tax exemptions, depending on the scheme. Several schemes also give tax breaks on income from royalties or relief from withholding tax on royalties, in an attempt to attract foreign investment in high-value-added sectors (Chapter III(4)(ii) and Table III.7). Non-tax incentives include grants for certain activities (at present especially those relating to promoted high-value-added sectors), training, and R&D (Table AIII.4). In addition, incentives are provided for investors in several services, including financial services, tourism, media services, and telecommunications (Chapter IV). International agreements Investment agreements Since its previous Review in 2000, Singapore has signed investment agreements with Belarus (15 May 2000), Mauritius (4 March 2000), Zimbabwe (1 September 2000), Peru (27 February 2003), Uzbekistan (15 July 2003), Bulgaria (15 September 2003) and Bahrain (27 October 2003). All but the agreements with Zimbabwe, Bulgaria and Bahrain have come into force. Agreements previously signed with Cambodia (4 November 1996), and Slovenia (25 January 1999) entered into force in2000. In its investment protection agreements and preferential trade agreements, Singapore has also undertaken not to expropriate investments unfairly. The authorities state that as there is currently no ϲʹ Agreement on investment, Singapore does not have any ϲʹ obligations on investment matters. Taxation agreements Since 2000, Singapore has signed agreements to avoid double taxation with Cyprus (signed on 24 November 2000 and ratified on 8 February 2001); Denmark (signed 3 July 2000, ratified 21December 2000); Austria (signed 30 November 2001, ratified 22 October 2002); Finland (signed 7 June 2002, ratified 27 December 2002); Kuwait (signed 21February2002, ratified 2 July 2003); Romania (signed 21 February 2002, ratified on 28November 2002); Russia (signed 9September2002); Mongolia (signed 10October2002); Oman (signed 6 October 2003); Lithuania (signed 18 November 2003); and Hong Kong, China (signed 28November2003).  FTAs have been concluded with New Zealand, Japan, the EFTA States, Australia, and the United States; Singapore is currently 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. In addition, negotiations with Sri Lanka may be launched soon.  Elections must be held within six months of the post of President becoming vacant or not more than three months before the incumbent's term of office expires.  The individuals are generally considered to have distinguished themselves, inter alia, in public service, arts and letters, culture, the sciences and business, industry or the labour movement. Under the Fourth Schedule of the Constitution, up to nine Nominated Members of Parliament may be appointed by the President.  Non-constituency and nominated members of Parliament, however, may not vote on bills amending the Constitution, supply or money bills, no-confidence motions in the Government or bills to remove the President from office (Part VI, Article 39 of the Constitution).  The Trade Development Board was set up in 1983 to develop Singapore as an international trading hub and to promote Singapore's exports of goods and services.  Increasingly, ministries and statutory boards are uploading on their websites for public consultation new draft legislation "of significant public interest". Examples include legislation pertaining to corporate and financial laws.  Ministry of Trade and Industry, [Online]. Available at: http://www.mti.gov.sg/public/ frm_cmn_printpage.asp?SID=12&CID=&DID=&Page=, [5 January 2004].  ϲʹ document WT/MIN(03)/ST/1, 10 September 2003.  ϲʹ document TN/MA/W/8, 10 September 2002.  The bound tariffs that are subject to specific rates all relate to alcohol and tobacco products.  Its membership currently consists of: Brunei Darussalam; Cambodia; Indonesia; Laos; Myanmar; Malaysia; the Philippines; Singapore; Thailand; and Viet Nam.  These are business services, air transport services, construction services, financial services, maritime transport services, telecommunication services, and tourism services.  The sectors are: airlines, automotives, agro-based industries, electronics, fisheries, health care products, ICT, rubber based products, textiles and apparel, tourism, and wood based industries.  Other members of APEC are: Australia; Brunei Darussalam; Canada; Chile; China; Chinese Taipei; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; the Russian Federation; Thailand; the United States; and Viet Nam.  APEC (2001).  APEC (2003).  The Asian countries are: Brunei Darussalam, China, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam.  The TFAP comes under the Economic Pillar of ASEM, which also includes dialogue on ϲʹ issues; the Investment Promotion Action Plan (IPAP); the Asia-Europe Business Forum (AEBF); the ASEM Trust Fund; and the European Financial Expertise Network (EFEX).  The members of the EFTA are: Iceland, Liechtenstein, Norway, and Switzerland.  In the case of the FTA with the United States, for example, the annex on product-specific rules of origin is almost 300 pages.  In addition, individual investors (local and foreign) in the following companies are subject to equity ownership limits: Singapore Technologies Engineering (15%); PSA Corporation (5%); Singapore Airlines (5%); and Singapore Power, Power Grid, Power Supply and Power Gas (10%).  Foreign persons are defined under the Residential Property Act to mean any person who is a non-Singapore citizen, any foreign company or society. WT/TPR/S/130 Trade Policy Review Page  PAGE 26 Singapore WT/TPR/S/130 Page  PAGE 25 Page II. 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