Trade policy review of WTO: Singapore

13.08.2012

The sixth review of the trade policies and practices of Singapore takes place on 24 and 26 July 2012. The basis for the review is a report by the WTO Secretariat and a report by the Government of Singapore.

According to the results, Singapore was praised as one of the most open and liberal economies in the world and the easiest country in which to do business (recall that according to the rating of the World Bank's Doing Business 2012 Singapore takes pride of first place).

Despite the fact that since 2008 to 2011years in Singapore was the unprecedented global economic crisis, the state conducts long-term economic reforms aimed to improve productivity, innovation and strengthening the social infrastructure.

Also the review notes, that  thanks for providing a countercyclical fiscal stimulus (S$20.5 billion in 2009), monetary easing, strong economic fundamentals, and labour market flexibility the state not only recovered quickly, but with great success is closer to becoming a major financial centre.

Singapore is a major recipient of FDI, with annual inflows averaging almost US$25 billion since 2007.  Restrictions on foreign direct investments are maintained in a few sectors, including broadcasting/news media, legal services, and retail banking. Singapore actively encourages investment through an array of tax and non-tax incentives.

Moreover, Singapore continues to liberalize trade in the framework of bilateral and regional agreements. Since 2008, six new free trade agreements in force, of which four regional agreements concluded within the framework of ASEAN and the two bilateral agreements.

Thus, Singapore only got top marks for a reasonable trade policy and open economy with excellent opportunities.

Expert’s opinion

After results conducted by the WTO there is no doubt in the potential of Singapore to become a financial centre, not only in Asia but around the world. As we can see, Singapore rapidly moving in the right direction, not only increasing the investment attractiveness, and strengthening internal social system.


Singapore’s authorities behold the root, acting not only in one direction, but covering all aspects that contribute to the economic development of the state. So, it includes the adoption of new laws, a growing number of agreements to avoid double taxation and free trade agreements, as to the progress and improvement of the stability of the banking sector, and the market liberalization of the communications.


Agree great news for every businessman. And if you do not have business in Singapore, please contact us. We are always happy to help in registration of companies in Singapore!

On the basis: http://www.wto.org

Natalie Dambieva ( the paralegal of Moscow office of Honest & Bright )