RESTRICTED
WORLD TRADE WT/TPR/S/14
7May1996
ORGANIZATION(96-1860)
TRADE POLICY REVIEW
SINGAPORE
Report bytheSecretariat
Thisreport, prepared forthesecond Trade Policy Review ofSingapore, hasbeendrawn
upbytheWTO Secretariat onitsownresponsibility. TheSecretariat has,asrequired
bytheAgreement establishing theTrade Policy Review Mechanism (Annex 3ofthe
Marrakesh Agreement Establishing theWorld Trade Organization), sought clarification
from theGovernment ofSingapore onitstrade policies andpractices.
Document WT/TPR/G/14 contains thepolicy statement submitted bytheGovernment of
Singapore.
Note: Thisreport issubject torestricted circulation andpress embargo untiltheendofthemeeting
oftheTrade Policy Review Body onSingapore.Singapore WT/TPR/S/14
Page iii
CONTENTS
Page
SUMMARY OBSERVATIONS xi
I. RECENT ECONOMIC PERFORMANCE 1
(1) Introduction 1
(2) Recent Developments andConstraints onGrowth 1
(3) Macroeconomic Policies 7
(4) Balance ofPayments andExchange Rate 11
(5) Trade Performance 12
(6) Outlook 16
II. TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES 17
(1) General Framework 17
(2) Structure ofTrade Policy Formulation andImplementation 17
(i) Legislative andExecutive branches ofGovernment 17
(ii) Advisory andreview bodies 20
(3) Trade Policy Objectives 20
(i) General trade policy objectives 20
(ii) Singapore andtheUruguay Round 21
(4) Trade Laws andRegulations 21
(5) Trade Agreements 22
(i) Multilateral agreements 22
(ii) Bilateral agreements 22
(iii) Preferential trade 23
(iv) Regional co-operation 24
III. TRADE-RELATED ASPECTS OFINVESTMENT POLICIES 26
(1) Foreign Direct Investment: General Policy Direction 26
(2) Legal Framework ofForeign Direct Investment 27
(3) Trends inInward andOutward Foreign Direct Investment 29
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Page
IV. TRADE POLICIES AND PRACTICES BYMEASURE 33
(1) Overview andRecent Developments 33
(2) Measures Directly Affecting Imports 33
(i) Registration, documentation 33
(ii) Tariffs andsurcharges 34
(iii) Tariff quotas 38
(iv) Other levies andcharges 38
(v) Preshipment inspection 38
(vi) Customs valuation 38
(vii) Import prohibitions 39
(viii) Import licensing 40
(ix) Import quotas 40
(x) Import surveillance 40
(xi) State trading 40
(xii) Import cartels 41
(xiii) Countertrade 41
(xiv) Standards andother technical requirements 41
(xv) Government procurement 45
(xvi) Local-content requirements 48
(xvii) Rules oforigin 48
(xviii) Trade remedies 48
(ixx) Balance-of-Payments measures 48
(xx) Free-trade zones 48
(xxi) Other measures 49
(3) Measures Directly Affecting Exports 49
(i) Export taxes, charges andlevies 49
(ii) Export prohibitions 49
(iii) Export licensing 50
(iv) Export restraints 50
(v) Export cartels 50
(vi) Voluntary restraints 50
(vii) Export subsidies 50
(viii) Duty drawback 51
(ix) Corporate taxconcessions 51
(x) Export finance 52
(xi) Export insurance andguarantees 52
(xii) Export promotion, marketing assistance 52
(xiii) Export performance requirements 52
(xiv) Export processing zones 52
(xv) Other measures 52
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Page
(4) Measures Affecting Production andTrade 54
(i) Investment promotion 56
(ii) Structural adjustment 56
(iii) Assistance forresearch anddevelopment 59
(iv) Production subsidies andtaxconcessions 59
(v) Competition policy 60
(vi) Price control 61
(vii) Regional assistance 61
(viii) Other measures 61
(ix) Enforcement ofintellectual property rights 62
V. TRADE POLICIES AND PRACTICES BYSECTOR 65
(1) Overview 65
(2) Agriculture andfisheries 65
(i) General features 65
(ii) Livestock anddairy farming 67
(iii) Crops andother vegetable products 68
(iv) Fishandfishproducts 69
(v) Tobacco andbeverages 69
(vi) Other agricultural products 70
(3) Manufacturing 70
(i) General features 70
(ii) Petroleum refining andpetroleum products 71
(iii) Rubber 72
(iv) Chemicals 72
(v) Textiles andclothing 73
(vi) Electronics 75
(vii) Transport equipment 77
(viii) Other manufactured articles 77
(4) Services 78
(i) General features 78
(ii) Tourism 80
(iii) Transportation 81
(iv) Telecommunications andaudiovisual services 87
(v) Banking, insurance, finance andother financial services 90
(vi) Professional services 98
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Page
VI. TRADE DISPUTES AND CONSULTATIONS 101
(1) General Framework 101
(2) Dispute Settlement under GATT 1994 101
(i) Complaints against Singapore 101
(ii) Complaints bySingapore 101
(iii) Third party interests
(3) Other Disputes 102
REFERENCES 103
APPENDIX TABLES 108
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CHARTS
Page
I. RECENT ECONOMIC PERFORMANCE
I.1 Trade ingoods andservices/GDP, 1985-94 4
I.2 Government revenues, 1989 and1995 10
I.3 Prices andmoney supply (M1) changes, 1985-94 10
I.4 REER, import andexport volume indices, 1985-94 11
I.5 Product composition ofSingapore trade, 1990 and1995 13
I.6 Direction ofSingapore 'strade, 1990 and1995 15
I.7 Intra-industry trade byregion, 1985-94 16
II. TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES
II.1 Co-ordination oftrade andtrade-related policies inSingapore 18
II.2 Organizational structure oftheMinistry ofTrade andIndustry inSingapore 19
V. TRADE POLICIES AND PRACTICES BYSECTOR
V.1 Organization structure oftheMinistry ofCommunications 82
V.2 Number ofpassengers atChangi airport, 1984-94 86
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TABLES
Page
I. RECENT ECONOMIC PERFORMANCE
I.1 Basic economic andsocial indicators 2
I.2 Economic performance, 1980-1984 3
I.3 Balance ofPayments, Singapore 1985, 1990-1995 12
III. TRADE RELATED ASPECTS OFINVESTMENT POLICIES
III.1 Netforeign direct investment commitments inmanufacturing intoSingapore,
byorigin, 1989-1984 29
III.2 Netinvestment commitments inmanufacturing byindustry, 1989-1994 30
III.3 Foreign direct investment flows outofSingapore, bycountry, 1990-1993 31
III.4 Foreign direct investment flows from Singapore, byindustry, 1990-1993 31
IV. TRADE POLICIES AND PRACTICES BYMEASURE
IV.1 Imports, import taxandGovernment taxrevenues, 1985-1995 35
IV.2 Profile ofdifferent types oftariffs used bySingapore, 1995 35
IV.3 Import value ofdutiable items, andcustoms andexcise duties for1995 36
IV.4 Number oftariff lines under theCommon Effective Preferential Tariff (CEPT) 37
IV.5 Imports under tariff concessions, 1990-94 38
IV.6 Goods whose import isprohibited 39
IV.7 Value ofgovernment procurement contracts inSingapore, 1990-1994 47
IV.8 Government procurement contracts inSingapore bycountry oforigin, 1994 47
IV.9 Exports under theGeneralized System ofPreferences from Singapore, 1990-95 53
IV.10 Trade actions affecting Singapore 'sexports, 1995 54
IV.11 Sums approved tosupport local enterprises inSingapore, 1987-93 61
V. TRADE POLICIES AND PRACTICES BYSECTOR
V.1 Employment bysector, 1985 and1990/June 1995 66
V.2 Basic statistics foragriculture andfisheries, 1980, 1985 and1990-1994 68
V.3 Basic statistics formanufacturing, 1990-1995 71
V.4 Petroleum trade, 1980 and1990-1995 71
V.5 Chemicals trade, 1985 and1990-1995 73
V.6 Textiles andclothing trade, 1980, 1985 and1990-1995 74
V.7 Domestic production ofelectronic products, 1985 and1990-1992 75
V.8 Singapore 'smain electronics andelectrical machinery exports byproducts, 1985 and1990-1995 76
V.9 GATS listofm.f.n. exemptions 79
V.10 Contribution oftourism tothebalance ofpayments 1985 and1990-1994 80
V.11 Transportation statistics, 1980, 1990 and1992-1995 84
V.12 Basic statistics fortelecommunications, 1985 and1990-1994 88
V.13 Performance statistics ofSingapore Telecom, 1985-1992 88
V.14 Basic statistics forfinancial services, 1985 and1990-1995 91
V.15 Statistics forinsurance companies, 1985 and1990-1994 94
V.16 Assets ofinsurance companies, 1990-1995 95
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Page
V.17 Performance oftheStock Exchange ofsingapore (SES), 1990-1995 96
V.18 Turnover intheSingapore International Monetary Exchange, 1990-1995 96
APPENDIX TABLES
AI.1 Imports intoSingapore byproduct category, 1980, 1990 and1992-1995 108
AI.2 Exports from Singapore byproduct category, 1980, 1990 and1992-1995 109
AI.3 Singapore 'sintra-industry trade withtheworld, 1985, 1990 and1994 110
AIII.1 FDI/GDP Ratios forrapidly industrializing countries, 1989 and1991 111
AIV.1 Leading imports intoSingapore, 1995 112
AIV.2 Dutiable products inSingapore, 1995 113
AIV.3 Products covered bynon-automatic licensing 114
AIV.4 Products covered byautomatic licensing 115
AV.1 Products subject toimport/export approval inSingapore 116
AV.2 Selected characteristics ofmajor manufacturing industries, 1992
AV.3 Expected fixed assets perworker andvalue added perworker ofnewinvestment
commitments byindustry, 1990, 1992 and1994 117
AV.4 Ranking ofSingapore industries byselected indicators, 1992 118
AV.5 Visitor arrivals bycountry ofresidence, 1980, 1990 and1992-1995 119
AV.6 Hotel statistics andfood andbeverage revenue, 1985 and1990-1995 120
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SUMMARY OBSERVATIONS
(1) Singapore inWorld Trade
1. Singapore 'scontinuing rapid economic
development overthepastfouryears owesmuch
toitsopen trade régime, prudent, clearly
directed economic management anditsposition
inthecentre ofadynamic regional market.
Political stability and awell-developed
infrastructure combine withveryhighrates of
savingsandinvestmentandattractiveinvestment
incentives tomake theeconomy oneofthe
strongest intheworld.
2. Economic growth hasaccelerated since
1992, withrealGDPincreasing byover10per
cent ayear during 1993 and1994 and
unemployment atless than 3percent.
Substantial budget surpluses andahighprivate
savings rateunitetogiveaconsiderable excess
ofsavings overdomestic investment; thisis
counterbalancedbygrowingoverseas
investments. Taxpolicy seeks tolower income
taxrates andminimize disincentives while
attracting foreign investment through tax
concessions. Prudent monetary policy andthe
appreciatingSingaporedollarhavekeptinflation
low,despite rising unitlabour costs. Ledby
external demand, Singapore 'sratiooftrade in
goods andservices toGDP hasgrown strongly
overthelastdecade, andnowexceeds 500per
cent. Export-oriented manufacturing and
services havebeenthetwoengines ofgrowth.
3. Themain constraints onSingapore 's
expansion continue tobeitssizeandlimited
resources. Strong economic growth hasledto
rising costs ofproduction suchasrentals and
labourcosts.Theauthorities,whoregardarate
of7to8percentasSingapore 'slong-term real
potential, areacting toovercome these
bottlenecksinvariousways,includingpromotion
ofeducation andtraining, employment ofmore
part-timers andolder persons, encouragement
ofresearch and development toupgrade
technology, and reclamation and other
infrastructural work.4. Singapore 'scurrent account hasbeen
insurplus since1988; thetrade deficit hasbeen
financed byasurplus onservices account,
mainly from travel andshipping receipts,
financial transactions and netinvestment
income. International reserves haveincreased
steadily. Inrecent years, theshare ofmineral
fuelsintotaltrade hasdecreased, while those
ofelectronic products andcomponents have
grown. Theshare ofintra-industry trade inthe
totalincreased from56percentin1985 to72
percentin1994, reflecting thegrowth ofthe
electronicsandelectricalengineeringindustries.
ASEAN isSingapore 'slargest export market,
accounting for28percentofitstotalexports
in1995; two-way cross-border trade with
Malaysia hasgrown significantly.
(2) Legal andInstitutional Framework
5. Singapore hasaparliamentary system
ofGovernment, with executive authority
exercised bytheCabinet, chaired bythePrime
Minister. Policy formulation isundertaken by
theMinistries, withadvice andmany aspects of
policy execution channelled through statutory
boards linked tomain ministries. TheSenior
Minister advises Ministers onanyofthesubjects
under theircharge.
6. TheMinistry ofTrade andIndustry
(MTI) ismainly incharge oftheformulation of
trade policy; theSingapore Trade Development
Board (TDB) isresponsible for the
implementation oftrade policies and
programmes fortrade development, while the
Economic Development Board implements
policies oninvestment incentives. The
Department ofCustoms andExcise, under the
Ministry ofFinance, administers thecollection
ofduties oninternational trade andexcise
duties. Service-related policies aredivided
among anumber ofMinistries andstatutory
boards, although theMTIandtheTDBarethe
co-ordinating agencies fornegotiations under
theGATS. Awell-established structure exists
forregular consultation oneconomic andtrade
policiesbetweentheGovernmentandtheprivate
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sector; apanel ofleading international
businessmen,theInternationalAdvisoryCouncil
(IAC) wasformed in1995 toadvise the
Government oneconomic strategy.
(3) Trade Policy Features andTrends
(i) Multilateral trade policies
7. Singapore isafounding member ofthe
WTO, andplayed aleading rôleintheUruguay
Round negotiations. Although mostgoods enter
dutyfree,previously almost noindustrial tariffs
werebound; asaresult oftheUruguay Round,
Singapore hasincreased itstariffbindings from
0.5tonearly 70percentoftariff lines. The
simple average ofbound ratesacross allsectors
is7.4percent. Singapore 'sbindings on
industrial products willincrease fromnearzero
to65percentofalllines, anditsaverage bound
rateonindustrial products, onatrade-weighted
basis, willdecline from12.4to5.1percent.
8. Singapore intends toimplement the
TRIPS andCustoms Valuation Agreements
within thepermitted transition period for
developing countries. Thus, forSingapore,
obligations under these Agreements willcome
intoforceinJanuary 2000. Singapore provides
both civil and criminal avenues forthe
enforcementofintellectualpropertyrights.Civil
remedies may besought incourt atthe
discretion oftheintellectual property right
owners. Thepolice assist intellectual property
right owners toexecute search warrants in
copyright andtrade-mark cases torecover
incriminatingevidence.Singaporeisnegotiating
accession tothePlurilateral Agreement on
Government Procurement.
9. Inpractice, Singapore largely pursues
freetrade ingoods. Since thelastreview, with
effect fromJanuary 1994, import duties on406
items were abolished. Currently, more than
98percentoftariff lines inSingapore have
duty-free treatment; only liquor, tobacco,
petroleum products andmotor vehicles are
dutiable.Theshareofcustomsandexcisedutiesingovernment taxrevenue decreased to8.4per
centin1994.
10. Import licensing andcontrol provisions
aremaintained mainly todischarge Singapore 's
obligations under international commitments or
forpublic health, environmental, andsecurity
considerations. Imports ofproducts subject to
import licensing in1994amounted to6percent
ofthetotal.
11. Standardsandstandard-settingprocesses
areinlinewiththose practised internationally.
Stringentsanitaryandphytosanitaryregulations
aremaintained tosafeguard Singapore 's
sanitary status. Government procurement
guidelines donotprovide fordomestic
preferences, except those agreed under the
ASEAN Preferential Trading Arrangements.
Singapore doesnotmaintain anylocal-content
schemes.
12. Singapore doesnotimpose anyduties
onexports. Export control measures aremainly
enforced forpublic health, security and
environmental considerations ortofulfil
international commitments. Singapore also
currently maintains four bilateral export
restraints covering textiles andclothing.
13. Duty drawbacks are not used.
Corporate taxconcessions maybegranted to
exports bymanufacturing and service
companies. Though theMonetary Authority of
Singapore provides assistance through a
rediscountingschemetoexportersforshort-term
financing, thisisnotamajor component of
export financing. Noexport credit guarantees
orinsurance schemes aremaintained; nordoes
Singaporeimposeexportperformance
requirements. Topromote exports, theTDB
provides information onmarket intelligence and
business opportunities toSingapore exporters.
Singapore benefits fromGSPtreatment mainly
intheEU, Japan andCanada; in1995,
Singapore exported goods worth about
US$4.5 billion under preferences provided
through theGSP, more thandouble thelevel
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of1990. Singapore isamember oftheGSTP.
Some ofSingapore 'sexports have alsobeen
subject totrade remedy actions incertain
overseas markets.
(ii) Regional trade policies
14. Singapore isamember ofASEAN,
whose members agreed in1992toestablish the
ASEAN Free Trade Area (AFTA) by2008
(subsequently,in1995,acceleratedto2003)and
introduced theCommon Effective Preferential
Tariff (CEPT) in1993 asthecoremechanism
forimplementing AFTA. Origin criteria to
qualify fortariff preferences under theCEPT
Scheme require aminimum of40percent
ASEAN content. Thecoverage ofAFTA hasalso
been expanded toinclude unprocessed
agricultural products andASEAN economic
cooperation hasbeenextended tothefields of
services andintellectual property.
15. SingaporeisalsoamemberoftheAPEC
Forum. Under the1994 Bogor Declaration,
APEC istoachieve fullandopen trade and
investment intheregion by2020. TheAPEC
Osaka summit meeting in1995 resulted inthe
announcement ofspecific "down-payments" of
initial actions toliberalize andfacilitate foreign
trade andinvestment.
(iii) Trade andinvestment policies
16. Singapore 'srapid economic growth has
been assisted bymassive foreign direct
investment inflows; in1993, foreign-owned
companies accounted forabout 85percentof
direct exports ofthemanufacturing sector. Tax
andnon-tax incentives aregranted toforeign
andlocalfirms alike. Singapore lawgenerally
makes nodistinction between domestic
investment andforeign investment; however,
limitations onforeign ownership exist in
telecommunications, financial services andthe
national airline.
(iv) Sectoral policiesAgriculture
17. Agricultureisofverylimitedsignificance
totheSingapore economy, representing only
0.2percentofGDP. Approximately 90per
centoffoodconsumed inSingapore isimported.
In1995,food,beveragesandtobaccoaccounted
for4percentoftotal imports. Tariffs are
imposed ontobacco products andliquor only.
With theexception ofrice, there areno
quantitative import, export ordomestic sales
controls onagricultural products; however,
Singapore maintains asystem ofstrict sanitary
andphytosanitary requirements implemented
through import licensing.
Industry
18. Themanufacturing sector performed
robustly during the1990s, increasing itsshare
ofGDPtosome25percent,withtrade growing
slightly faster thanproduction. Inthefaceof
increased labour costs, lower value-added
activities havebeengiving waytohigher value-
added ones, while labour-intensive operations
havegradually moved overseas tolower labour
costcountries. Overall industrial performance
wasboosted bystrong growth inelectronics,
withincreasing intra-industry trade.
19. Major manufactured exports are
electronics, petroleum products andparts for
officeandtelecommunicationsequipment.Most
manufactures areimported dutyfree; only
motor vehicles andmotor cycles aredutiable.
Themain imports areelectronic components,
crude petroleum, dataprocessing machines and
telecommunication equipment. Imports ofcrude
petroleum accounted for6percentofthetotal
andpetroleum products represented 8percent
ofmerchandise exports. Trade in
petrochemicals, seen asakeysector in
Singapore 'sfuture manufacturing development,
increased continuously intheearly 1990s,
representing approximately 6percent of
merchandise trade in1994. During the1990s,
textileimportshaveoutpacedtextileexports,and
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theearlier surplus inclothing trade became a
deficit in1994.
20. Theauthoritieshaveselected
14industrialclusters,comprisingmorethantwo
thirds ofGDP, forinvestment instrategic
projects. Many government agencies or
statutory boards act, through their own
investments insome activities, ascatalysts to
industrial development intheclusters. The
Skills Development Fund provides financial
incentives toemployers forthedevelopment of
skills andexpertise. TheTask Force on
InstitutionalReformforProductivityandQuality
Improvements wassetupin1995 topromote
greater productivity andquality.
21. Assistance, largely given through tax
incentives, islargely aimed atsupporting new
projects leading totechnological development
orhigher value-added activities. Companies
with pioneer status maybeexempted from
corporate taxforaperiod offivetotenyears.
Asapost-pioneerincentive,areducedcorporate
taxrateof15percentmaybegranted fora
further10years.Loansandtechnicalassistance
areextended tosmall andmedium-sized local
enterprisestopurchasemachineryandpremises.
Price controls apply towater andbasic
telecommunications.
Services
22. Servicescontributemorethan
60percenttoSingapore 'sGDP. Their overall
growthhasbeenunderpinnedbyrapidexpansion
offinance, transport andtelecommunications.
These sectors havealsoledproductivity growth;
value-added peremployee inthefinancial sector
wasthree times theaverage in1994, while that
intransport and telecommunications was
1.6times theaverage.
23. Singaporeisamajortouristdestination;
thebalance oftravel hasrecorded continuous
surpluses overthepastdecade, though theshare
ofthissurplus inGDP decreased during the
early1990s. Thecontribution oftransport andcommunicationstoGDPbetween1990and1994
wasapproximately 12-13 percentonaverage.
Singapore hasoneofthebestportfacilities in
theworld, andisdeveloping rapidly asan
aviation and maritime hub; continual
improvements arebeing made toharbour
facilities andcustoms clearance provisions.
There arenorestrictions onforeign equity
participation intheshipping sector; nordoes
Singapore apply anyrestrictive trade policy
instruments tomaritime services norany
subsidies tothedomestic shipping industry. No
preferential treatment isgranted toeither
domestic orforeign carriers andthere areno
obligations ondomestic operators toemploy
specified carriers forspecified transport. Air
trafficregulations,includingfarestructures,are
also relatively liberal, subject tobilateral
agreements. Toalleviate domestic landtraffic
congestion, theGovernment regulates private
vehicle numbers through ownership measures
suchastheVehicle Quota System.
24. Provisionoftelecommunicationservices
isinmost cases subject tolicensing bythe
Telecommunications Authority ofSingapore.
Alltelecommunicationservicesregardedasvital
inpromoting industry, infrastructure and
businesses aresubject toregulatory price
control. Under itspublic telecommunication
operator 'slicence,SingaporeTelecommuni-
cations, privatized inOctober 1993, hasthe
exclusive right toprovide certain basic
telecommunicationservicesforawhile.Foreign
shareholding inSingapore Telecommunications
islimited to40percent; fortelecommunication
services inwhich competition has been
introduced, theTASalsolimits foreign equity
participation to49percent.
25. Financial services accounted for
12percentofGDP in1993. TheMonetary
Authority ofSingapore (MAS) isresponsible for
theformulationoffinancialservicespoliciesand
regulation ofthesector. There isamarked
dichotomy between thetreatment ofdomestic
banking andinsurance, where nonewentrants
arepermitted, and theliberal treatment
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Page xv
accorded tooffshore operations. Theprior
approval oftheMASisrequired foracquisition
ofshareholdings of5percentormore inbanks
incorporated inSingapore; asingle orrelated
group offoreign shareholders mayonlyholdup
to5percentofalocal bank'sshares, while
aggregate foreign ownership ofdomestic banks
islimited to40percentandinlocally owned
finance companies to20percent. Foreigners
mayownupto49percentofmoney-changing
andremittance businesses; however, thereisno
limit onforeign ownership ofmoney-broking
companies. Foreign firms may have
international membership intheStock Exchange
ofSingapore with100percentforeign equity.
26. ThePublic Accountants 'Board of
Singapore recognizes themajor professional
qualifications foraccountants andactuaries.
Foreignseafarersholdingvalidandappropriate
certificates issued bytheir countries are
permitted toserve onSingapore-registered
vessels. Some professional service providers
such asengineering, land surveyors and
architects mayapply forregistration inthe
appropriate boards inSingapore.
(v) Emergency measures
27. Noimport relief hasbeengranted inthe
formofsafeguards orcountervailing measures.
Anti-dumping duties were imposed onthe
imports ofcertain steelreinforcing barsfrom
Malaysia andTurkey in1995.(5) Trade Policies andForeign Trading
Partners
28. Singapore isalready atalevel
comparable tomany developed economies in
terms ofGDPpercapita, andgrowth ofGDPis
among thehighest intheworld. Inthe1990s,
Singapore aims tofurther develop the
population'seducationandskilllevel,rangeand
sophistication ofeconomic activities, and
improve thelevelofproductivity andstandard
ofliving. Toachieve thisgoal, theGovernment
planstoinvestheavilyineducation,trainingand
re-training andaimstoraisetheproportion of
theyoung agegroup with post-secondary
training to85percent bytheyear 2000.
Singapore iscurrently studying theissue of
accession totheOECD.
29. Foreign trading partners havebenefited
fromSingapore 'sopenandnon-discriminatory
trade régime. Theincreased tariff bindings
agreed intheUruguay Round areanadded
guarantee ofaccess toSingapore 'smarket.
Withveryhighreliance oninternational trade,
Singapore 'seconomic performance remains
crucially dependent onanopenandpredictable
international environment. Accordingly,
Singapore 'seconomy stands tobenefit fromthe
strengthened trade rules and import
liberalization measures established under WTO
provisions.
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