Singapore slated for 6th WTO trade policy review

The trade delegate heading to Geneva plans to re-assure the body of the country's continued openness despite economic uncertainty.

“Since Singapore’s last Trade Policy Review (TPR) four years ago, the global economic environment has become even more challenging," said Mrs Ow Foong Pheng, Permanent Secretary for Trade and Industry, who will lead the Singapore delegation.

"At the review, we will highlight that Singapore remains committed to keeping our markets open and working with other World Trade Organization (WTO) Members to keep markets open for our businesses. The rules-based trading system under the WTO is important as it creates certainty for businesses," she said.

Mrs Ow will be accompanied by other officials from the Ministry of Trade and Industry (MTI), Ministry of Finance, Attorney-General’s Chambers and Economic Development Board.

The TPR review takes place every four years for Singapore, with the last one conducted in 2008. At each review, economies will respond to questions raised by other WTO Members with regard to their trade and economic policies, according to MTI.

Through the TPR, the delegate also plans to promote private sector interest in trade and investment opportunities that Singapore offers. The global business community uses the TPR will be made updated on key developments in Singapore’s trade and business regimes.

According to the Ministry of Trade and Industry, all WTO Members undergo periodic reviews "with the aim of ensuring the transparency and coherence of their national trade and related economic policies."

Singapore’s sixth TPR will be held at the World Trade Organization (WTO) in Geneva, Switzerland from 24 to 26 July 2012.