Singapore welcomes WTO deal on services domestic regulation

The initiative is expected to improve the operating environment for SG businesses.

Minister for Trade and Industry Gan Kim Yong welcomed the World Trade Organisations (WTO) conclusion of the joint statement initiative on services domestic regulations which he said will “improve the operating environment for Singapore businesses as they foray into overseas markets.”

In a statement, Gan said the WTO deal will also provide “greater clarity and certainty by streamlining regulations and making requirements transparent.”

“This will help to reduce cost and the administrative burden for companies, especially small and medium enterprises,” he added.

Discussions on the initiative began in 2019 and were concluded on 2 December.

Australian Ambassador George Mina, for his part, said the set of rules on services marked a “historic update” on WTO’s rule book.