Singapore receives high praise at APEC Peer Review

SINGAPORE RECEIVES HIGH PRAISE AT APEC PEER REVIEW 

Lima, Peru, 22 August 2008 –Singapore is a "star APEC performer” and “on track to meet the Bogor goals” of free and open trade and investment by 2010, according to experts reviewing Singapore’s Individual Action Plan before APEC Senior Officials.

According to the Study Report of the 2007 Individual Action Plan Peer Review of Singapore, Singapore has made rapid progress towards the Bogor goals in all categories, which has placed Singapore at the forefront of APEC economies. The report said that Singapore takes justifiable pride in a 40-year development strategy that has enabled the economy to move up the value chain by adopting measures to respond to the changing global economy. The Singapore economy has demonstrated resilience to changing global economic conditions, underwritten by pragmatic policy responses and continuous economic reform.

The report said that Singapore has consistently punched above its weight in the conduct of WTO business and the evolution of the Doha negotiations. Singapore’s trade regime reflects its embrace of globalization. Singapore also has one of the most liberal services regimes in the world. Singapore’s liberal investment regime and predictable, transparent and market friendly policies have enhanced Singapore’s attractiveness as an investment destination. Singapore is also one of the most open economies for the movement of business people.

The report highlighted that transparency, integrity and trust pervade Singapore’s system and culture of governance. Its regulatory environment is rooted in clarity, fair competition and sound business practices. Even so, Singapore’s government constantly seeks to improve operating laws and regulations to ensure that the business environment is market-driven, supportive of entrepreneurship and consistent with international best practices

Mr. Ravi Menon, 2nd Permanent Secretary of the Singapore Ministry of Trade and Industry and leader of the Singapore delegation for the APEC Peer Review, said in his opening remarks that while Singapore was one of the freest, most open and most competitive economies in the world, it was not immune to challenges posed by globalization, which included the rapid transmission of external shocks to the domestic economy, strong competition from lower-cost producers, vulnerability of low skilled workers and growing income inequality. Mr. Menon explained that Singapore’s response to the challenges of globalization was to maintain a sound and conducive macroeconomic environment, build new capabilities like R&D, strengthen competition and promote enterprise, accelerate services liberalization and create an opportunity society. This had opened pathways for Singapore to achieve the APEC Bogor Goals.

Each of APEC’s 21 member economies is required to undergo periodic analysis of its progress in realizing the Bogor oals of free and open trade and investment.

The media release of the APEC Secretariat on Singapore’s Individual Action Plan is attached. The experts’ full report will be available online after the Senior Officials’ Meeting on 23 August 2008:

http://www.apec.org/redirect/2008_iap_sg.html

 MINISTRY OF TRADE AND INDUSTRY

23 AUGUST 2008