Singapore Described as a Model APEC Citizen in Independent Report
"Singapore should be congratulated for its considerable achievements since 1996 towards achieving the APEC Bogor goals" is how an independent expert has summed up Singapore's pursuit of APEC free trade and investment goals.
The report went on to describe Singapore as a "model APEC citizen" in the implementation of its individual plan (IAP) and collective action plans (CAPs) to achieve its APEC goals. IAPs and CAPs serve as a roadmap for APEC economies to achieve the Bogor Goals of free and open trade and investment in the APEC region. These Goals were established at a meeting of APEC Leaders in Bogor, Indonesia, in 1995.
In his conclusion, the report's author, Mr. Chen Wenjing, said Singapore set an example for others as it aimed to achieve its APEC goals in 2010 which is ten years ahead of schedule.
"Singapore has been fully implementing its WTO commitments and actively participating in the process of achieving free and open trade in the APEC region. In the area of trade in goods, Singapore maintains a very liberal regime, with 99.9% of the tariff lines entering Singapore duty free.
"Singapore remains relatively free of trade barriers and does not make use of non-tariff measures inconsistent with the WTO agreements. The non-tariff measures are applied mainly for public health, safety, security and the environment, or for fulfilling international obligations."
Mr. Chen also drew attention to Singapore's efforts to deal with the challenges posed by globalization.
"Singapore faces major domestic and external challenges in the changed world," Mr. Chen said in the report.
"In response to the challenges and to remain a dynamic economy, immediate measures and long term strategies have been and are being undertaken to cope with uncertainties and reposition the economy to be a leading global city and a hub of talent, by lowering cost, training people, reforming tax regime, restructuring economy, giving a full play in 'twin growth engines' of manufacture and services, and expanding external ties."
Summaries of each of the thirteen areas of assessment are now available on the APEC website. The full report will also be available on the APEC website once it has been presented to APEC Senior Officials in Santiago, Chile, on October 4.
Two APEC Member Economies, Singapore and Chinese Taipei, are having their IAPs' reviewed at the current round of APEC meetings in Chile. This process involves a presentation by the Independent Expert to a meeting of Member Economies followed by an opportunity for these economies to question the economy under review on the details of their IAP. The review of Singapore's IAP took place in Santiago today.
The independent expert who oversaw the preparation of the report, Mr. Chen Wenjing, is the Senior Economist and Vice President of the Chinese Academy of International Trade and Economic Cooperation.