Singapore Poised to Meet Bogor Goals by 2010
Singapore is on track to meet the Bogor goals by 2010, according to analysts, reviewing Singapore's Individual Action Plan (IAP) before APEC Senior Officials.
This they attribute to Singapore's liberal trade and investment regime as well as continuous economic reform - notably deregulation. The result is a business environment that is "...market-driven, supportive of entrepreneurship and consistent with international best practices. It has a regulatory investment environment rooted in clarity, fair competition and sound business practices and recognizes that deregulation is a continuous process if Singapore is to become and remain the Asian hub for business."
Singapore has few resources other than human capital. Since independence, it has evolved from a low cost manufacturing economy into a knowledge and innovation-oriented economy. Traditionally known for its presence in the electronic market, Singapore has developed a strong presence as a manufacturer of pharmaceuticals and chemicals. And it has been recognized as a strong provider of logistics and transport, biomedical and biotechnology products and digital media services.
Singapore's trade regime reflects its embrace of globalization. Tariffs are applied on only six tariff lines. Non-tariff barriers do not exist except for those consistent with WTO rules related to universal public policy interests of health, safety and security. Its customs regime is a model of transparency and makes a major contribution to the achievement of APEC's trade facilitation objectives. In the areas of standards and conformity, the Singapore practice is to adopt international standards where possible and use them as a basis for the development of Singapore standards.
Singapore's liberal investment regime actively promotes domestic and foreign investment by supporting policies which are predictable, transparent and market friendly. This also enhances Singapore's attractiveness to investors. There are an approximate 34,500 international companies and 161,000 Small and Medium Enterprises (SMEs) in Singapore. Of 7,000 Multinational Corporations (MNCs), 60 percent have their regional/global headquarters in Singapore.
Each of APEC's 21 member economies is required to undergo periodic analysis of its progress in realizing the Bogor goals (free and open trade and investment by 2010 for developed economies and 2020 for developing economies).
Analysts' full report will be available online after the Senior Officials' Meeting on 23 August 2008: http://www.apec.org/Meeting-Papers/Ministerial-Statements/Trade/2008_trade.aspx?t=1