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Trade Policy Review of Sinigapore
Geneva, 14th July 2008
Statement by Pakistan
Mr. Chairman,
Let me join others in extending a very warm welcome to the honorable delegates from Singapore led by Mr. Ravi Menon, 2nd Secretary of the Ministry of trade and Industry, for their 5th Trade Policy Review; and in appreciating their excellent presentation on their economic performance during the last four years. We are also thankful to the Secretariat for their usual commendable work; and extend our appreciation to Ambassador Shinichi Kitajima for his constructive evaluation of one of the most significant economies of South Asia, as a discussant.
Mr. Chairman,
Reviewing economic environment and trade policies of Singapore is good news all around. While most of the rest of the world is passing through various crises, Singapore is a bright spot on world’s map. Whether one looks at the performance of its manufacturing, services, or its overall GDP growth and resulting effective full employment, it is a very enviable story.
Singapore is seen as the most promising regional trading house and trans-shipment hub, home to various multi-national corporations; a source of creating value added technology; a strong player of world’s financial and insurance services; and a nation with great potential of generating enough capital for investment abroad. Fully functional e-governance cuts all the costs of doing business in Singapore. High priority on R&D to the extent of allocating over 2.5 % of its GDP resources speaks for itself, resulting in a gradual shift from using technology to creating one; thereby deepening technology base and strengthening knowledge-based manufacturing and services clusters.
Mr. Chairman,
Pakistan enjoys very cordial political as well as economic relations with Singapore. Though our bilateral trade remained somewhat stagnant around US$ 600 million, the Singaporean re-exports worth US$ 727.8 million took the total trade figure to nearly US$ 1.35 billion. With the taking over of Pakistan’s deep sea port at Gwadar by the “Port of Singapore Authority” (PSA) last year, the two nations are expecting greater expansion of mutual trade; with complementing investment opportunities in Gwadar free trade zone. The two sides are currently negotiating bilateral free trade deal to institutionalize the future trade gains. The negotiations focus on trade in goods, rules of origin, trade in services, investment, government procurement and customs procedures.
While Singapore deserves appreciation for its zero tariff regime on most of the tariff lines, some 30.4 % of which are still not bound. Despite the degree of unpredictability, though Singapore has not increased any tariff during the review period; yet we feel that it would be appropriate for Singapore to reconsider such policies to match correctly with its otherwise glittering face value.
Mr. Chairman,
On Doha Round negotiations, Singapore has enjoyed a leadership role. Through leading a significant group of countries on NAMA, Ambassador Karen Tan has made a very significant contribution to NAMA negotiations. Singapore has also had a major role for achieving an ambitious result in liberalization of services, improvements to the anti-dumping rules, aid-for-trade and many other areas. She is leading a very competent team and there is wide-spread appreciation for their contribution. With this, Mr. Chairman, we wish Singapore a successful trade policy review.
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