Singapore to ally with WTO initiative on services domestic regulation
The initiative aims to improve the overseas service exports environment.
In a speech dated September 22, Lee Chuan Teck, Permanent Secretary (Development) at the Ministry of Trade and Industry announced Singapore’s entrance into the World Trade Organization Joint Statement Initiative (JSI) on Services Domestic Regulation.
This was delivered at Singapore’s eighth Trade Policy Review, held at the World Trade Organization in Geneva, Switzerland. The delegation is led by Lee and is accompanied by officials from MTI.
In his speech, Lee focused on how open Singapore is with the support of this initiative.
“I am pleased to announce that Singapore will join the JSI on Services Domestic Regulation. We have taken time to review our regime and are ready to actively participate in the discussions. We will be submitting our draft schedules shortly and look forward to working closely with participants to substantially conclude this initiative at Ministerial Conference 12.”
Covered under the JSI are guidelines to improve the overseas business environment for Singapore’s service exporters. Transparency through various methods, such as responding to enquiries and the publishing of information on authorisation requirements and processes are also included.
Other WTO members will also be able to comment and question Singapore’s trade and economic policies.