Statement by the Republic of Korea At the Trade Policy Review of Singapore
14 July 2008
Thank you, Mr. Chairman,
It is my great pleasure to extend a sincere welcome to the distinguished delegation of Singapore headed by Mr. Ravi Menon, second permanent secretary of Ministry of trade and industry to its fifth trade policy review. Let me express my thanks to Ambassador Shinichi Kitajima for his valuable contribution as our discussant and to the Secretariat for its comprehensive report.
Mr. Chairman,
As strong supporters of the multilateral trading system, Korea and Singapore have long maintained a mutually prosperous economic relationship. Singapore was Korea’s 8th largest trade partner in 2007, with a total bilateral trade volume reaching 19 billion US dollars, a substantial increase since 2005. We are also close partners in terms of bilateral investment. Singapore was the 4th largest investor country to Korea in 2007. We expect that the bilateral FTA, which went into force in March 2006, will further strengthen our economic partnership.
For an economy like Singapore, labeled the world’s freest for many years, Korea’s comments today are largely confined to compliments and words of encouragement.
First of all, I would like to congratulate Singapore for its strong economic growth since the last Trade Policy Review in 2004. The Secretariat report bears witness to Singapore’s openness to international trade and investment as part of its successful economic development strategy. Singapore’s continuing effort to address challenges and problems looming in the process of pursuing globalization through structural reforms is also key to its economic growth.
Second, despite being the most liberalized economy (with a zero percent tariff rate with few exceptions and relatively few non-tariff regime), Singapore has taken even further steps in trade liberalization and other trade-related improvement. In particular, we note with satisfaction the progress made in the area of trade facilitation. In addition, we appreciate the enhanced competitive climate in the service and investment sector, and the elimination of anti-competitive practices by introducing new legislation.
Third, Korea is pleased to note that Singapore has been contributing remarkably to move the DDA negotiations forward, particularly in the area of services and others. Korea
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hopes that Singapore will continue to play an active role in realizing our collective commitment for a successful conclusion of the Doha Round by the end of 2008.
Korea registered only two questions; the first requested detailed information regarding the asset maintenance regime, and the second inquired about plans for easing the registration requirement for foreign architects. We appreciate detailed replies provided by Singapore delegation this morning.
Mr. Chairman,
The openness of the Singapore market, without a doubt, has become a good model for other Members, including developing countries. Korea hopes that Singapore will continue to strengthen its open and transparent trade regime. Let me conclude my remarks by expressing my appreciation to the Secretariat and the Singapore delegation for their hard work in preparing for today’s meeting. I wish the Singapore delegation great success on their TPR.
I thank you, Mr. Chairman.
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