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Viewing cable 06SINGAPORE3442, SINGAPORE - 2007 NATIONAL TRADE ESTIMATES

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Reference ID Created Released Classification Origin
06SINGAPORE3442 2006-10-27 11:12 2011-08-25 00:00 UNCLASSIFIED Embassy Singapore
VZCZCXRO2109
RR RUEHCHI RUEHDT RUEHHM RUEHNH
DE RUEHGP #3442/01 3001112
ZNR UUUUU ZZH
R 271112Z OCT 06
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 1698
INFO RUCPDOC/USDOC WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUCNASE/ASEAN MEMBER COLLECTIVE
UNCLAS SECTION 01 OF 11 SINGAPORE 003442 
 
SIPDIS 
 
STATE FOR EB/TPP/BTA 
USDOC FOR JBAKER 
STATE PASS USTR FOR AUSTR WEISEL, JJENSEN AND 
GBLUE 
 
SENSITIVE BUT UNCLASSIFIED 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON ETRD EINV EFIN KIPR ECPS SN
SUBJECT: SINGAPORE - 2007 NATIONAL TRADE ESTIMATES 
REPORT 
 
REF:  STATE 136302 
 
1.  Per reftel instructions, post submits its draft 
chapter on Singapore for the 2007 National Trade 
Estimate Report.  We assume that Washington agencies 
will update the trade and investment data in the 
first three paragraphs of the report as they have 
done in the past.  Per reftel instructions, we have 
emailed the text of the draft report, in MS Word 
format and showing changes from last year's version, 
to USTR. 
 
2.  Begin text of the 2007 National Trade Estimate 
report: 
 
TRADE SUMMARY 
 
The U.S. goods trade surplus with Singapore was 
$5.5 billion in 2005, an increase of $1.3 billion 
from $4.2 billion in 2004. U.S. goods exports in 
2005 were $20.6 billion, up 5.3 percent from the 
previous year. Corresponding U.S. imports from 
Singapore were $15.1 billion, down 1.6 percent. 
Singapore is currently the eleventh largest export 
market for U.S. goods. 
 
U.S. exports of private commercial services (i.e., 
excluding military and government) to Singapore 
were $5.6 billion in 2004 (latest data available), 
and U.S. imports were $2.7 billion. 
Sales of services in Singapore by majority 
U.S.-owned affiliates were $6.7 billion in 2003 
(latest data available), while sales of services 
in the United States by majority Singapore-owned 
firms were $1.5 billion. 
 
The stock of U.S. foreign direct investment (FDI) 
in Singapore in 2004 was $56.9 billion, up from 
$50.3 billion in 2003.  U.S. FDI in Singapore is 
concentrated largely in the manufacturing, 
finance, and information sectors. 
 
FREE TRADE AGREEMENT (FTA) 
 
The United States and Singapore signed a free 
trade agreement (FTA) on May 6, 2003, which entered 
into force on January 1, 2004.  In addition to the 
FTA with the United States, Singapore has concluded 
bilateral FTAs with Australia, the European Free 
Trade Association, Japan, Jordan, New Zealand, 
South Korea, India, and Panama and a quadri-lateral 
agreement with Chile, New Zealand, and Brunei. 
Singapore is negotiating FTAs with Bahrain, Canada, 
China, Egypt, Kuwait, Mexico, Pakistan, Peru, 
Qatar, Sri Lanka, and the United Arab Emirates. 
As a member of the ASEAN Free Trade Area, Singapore 
is involved in ASEAN's FTA negotiations with 
Australia, New Zealand, China, India, Japan, 
and South Korea. 
 
IMPORT POLICIES 
 
Tariffs 
 
Singapore generally imposes no tariffs on goods. 
It eliminated the last four remaining tariffs 
(covering imports of beer and certain alcoholic 
beverages) for goods originating in the United 
States when the FTA came into force.  For social 
and/or environmental reasons, Singapore levies 
high excise taxes, applicable to U.S. and other 
exporters, on distilled spirits and wine, tobacco 
products, motor vehicles (all of which are 
imported), and gasoline.  Singapore does not impose 
any restrictions or duties on imports or exports of 
textiles and apparel.  During the Uruguay Round of 
Multilateral Trade Negotiations, Singapore agreed 
to bind 70.5 percent of its tariff lines. 
Singapore is a signatory to the WTO Information 
Technology Agreement (ITA). 
 
Import Licenses 
 
 
SINGAPORE 00003442  002 OF 011 
 
 
All imports require an import permit, primarily 
for statistical tracking purposes.  Special import 
licenses are required for certain goods, including 
designated strategic items, hazardous chemicals, 
films and videos, arms and ammunition, agricultural 
biotech products, food derived from agricultural 
biotechnology products, prescription drugs, 
over-the-counter drugs, vitamins with very high 
dosages of certain nutrients, and cosmetics/skin 
care products.  As a result of the FTA, Singapore 
now allows the importation of chewing gum with 
therapeutic value for sale, subject to certain 
provisions. 
 
STANDARDS, TESTING, LABELING AND CERTIFICATION 
 
Under the 2002 Consumer Protection (Safety 
Requirements) Regulations, 45 categories of 
electrical, electronic, and gas home appliances 
and accessories are listed as controlled goods 
and require a stamp of approval from the Government 
of Singapore's standards and certification authority 
(SPRING Singapore).  SPRING Singapore recognizes test 
reports issued by accredited testing laboratories and 
national certification bodies, including those in 
the United States. Labels conforming to standardized 
formats are required on imported foods, drugs, 
liquors, paints, and solvents. 
 
Agriculture 
 
SingaporeQs food import policy is to guarantee a 
steady and sufficient supply of healthful and 
high-quality foods from a broad number of countries. 
Singapore allows meat and poultry imports solely 
from countries with which it has protocol agreements. 
Doing so preserves its rigorous food safety 
requirements through the integration of foreign farm 
accreditation, inspection, and regular testing. 
Export health documentation endorsed by federal 
health institutions must accompany every shipment 
of imported meat and poultry. 
In addition, Singapore health authorities test every 
shipment of imported meat and poultry visually for 
wholesomeness and to ensure it is free from spoilage 
and disease.  Meat and poultry products samples are 
regularly sent to government laboratories for 
evaluation to guarantee that they do not exceed the 
allowable microbiological specifications for raw 
meat and poultry products.  SingaporeQs Agri-food 
and Veterinary Authority (AVA) enforces a zero 
tolerance policy for salmonella enteriditis and 
E-coli E. 0157 in raw meat products, which is 
not in line with international standards and has 
posed some difficulties for U.S. exporters. 
 
AVA prohibits beef imports from nations in which 
Bovine Spongiform Encephalopathy (BSE) has been 
detected, including the United States.  Singapore 
previously required six years of non- BSE detection 
in a country before re-establishing trade, but has 
now established a minimum risk rule in line with 
OIE guidelines. 
On January 17, 2006, Singapore announced the 
re-opening of its market to U.S. boneless beef 
from animals under 30 months of age. 
 
Fresh produce imports are tagged to secure their 
traceability to farms.  Routinely, fresh produce 
is tested to guarantee that it does not exceed 
maximum pesticide residue limitations (MRLs). 
 
GOVERNMENT PROCUREMENT 
 
Singapore has been a signatory to the WTO Government 
Procurement Agreement (GPA) since 1997.  The FTA 
provides additional government procurement access to 
U.S. firms by expanding the contracts covered by 
Singapore's PA commitments, in part by subjecting 
additional contracts to FTA disciplines.  Some U.S. 
and local firms, however, have expressed concerns 
that government-owned and government-linked 
companies (GLCs) may receive preferential treatment 
 
SINGAPORE 00003442  003 OF 011 
 
 
in the government procurement process.  Singapore's 
government denies that it gives any 
preferences to GLCs or that GLCs give preferences 
to other GLCs. 
 
EXPORT SUBSIDIES 
 
Singapore's government does not directly subsidize 
exports, although it offers significant incentives 
to attract export- oriented foreign investments. 
In addition to tax incentives and 
reimbursements to exporters for certain trade 
promotion costs, the government also offers grants 
to new service suppliers. 
 
INTELLECTUAL PROPERTY RIGHTS (IPR) PROTECTION 
 
In line with its FTA commitments and obligations 
under international treaties and conventions, 
Singapore has developed one of the strongest IPR 
regimes in Asia.  Amendments to the 
Trademarks Act, the Patents Act, the Layout Designs 
of Integrated Circuits Act, Registered Designs Act, 
and a new Plant Varieties Protection Act and new 
Manufacture of Optical Discs Act came into effect 
in July 2004.  The amended Copyright Act and 
Broadcasting Act became effective in January 2005; 
the Copyright Act was further amended in August 2005. 
Singapore has implemented Article 1 through Article 
6 of the World Intellectual Property Organization 
(WIPO) Joint Recommendation Concerning Provisions 
on the Protection of Well-Known Marks of 1999. 
It has signed and ratified the International 
Convention for the Protection of New Varieties of 
Plants (1991); the Convention Relating to the 
Distribution of Program-Carrying Signals 
Transmitted by Satellite (1974); the WIPO Copyright 
Treaty (1996); and the WIPO Performances and 
Phonograms Treaty (1996).  Singapore is a signatory 
to other international IPR agreements, including 
the Paris Convention, the Patent Cooperation 
Treaty, the Madrid Protocol, and the Budapest 
Treaty.  The WIPO Secretariat opened offices in 
Singapore in June 2005. 
 
Parallel Imports 
 
Singapore allows parallel imports.  Under the 
amended Patents Act, the patent owner has the right 
to bring an action to stop an importer of "grey 
market goods" from importing the patent owner's 
patented product if the product has not previously 
been sold or distributed in Singapore. 
 
Transshipment 
 
Although a major transshipment and transit point 
for sea and air cargo, Singapore does not collect 
information on the contents and destinations of 
most transshipment and transit trade, which 
accounts for 80 percent of the cargo coming 
through the port. 
This lack of information makes enforcement against 
transshipment or transit trade in infringing 
products virtually impossible. 
In addition, goods in transit are not subject to 
seizure under the Copyright Act, although it may 
be possible if a search warrant is obtained in 
advance.  Under its FTA commitments, 
Singapore amended Section 31 of the Import/Export 
Act in November 2003 to facilitate 
information-sharing with U.S. Customs and Border 
Protection and other country officials with 
which it has relevant trade agreements. 
 
Internet 
 
In accordance with the FTA, Singapore's amended 
Copyright Act provides improved protection for 
digital works, and outlines requirements and 
procedures for removing infringing material 
from Internet sites.  Despite the amendment, 
the copyright industry maintains that the new law 
 
SINGAPORE 00003442  004 OF 011 
 
 
fails to impose full liability on service providers 
engaged in infringing activity. 
U.S. industry is concerned that Internet piracy in 
Singapore is on the rise as a result of the 
increasing availability of the country's broadband 
facilities. 
 
Enforcement 
 
In line with its FTA obligations, Singapore has 
taken steps to improve IPR protection.  Singapore 
claims that its enforcement efforts have almost 
eliminated the production of pirated material 
and blatant storefront retail piracy.  According 
to the Singapore Police, the value of counterfeit 
and pirated goods seized from both domestic and 
foreign sources in 2005 was $12 million, compared 
to $8 million in 2004. 
 
According to industry estimates, Singapore's piracy 
rate averaged 5 percent for music and 12 percent for 
movies. Software piracy levels in Singapore, while 
among the lowest in the Asia-Pacific region, are 
almost double the estimated level in the United 
States.  Business software losses were estimated 
at nearly $86 million in 2005. 
 
In September 2005, the Singapore Police 
initiated its first corporate end-user 
enforcement action under the amended Copyright 
Act, raiding a private company suspected of 
using approximately $30,000 in illegal 
software. 
The Singapore Subordinate Court charged the 
company with three counts of copyright 
infringement and imposed a $19,000 fine in 
April 2006. During the second annual review of 
the FTA in March 2006, Singapore agreed to 
monitor whether the discrepancy in maximum 
penalties for different types of copyright 
infringement creates enforcement-related 
difficulties. 
 
In February 2006, police jailed two individuals 
for illegally distributing music files online 
and in October raided the homes of seven people 
suspected of knowingly downloading large numbers 
of infringing files from the Internet. 
 
While a number of local educational institutions 
(the majority government-operated) have signed 
agreements to comply with their legal obligations 
to pay royalty fees to publishers, unlawful 
duplication of textbooks at some commercial copy 
centers continues.  The police have conducted 
multiple raids, but, according to industry 
representatives, the practice is lucrative 
enough to continue in spite of the possibility 
of large fines. 
 
Some U.S. and other companies have expressed 
concern about Singapore's lack of whistleblower 
protection legislation.  They argue that the 
lack of such protections hinders their ability 
to obtain signed affidavits (and by extension, 
search warrants) from informants. 
 
SERVICES BARRIERS 
 
Basic Telecommunications 
 
On April 1, 2000, Singapore began removing all 
barriers limiting foreign entry to the 
telecommunications sector.  Any foreign or 
domestic company can provide facilities-based 
(fixed line or mobile) or services-based (local, 
international, and callback) 
telecommunications services.  Under the Telecoms 
Competition Code 2000 (Competition Code), the 
former monopoly (and 62 percent government- 
owned) telecommunications service provider, 
Singapore Telecommunications (SingTel), faces 
competition in all market segments, including 
 
SINGAPORE 00003442  005 OF 011 
 
 
fixed-line, mobile, and paging services. 
Its main competitors, MobileOne and StarHub, 
are also GLCs.  The Infocomm Development 
Authority (IDA) in March 2005 finalized its 
triennial review of the Competition Code, 
which aims to enhance market transparency. 
SingTel has implemented most provisions of the 
Code, including making public its prices for 
interconnection services. 
 
Singapore has yet to fully implement FTA 
commitments that would allow facilities-based 
operators to take advantage of wholesale 
pricing for SingTel's ("last mile") local 
leased circuits.  IDA first mandated this 
regulatory change in December 2003, but 
SingTel has repeatedly contested this 
directive, typically through requests for IDA 
to stay decisions or through appeals to 
the Minister for Information, Communications 
and the Arts (MICA).  In October 2005, IDA 
amended SingTel's Reference Interconnection 
Offer to provide for a more appropriate, open- 
standard technical interface.  SingTel appealed 
IDA's decision, 
which MICA upheld in May 2006.  Although SingTel 
must now offer wholesale prices for local leased 
circuits at reduced rates ranging from 55 to 82 
percent, U.S. industry is still unable to 
avail itself of this more competitive pricing 
structure due to certain uneconomical technical 
interconnection requirements imposed by SingTel. 
 
U.S. and other companies remain concerned about 
the lack of transparency in some aspects of 
Singapore's telecommunications regulatory and 
rule-making process.  In particular, there is no 
obligation to make information publicly 
available concerning a company's request for a 
stay of decision or the filing of an 
appeal, to request public comments about such 
requests, or to publish a detailed explanation 
concerning final decisions made by IDA or MICA. 
Although this "closed-door" system does not 
contravene Singapore's FTA obligations, 
Singapore is reviewing this process at the 
U.S. Government's request to determine how to 
make it more transparent. 
 
Under the FTA, Singapore agreed that dominant 
licensees (SingTel and StarHub) must offer 
cost-based access to submarine cable- 
landing stations and allow sharing of facilities. 
U.S. and other companies continue to have 
problems with access to ducts as provided for 
in the FTA. 
 
Since November 2003, SingTel has been exempted 
from dominant licensee status for wholesale 
international telephone services 
(ITS) and tariff filing requirements for 
residential and commercial retail ITS.  In 
September 2006, IDA announced its preliminary 
decision to exempt SingTel from dominant 
licensee obligations for the residential portion 
of the retail ITS while keeping the commercial 
retail ITS under dominant licensee obligations. 
 
Audiovisual and Media Services 
 
Singapore's local free-to-air broadcasting, 
cable, and newspaper sectors are effectively 
closed to foreign firms. 
Section 47 of the Broadcasting Act restricts 
foreign equity ownership of companies 
broadcasting to the Singapore domestic market 
to less than 49 percent, although the Act also 
gives the Media Development Authority (MDA) 
authority to waive this requirement. 
The government also limits individual equity 
stakes in broadcasting companies to no more 
than five percent of issued shares. 
 
 
SINGAPORE 00003442  006 OF 011 
 
 
MediaCorp TV is the only free-to-air television 
broadcaster.  It is 80-percent owned by the 
government and 20-percent by publicly 
listed Singapore Press Holdings (SPH). 
Under MDA rules, MediaCorp TV must outsource 
at least 285 hours of local content production 
to independent television production companies 
per year.  The sole subscription TV provider, 
StarHub Cable Vision (SCV), is a 100 
percent-owned subsidiary of a majority 
government-owned publicly listed company. 
Free-to-air radio broadcasters are mainly 
government-owned, with MediaCorp Radio Singapore 
being the largest operator.  BBC World Service 
is the only foreign free-to-air broadcaster in 
Singapore.  In July 2005, MDA announced its 
intention to impose more restrictive 
regulations governing the relationships 
between content/channel providers and pay TV 
operators in Singapore, i.e., SCV. 
Following industry feedback, it determined 
in May 2006 not to proceed in this direction. 
Singapore restricts the use of satellite 
receiving dishes and has not authorized 
direct-to-home satellite television services. 
MDA must license the installation and operation 
of broadcast-receiving equipment, 
including satellite dishes.  Satellite 
broadcasters that want to operate their own 
uplink facility must get a special license 
from MDA.  Satellite broadcasters lacking 
their own facility are restricted to using 
one of four available uplink facilities. 
 
The Newspaper and Printing Presses Act 
restricts equity ownership (local or foreign) 
to five percent per shareholder, 
unless the government approves a larger 
shareholding, and requires that all the directors 
of a newspaper company be Singapore citizens. 
Newspaper companies must issue two classes 
of shares, ordinary and management, with the 
latter available only to citizens of Singapore 
or to Singapore companies approved 
by the government. 
 
Media businesses or professionals must be 
licensed by MDA in order to provide services 
or apparatus and equipment.  Printed and audio 
material is no longer subject to prior review, 
but licensees are advised to abide by MDA 
guidelines.  MDA requires all film and video 
material for distribution and screening to be 
certified and classified.  The government can 
deny or revoke permits without warning or 
without giving a reason. 
 
Distribution, importation or possession of 
any "offshore" or foreign newspaper must be 
approved by the government.  Singapore 
significantly restricts freedom of the press, 
having curtailed or banned the circulation of 
some foreign publications.  In September 2006, 
Singapore banned the Far Eastern Economic 
Review on grounds that the publisher did not 
comply with Section 23 of the Newspaper and 
Printing Presses Act, whereby the offshore 
publisher must appoint a person within 
Singapore authorized to accept service of any 
notice or legal process on behalf of the 
publisher and post a security deposit of 
S$200,000 (US$125,000). 
The government has also "gazetted" foreign 
newspapers i.e., numerically limited their 
circulation.  Foreign publishers also 
face the risk of defamation suits should they 
be found to "interfere" with Singapore's 
domestic politics. 
 
Legal Services 
 
U.S. and other foreign law firms with offices 
in Singapore face certain restrictions. 
 
SINGAPORE 00003442  007 OF 011 
 
 
They cannot practice Singapore law, 
employ Singapore lawyers to practice Singapore 
law, or litigate in local courts.  Since June 
2004, U.S. and other foreign lawyers have 
been allowed to represent parties in 
arbitration in Singapore without the need for 
a Singapore attorney to be present.  U.S. law 
firms can provide legal services in relation 
to Singapore law only through a Joint Law 
Venture (JLV) or Formal Law Alliance (FLA) with 
a Singapore law firm, subject to the Guidelines 
for Registration of Foreign Lawyers in Joint Law 
Ventures to Practice Singapore Law.  Singapore 
relaxed one of these guidelines for U.S. law 
firms under the FTA.  As of October 2005, 16 
of the 64 foreign law firms in Singapore were 
from the United States.  Additionally, there 
was one U.S. JLV and one FLA. 
 
Except for law degrees from designated U.S., 
Australian, New Zealand and British universities, 
no foreign university law degrees are recognized 
for the purpose of admission to practice 
law in Singapore.  Under the FTA, Singapore has 
recognized law degrees from Harvard University, 
Columbia University, New York University, and the 
University of Michigan, effective April 7, 
2006. 
 
To address a perceived shortage of practicing 
lawyers, Singapore relaxed its criteria for 
admission of attorneys to the Singapore 
Bar, effective October 2006.  One of the new 
criteria will admit to the Bar Singapore-citizen 
or permanent-resident law school 
graduates of the above-mentioned designated 
universities who were ranked among the top 70 
percent of their graduating class or have 
obtained second class honors under the 
British system. 
The government also intends to allow highly 
skilled foreign lawyers to practice Singapore 
corporate, finance and banking law, and is 
considering possible implementation 
alternatives. 
 
Engineering and Architectural Services 
 
Engineering and architecture firms can be 
100 percent foreign- owned.  In line with FTA 
provisions, and also applicable to all 
foreign firms, Singapore has removed the 
requirement that the chairman and two-thirds 
of the firmQs board of directors must be 
composed of engineers, architects or land 
surveyors registered with local professional 
bodies.  Practicing engineers and 
architects must register with the Professional 
Engineers Board and the Architects Board, 
respectively.  Under amended legislation, 
local and foreign job applicants, including U.S. 
degree-holders, will be required to have at 
least four years of practical experience in 
engineering or architectural works and 
pass an examination set by the respective 
Board. 
 
Accounting and Tax Services 
 
The major international accounting firms 
all operate in Singapore.  Public accountants 
and at least one partner of a public 
accounting firm must reside in Singapore. 
Only public accountants who are members of 
the Institute of Certified Public 
Accountants of Singapore and registered with 
the Public Accountants Board of Singapore may 
practice public accountancy in the country. 
The Board recognizes U.S. accountants 
registered with the American Institute of 
Certified Public Accountants. 
 
Banking and Securities 
 
SINGAPORE 00003442  008 OF 011 
 
 
 
Retail Banking 
 
Singapore maintains legal distinctions between 
offshore and domestic banking units, and the 
type of license held (full, wholesale or 
offshore).  Except in retail banking, 
Singapore laws do not distinguish operationally 
between foreign and domestic banks. 
 
In 1999, Singapore embarked on a five-year 
banking liberalization program to ease 
restrictions on foreign banks and 
supplemented this with phased-in provisions 
under the FTA. 
Since then, the government has removed a 40 
percent ceiling on foreign ownership of local 
banks and a 20 percent aggregate 
foreign shareholding limit on finance companies. 
It has granted "qualifying full bank" (QFB) or 
full service licenses to six foreign banks, 
including two U.S. banks.   Since January 2004, 
under the FTA, U.S.-licensed full-service 
banks have been able to operate at up to 30 
customer service locations (branches or 
off-premise ATMs); non-U.S. full-service 
foreign banks have been allowed to operate 
since January 2005 at up to 25 locations, 
compared to 15 previously.  These full-service 
banks can also freely relocate existing 
branches and share ATMs among themselves. 
They also can provide electronic funds 
transfer, point-of-sale debit, and Central 
Provident Fund (Singapore's compulsory 
pension fund) related services. 
 
The FTA obligates Singapore to further improve 
market access for U.S. banks.  In June 2005, 
Singapore lifted its ban on new 
licenses for full-service banks, and will do 
the same for wholesale banks by January 1, 
2007. Since January 1, 2006, licensed 
full-service banks have been able to operate 
at an unlimited number of locations.  Locally 
incorporated subsidiaries of U.S. full-service 
banks have been able to apply for access to 
local ATM networks since June 30, 2006.  Non- 
locally incorporated subsidiaries of U.S. 
full-service banks can begin doing so 
effective January 1, 2008. 
 
Despite liberalization, U.S. and other 
foreign banks in the domestic retail banking 
sector still face barriers.  Local 
retail banks do not face similar constraints 
on customer service locations or access to 
the local ATM network.  Foreign charge 
card issuers are prohibited from allowing 
their local card holders to access their 
accounts through the local ATM networks. 
Customers of foreign banks are also unable to 
access their accounts for cash withdrawals, 
transfers, or bill payments at ATMs operated 
by banks other than their own or at ATMs other 
than those within their shared ATM network. 
 
U.S. industry advocates enhancements to 
Singapore's credit bureau system, in 
particular adoption of an open admission 
system for all credit lenders, including 
non-banks.  Singapore currently has two 
credit bureaus.  Credit Bureau (Singapore) 
Pte Ltd ("CBS") is essentially an arm of the 
Association of Banks in Singapore; its files 
do not include non-banking account 
information, and its credit reports are not 
available to non- banks to assist in 
underwriting.  Credit Scan, launched in 2003, 
allows wider access to non-banks; however, 
its information is generally negative only 
and therefore narrower in scope due to 
the lack of positive information. 
 
 
SINGAPORE 00003442  009 OF 011 
 
 
The Minister of Finance must provide specific 
approval for acquisitions of 5 percent, 12 
percent or 20 percent or more of the voting 
shares of a local bank.  Although it has 
lifted the formal ceilings on foreign 
ownership of local banks and finance 
companies, the government has indicated 
that it will not allow a foreign takeover 
of its three major local financial 
institutions.  Foreign penetration of 
the Singapore banking system is comparatively 
high, with foreign banks holding about 
40 percent of non-bank deposits.  The 
government has stated publicly that it 
wants local banksQ share of total resident 
deposits to remain above 50 percent. 
 
Restricted and Offshore Banking 
 
Since 2001, Singapore's licensing regime 
has shifted away from distinguishing between 
on-shore and offshore banking activities 
to one that distinguishes between retail 
and wholesale activities.  The Monetary 
Authority of Singapore (MAS) has issued 
20 new wholesale bank licenses as part of the 
liberalization program since 2001.  MAS 
continues to upgrade certain existing 
offshore banks to wholesale bank status. 
New foreign bank entrants are also eligible to 
apply for wholesale banking licenses.  Unless 
otherwise approved by MAS, wholesale 
banks can operate in only one location. 
 
Restrictions on Singapore Dollar Lending 
 
Non-residents can borrow local currency 
freely if the proceeds are used in Singapore. 
Non-resident financial entities may 
borrow local currency freely for their use 
in or outside Singapore if the amount does not 
exceed S$5 million (US$3.1 million); if it does, 
the amount must be swapped or converted 
into foreign currency upon drawdown. 
There are no controls on the borrowing of 
Singapore dollars by residents.  MAS requires 
banks to report their monthly aggregate 
outstanding Singapore dollar lending to 
non-resident financial institutions. 
 
Securities 
 
In January 2002, Singapore removed all 
trading restrictions on foreign-owned 
stockbrokers.  Aggregate investment by 
foreigners, however, may not exceed 70 
percent of the paid-up capital of dealers 
that are members of the Singapore Exchange 
Limited (SGX).  Foreign funds may be registered 
directly, provided the prospectus is from an 
entity registered as a foreign company in 
Singapore and the fund is approved by MAS. 
 
Distribution Services 
 
The Ministry of Trade and Industry 
implemented a Multi-Level Marketing and 
Pyramid Selling (Excluded Schemes and 
Arrangements) Order in January 2002 to 
clarify which kinds of multi-level and 
direct marketing/selling arrangements, 
whether local or foreign, are legal in 
Singapore.  The order prohibits 
compensation for recruitment of participants. 
It prohibits any Singapore-registered company 
or citizen/resident from promoting 
any overseas pyramid selling marketed through 
the Internet. 
Insurance businesses licensed under the 
Insurance Act and its subsidiary legislation, 
master franchise schemes, and direct 
selling schemes that meet conditions listed in 
the Order are exempted from the Act. 
 
SINGAPORE 00003442  010 OF 011 
 
 
 
INVESTMENT BARRIERS 
 
Singapore has a generally open investment 
regime and no overarching screening process 
for foreign investment.  Singapore 
places no restrictions on reinvestment or 
repatriation of earnings and capital. 
The investment chapter of the United 
States-Singapore FTA provides for national 
and most-favored nation treatment, the right 
to make financial transfers freely 
and without delay, disciplines on performance 
requirements, international law standards for 
expropriation and compensation, and access 
to binding international arbitration. 
 
ELECTRONIC COMMERCE 
 
Singapore has no significant barriers 
hindering the development and use of 
electronic commerce. The FTA contains 
state-of-the- art provisions on electronic 
commerce, including national treatment and 
most-favored nation obligations for products 
delivered electronically, affirmation that 
services disciplines cover all services 
delivered electronically, and permanent 
duty- free status of products delivered 
electronically. 
 
Singapore considers the Internet to fall 
within the scope of its Broadcasting Act. 
Internet service providers (ISPs) must 
channel all Internet traffic through Internet 
access service providers (IASPs) that function 
as main "gateways" to the Internet.  Internet 
service resellers, Internet content 
providers (ICPs), individuals who put up 
personal web pages, software developers and 
providers of raw financial information, 
and news wire services do not have to register 
with the Singapore Broadcasting Authority. 
 
OTHER BARRIERS 
 
Competition 
 
The FTA contains specific conduct guarantees 
to ensure that commercial enterprises in which 
the Singapore government has effective 
influence will operate on the basis of 
commercial considerations and will not 
discriminate in their treatment of 
U.S. firms.  In accordance with its FTA 
commitments, Singapore enacted the 
Competition Act in 2004, which is being 
implemented in three phases.  Phase I 
established the Competition Commission 
of Singapore in January 2005.  Phase II 
involves implementation of provisions on 
anti-competitive agreements, decisions and 
practices, abuse of dominance, enforcement, 
and the appeals process; these came into 
effect in 2006.  Phase III provisions, 
which address mergers and acquisitions, 
are expected to come into effect in July 2007. 
 
The FTA includes obligations for greater 
transparency among government enterprises 
with substantial revenues or assets. 
Singapore has an extensive network of GLCs 
that are active in many sectors of the 
economy. Some sectors, notably 
telecommunications, power 
generation/distribution, and financial 
services, are subject to sector-specific 
regulatory bodies and competition 
regulations typically less rigorous 
than those being implemented under the 
Competition Act.  Some observers have 
raised concerns that GLCs may act in 
anticompetitive ways, a charge government 
 
SINGAPORE 00003442  011 OF 011 
 
 
officials strongly deny. 
 
U.S. industry has expressed concern about 
the lack of adequate trade secrets 
protections under Singapore law that 
would provide specific legal protections 
for commercially sensitive proprietary 
information. 
 
Transparency 
 
The United States welcomes actions by 
Singapore to circulate more draft laws and 
regulations for public comment, including 
those relating to the implementation of the 
FTA, in keeping with the FTA's transparency 
obligations. 
 
HERBOLD