Trade loves Singapore

TRADE   ECONOMY   POLICIES

Singapore - Singapore has been commended for its trade policies, successfully driving the country's economic growth despite facing a global financial crisis in 2009.

At the 6^th World Trade Organisation (WTO) Trade Policy Review (TPR), Singapore had received praise for achieving a swift recovering, raising its GDP growth while transforming into a high-tech economy.

John Adank, ambassador for New Zealand, said the country's experience in managing trade and economic issues is a learning point for others. Furthermore, Eduardo Munoz, ambassador of Colombia, also said that members had praised Singapore for being "one of the most open and liberal economies in the world, and the easiest country in which to do business".

The country had been bolstering its trade relationships with various countries around the region, open up new markets for sourcing and other business activities. Last month, Singapore welcomed Mexico and Canada into its Trans Pacific Partnership, growing its number of members to 11. This month, the country is also working to improve ties with China and Turkey.

Ow Foong Pheng, permanent secretary for Trade and Industry and leader of the Singapore TPR delegation, said the country believes in innovation, productivity and skills upgrading to boost economic growth.

"We have made the transition from low-cost manufacturing in the past to higher value-added, knowledge and technology-intensive activities in many of our key sectors," she said.

______________________________________________________________________________

Subscribe to ProcurementAsia's biweekly bulletin now!

Or get industry updates and opinions via our Twitter, Facebook and LinkedIn.

For exclusive video content, visit Channel P on YouTube.

More quality Lighthouse titles

Managing people? For HR and leadership strategy, Human Resources has it covered.

Get your marketing department up to speed with Marketing, Asia's most read marketing site.