SINGAPORE: Singapore has received high praise from the World Trade Organization (WTO) during its latest review of the city state's trade policy in Geneva, Switzerland.

At the 6th WTO Trade Policy Review (TPR), members commended Singapore for its trade and economic policies and made suggestions on what could be improved.

In a news release, Singapore's trade ministry said WTO has noted the country's response to economic challenges by launching productivity drives which helped to boost Singapore's Gross Domestic Product (GDP) and transformation into a high-tech economy.

In 2009, Singapore injected S$20.5 billion fiscal stimulus which helped revive the economy despite being hard hit by the financial crisis

This time, WTO's 32 members also noted that Singapore did not resort to protectionist measures despite the global economic crisis.

Singapore's strong commitment to the multilateral trading system, and its active participation in the regular work of the WTO was also commended by the members.

"Economic restructuring is not new to us. 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," said Mrs Ow Foong Pheng, Permanent Secretary for Trade and Industry and leader of the Singapore TPR delegation.

"We believe that innovation, productivity and skills upgrading are the means by which we can ensure sustainable and inclusive economic growth for Singapore."

In his closing statement, Colombia Ambassador Eduardo Munoz, who chaired the TPR session, said: "Members praised Singapore for remaining one of the most open and liberal economies in the world, and the easiest country in which to do business,"

The trade review was held on 24 to 26 July 2012, with a total of 32 WTO Members participating in the discussion.

July 26, 2012

Source: ChannelnewsAsia

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