File Ref:

Singapore’s Services Liberalisation

ASEAN-Japan Centre’s Conference on Promoting Services Trade

Giselle LeeAssistant Director, ASEAN Division

Ministry of Trade and Industry, Singapore

Singapore is a small and open economy...

Slide 2 of 11

Share of East Asia GDP

EU

OthersEast Asia

US

Share of Global GDP

China

Hong KongSouth Korea

Chinese Taipei

Singapore (1.5%)

Rest ofASEAN

Japan

HouseholdExpenditure(14.7%)

External Demand(70.6%)

Investment (10.5%)

GovernmentExpenditure(4.2%)

Breakdown ofSingapore’s Total Demand, 2015

Singapore (0.4%)

A more diversified economic structure

Slide 3 of 11

Importance of Services Trade to Singapore

• Traditionally a net importer of services

• Singapore’s services exports grew at a faster CAGR of 9.5% compared to imports at 7.8% from 2005 to 2015

Slide 4 of 11

Singapore’s major services trading partners in 2014

Services Imports (2014)

Slide 5 of 11

• US, EU, China, ASEAN, Hong Kong and Japan • Within ASEAN, Singapore purchased the most

services from Malaysia and Thailand

Services Exports (2014)• EU, US, ASEAN, Australia, Japan and China • Within ASEAN, Malaysia and Indonesia were the

largest export destination

Growth in Business Services Sector

• Transport services, followed by Business services, are the largest contributors of Singapore’s services exports

• Faster growth in financial, travel and business services

Slide 6 of 11

Singapore’s Services liberalisation in ASEAN

• Services liberalisation within ASEAN is done primarily using the ASEAN Framework Agreement on Services (AFAS) packages

• AFAS provides the mandate for progressive packages of liberalisation of trade in services

• ASEAN (and Singapore) has so far concluded nine packages of commitments under the AFAS

Slide 7 of 11

Professional Services

Signed 8 MRAs under ASEAN MRA Framework (7 MRAs related to Professional Services):

Slide 8 of 11

• Accountancy• Architecture• Dental Practitioner• Engineering

• Medical practitioner• Nursing• Surveying• Tourism professionals*

Made commitments in all 10 subsectors for “Professional Services” in AFAS 9:

• Legal Services• Accounting, auditing and

bookkeeping services• Taxation services• Architectural services• Engineering services• Integrated engineering services

• Urban planning and landscape architectural services

• Medical and dental services• Veterinary services• Services provided by midwives,

nurses, physiotherapists and para-medical personnel

*Note: Tourism is not a sector under Professional Services

R&D Services

Slide 9 of 11

Undertaken commitments across all 3 subsectors for “R&D Services” in AFAS 9:

1. R&D services on natural sciences2. R&D services on social sciences and humanities3. Interdisciplinary R&D services

Role of Statistics and Data –Singapore Department of Statistics (DOS)

Slide 10 of 11

Role of Statistics and Data

• DOS disseminates official statistics through the web, electronic and mobile services, e.g.,

• The data are used for monitoring economic and social development, policy formulation and evaluation, research and reference

• Data users include researchers and analysts, government agencies, media, businesses, international and regional organisations and students

• Official statistics are collected and compiled by DOS and Research and Statistics Units• DOS is responsible for official statistics on the Singapore economy

(including services industries) and population

SingStatWebsite

SingStatTable Builder

SingStatMobile App

Decentralised Statistical System

Thank you

Slide 11 of 11