[ 24 May 2002 ] A Bigger Pie: How ICT Companies Can Benefit From Free Trade Agreements

This breakfast forum was jointly organised by CommerceNet Singapore (CNSG) and iDA. The forum was opened by CNSG Vice-Chairman, Dr. David Chew.

Mr. Ong Ye Kung, Director (Trade), Ministry of Trade and Industry spoke on “Introduction to Free Trade Agreements”. FTAs create a zone of preference for the free flow of goods, services, investment, innovation and people. To date, Singapore has signed FTAs with ASEAN, New Zealand, Japan and the EFTA states, with the earlier two already in force. Negotiations are on-going with the US, Australia, Canada and Mexico. In the pipeline we have China-ASEAN, India and EU.

Ms. Valerie D’Costa, Director (International), Infocomm Development Authority of Singapore (IDA Singapore) spoke on “FTAs and How They Benefit You”. She outlined that FTAs reduce trade barriers for our goods, services, talent and investments to enter overseas ICT markets, thus, enhancing your business opportunities through lower costs and shorter times to market. Also, wider investment opportunities, including higher foreign equity limits or the removal of all foreign equity restrictions for Singapore ICT companies are achieved. The FTAs are designed for higher levels of investor protection for Singapore companies.

Among other factors discussed are investment dispute processes which are specially arbitrated within a specified timeframe; ‘Fast-tracking’, i.e. expedited approvals/licensing/registration processes for Singapore companies, competition safeguards to fall back on in case of anti-competitive behaviour by foreign competitors, cross-recognition of professional qualifications for ICT workers; Mutual Recognition Arrangements (MRA) for conformity assessment of telecommunication equipment: mutual recognition of test data and equipment certification, lower tariffs levied on ICT goods exported by Singapore vendors; faster import/export approvals via electronic means, administrative alignment of e-commerce legislation; cross-recognition and development of data protection and trust marks and Interactive Broadband Multimedia content collaboration.

The forum was held at Carlton Hotel at Esplanade Room 2.