As a small but vibrant trading nation, Singapore strongly supports the open, rules-based multilateral trading system embodied in the World Trade Organisation (WTO). Singapore has been a WTO Member since 1 January 1995, and hosted the 1st WTO Ministerial Conference in December 1996.
Singapore remains committed to the multilateral trading system, and is an active and constructive member of the WTO. We continue to encourage a pragmatic approach to ensure that the WTO remains strong and relevant. Amidst the uncertain global economic climate, strengthening the WTO and the multilateral trading system to resist protectionism is vital for a stable framework for economic growth and sustainable development.
The WTO’s Trade Facilitation Agreement (TFA) entered into force on 22 February 2017 – the first multilateral agreement to achieve so in the 22-year history of the WTO. The TFA aims to streamline, simplify and standardise customs procedures, and promises substantial decreases in trade costs for the signatories. It is also a unique agreement that enables developing and least-developed countries to set their own timetables for implementing the TFA, based on their capacities to do so.
At the 11th WTO Ministerial Conference held in Buenos Aires, Argentina from 10 to 13 December 2017, several Ministerial Decisions were taken, such as to continue work on eliminating fisheries subsidies by 2019, to extend the practice of not imposing customs duties on e-commerce for another two years, and to continue negotiations in all areas.
More information can be found at the official WTO website.
Last updated: December 2017