Trans-Pacific Partnership (TPP) – Singapore

Singapore (2014)

GDP ($ billions): 340.0
GDP per capita ($): 62,165
GDP growth rate (%): 2.9
Consumers (millions): 5.5
Singapore’s Main Imports (from the world): Mineral fuel, oil; electric machinery; machinery and mechanical appliances/parts; optic, photo, medical or surgical instruments; natural pearls, precious stone, precious metals

Canada's merchandise exports to Singapore (2012−2014 annual average)(value in millions of Canadian dollars)
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Canada's merchandise exports to Singapore (2012−2014 annual average) (value in millions of Canadian dollars)

  • Agriculture and Agri-food (83.8)
  • Fish and Seafood Products (9.1)
  • Forestry Products (12.3)
  • Aerospace Products (260.6)
  • ICT Products (196.2)
  • Other Industrial Products (679.0)

Singapore has one of the most dynamic, pro-business and open economies in the world. From 2012 to 2014, Canada exported an annual average of $1.2 billion worth of merchandise to Singapore.

In addition, Singapore is Canada’s second-largest destination in Southeast Asia for foreign direct investment abroad (valued at $2.2 billion in 2014), and is Canada’s largest source of foreign direct investment from Southeast Asia ($983 million in the same year).

Preferential Access to Singapore in Areas of Key interest to Canada:

Agriculture: Canada’s exports to Singapore totalled $83.8 million (2012−14 average). Key products: beer.

Canada’s exports in fish and seafood, wood and other forestry products, and industrial goods already enjoy duty-free access and will remain competitive in the Asia-Pacific market as a part of the TPP.

Beyond Tariffs

Canada’s service suppliers will benefit from improved market access commitments in key sectors, such as: Professional services (e.g. engineering and architectural services) and services related to energy distribution and pipeline transport of fuels.

With regard to temporary entry of business persons, new commitments will make it easier for Canadian businesses to temporarily move certain categories of business persons to Singapore. These new commitments include enhanced access for Canadian business visitors and investors.

With regard to investment, the TPP includes a number of important features, such as ensuring that Canadian investors can compete on an equal footing with other investors in TPP countries like Singapore.