CPTPP partner: Singapore
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trading block that represents 495 million people with a combined gross domestic product of CAD $13.5 trillion – a full 13.5% of global GDP. Through the CPTPP, Canada will soon have preferential access to half a billion consumers in the world’s most dynamic and fast-growing market – a move that will strengthen Canadian businesses, grow the economy, and create more well-paying jobs for middle class Canadians.
Why Singapore matters
- Singapore is Canada’s largest source of foreign direct investment (FDI) among South-East Asian countries. Singapore is also Canada’s largest destination for FDI in South-East Asia.
- Canada and Singapore share science, technology and innovation interests, including improving access to venture capital, fostering public-private-academic collaboration, and supporting small and medium-sized enterprises.
- Singapore is the world's third largest financial centre after London and New York.
- The small island nation is a leader in research and development spending and is a model for innovation.
Canada-Singapore trade snapshot
Top Canadian Exports to Singapore (2015-2017 average, $CAD)
Canada's Top Exports to Singapore (2015-2017 average, $CAD)
- Total value of exports to Singapore: $1,400,000,000
- Aerospace: $421,000,000
- Industrial machinery: $198,000,000
- Electrical and electronic machinery and equipment: $165,000,000
- Metals and minerals: $155,000,000
- Agricultural products (fats and oils, soybeans): $109,000,000
Key facts and figures
- Canadian merchandise exports: $1.4 billion (2015-2017 average)
- Canadian merchandise imports: $937 million (2015-2017 average)
- Canadian services exports (2016): $749 million
- Canadian services imports (2016): $1.87 billion
Canada’s top merchandise imports from Singapore (2015-17 average)
- Electrical and electronic machinery and equipment: $296 million
- Medical goods and pharmaceuticals: $207 million
- Chemicals and plastics: $163 million
- Industrial machinery: $89 million
- Miscellaneous industrial products: $46 million
Canada’s imports of services from Singapore (2016)
- Transportation and government services: $1.5 billion
- Commercial services: $272 million
- Travel: $72 million
Canada’s top merchandise exports to Singapore (2015-2017 average)
- Aerospace: $421 million
- Industrial machinery: $198 million
- Electrical and electronic machinery and equipment: $165 million
- Metals and minerals: $155 million
- Agricultural products (fats and oils, soybeans): $109 million
Canada’s exports of services to Singapore (2016)
- Commercial services: $324 million
- Transportation and government services: $254 million
- Travel: $171 million
How the CPTPP helps Canada-Singapore trade and investment
- The CPTPP will complement existing duty-free access to Singapore, eliminating tariffs for key Canadian exports, such as beer (tariffs of Singapore dollar S$16/litre eliminated upon entry into force).
- In addition, Canadian exporters of fish and seafood, forest and value-added wood products, and industrial products continue to enjoy duty-free access to Singapore.
- The CPTPP will allow Canadian companies to invest with greater confidence in Singapore, offering them protections from unfair and discriminatory treatment, as well as greater predictability and transparency.
- Through the CPTPP, service providers will also benefit from improved access commitments in key sectors, such as:
- professional services (e.g. engineering and architectural services) and
- energy distribution services, including pipeline transport of fuels.
- New commitments on the temporary entry of business people will make it easier for certain categories of Canadian business people to temporarily work in Singapore, including business visitors and investors.
- The CPTPP also provides robust and enforceable provisions on labour and environment.
Sectoral opportunities in Singapore
- Agriculture and processed food:
- With very little agricultural land and limited domestic food production, Singapore imports more than 90% of the food it needs to feed its residents.
- Opportunities exist for Canadian exporters of meat, fish and seafood, soybeans and pulses, and processed food, as well as indoor and vertical farming.
- Clean technology:
- Singapore identified clean technology as a key growth cluster and has attractive taxation schemes and additional incentives to support clean technology and other “urban strategies.”
- It is a clean energy and water hub for the Association of Southeast Asian Nations (ASEAN) and, increasingly, the Asia-Pacific region.
- Opportunities exist in the areas of water and wastewater, clean and renewable energy, fuel cells, green buildings, biomass, and waste-to-energy.
- Singapore has a world-class education system that provides opportunities for research and development collaboration, educational partnership and student recruitment.
- Information and communications technology (ICT):
- Singapore remains an important market for ICT companies looking to expand into the Asia-Pacific region.
- It is an important telecommunications hub and ranks as the most network-ready country in Asia, having some of the world's most advanced ICT infrastructure.
- Companies are drawn to Singapore because of its robust intellectual property regime, good logistics connectivity and easy access to global talent.
- Singapore is a global aviation hub and a regional leader in maintenance, repair and overhaul, and research and development.
- Singapore’s Changi Airport is in the midst of a major expansion that will allow it to double its capacity by 2030, and has launched a $50-million program to turn the airport into a “living lab.”
- Opportunities include the supply of parts and components, avionics expertise, education and training services, and airport-related equipment and technologies.
- Financial services:
- Singapore is home to over 1,200 financial institutions, including most major Canadian banks and some Canadian insurance companies and pension funds.
- The city-state is recognized as a premier wealth management hub and is positioning itself as a financial technology hub.
- Opportunities exist for Canadian companies interested in raising funds or showcasing their technologies and solutions.
- Date Modified: