HDB flats owned wholly by Singapore Permanent Residents may be vested in the Official Assignee on bankruptcy of the owners.
3. Housing loans:
Measures may be imposed to restrict financial institutions from extending S$ loans to non-Singapore citizens and non- Singapore companies for the purchase of residential property in Singapore.
Sector: All
Sub-Sector:
Industry Classification:
Type of Reservation: National Treatment
Source of Measure: State Lands Act, Cap. 314
Description of Reservation:
Singapore may divest State Land in a manner inconsistent with Articles on National Treatment, and Most-Favoured Nation Treatment
Sector: All
Sub-sector:
Industry Classification:
Type of Reservation: National Treatment
Source of Insurance Measure: Act, Cap. 142, MAS Notice 109 Banking Act, Cap.19, MAS Notice 757, Finance Companies Act, Cap. 108, MAS Notice 816, Monetary Authority of Singapore Act, Cap. 186, MAS Notice 1105 Securities Industry Act, Cap. 15 of 1986, MAS Notice 1201 Securities and Futures Act, Cap. 289, MAS Notice 1201
Description of Reservation:
1. Financial institutions extending Singapore dollar (S$) credit facilities exceeding S$5 million per entity to
(a) non-resident financial entities or
(b) arranging S$ equity or bond issues for non-residents, must ensure that where the S$ proceeds are to be used outside Singapore, they are swapped or converted into foreign currency upon draw-down or before remittance abroad.
2. Financial institutions should not extend S$ credit facilities to non- resident financial entities if there is reason to believe that the S$ proceeds may be used for S$ currency speculation.
3. The term "non-resident" is as defined in MAS Notice 757 issued under the Banking Act.
Sector: Printing, publishing and distribution of newspapers
Newspapers means any physical publication containing news, intelligence, reports of occurrences, or any remarks, observations or comments relating thereto or to any matter of public interest, printed in any language and published for sale or free distribution at intervals not exceeding one week.
Sub-Sector:
Industry Classification:
Type of Reservation: National Treatment Senior Management and Board of Directors
Source of Measure: Newspaper and Printing Presses Act, Cap. 206
Description of Reservation:
Singapore reserves the right to maintain or adopt any measure affecting the publishing or printing of newspapers, including but not limited to, shareholding limits and management control.
The distribution of any newspaper, whether published outside of Singapore or in Singapore, shall be subject to the laws of Singapore.
Sector: Arms and Explosives
Sub-Sector:
Industry Classification:
Type of Reservation: National Treatment, Senior Management and Board of Directors
Source of Measure: Arms and Explosives Act, Cap. 13.
Description of Reservation:
The above reservations apply to the arms and explosives sector. The manufacture, use, sale, storage, transport, importation, exportation and possession of arms and explosives are regulated for protection of vital security interests.
Sector: Privatisation
Sub-Sector:
Industry Classification:
Type of Reservation: National Treatment, Senior Management and Board of Directors
Source of Measure:Government Policy
Description of Reservation:
The above reservations apply to the privatisation or divestment of corporate entities or assets currently in government ownership, including the imposition of any terms and conditions in any such privatisation or divestment on security or public interest grounds as a Party imposing such terms and conditions thinks fit.
Sector: Manufacturing and Services incidental to Manufacturing
Sub-Sector:
Industry Classification:
Type of Reservation: National Treatment
Source of Measure:Control of Manufacture Act, Cap. 57
Description of Reservation:
The manufacture of the following products, and services incidental to the manufacture of these products, in Singapore, may be subject to certain restrictions which are inconsistent with the Market Access, National Treatment obligations:
(a) beer and stout;
(b) cigars;
(c) drawn steel products;
(d) chewing gum, bubble gum, dental chewing gum or any like substance (not being a medicinal product within the meaning of the Medicines Act (Cap. 176) or a substance in respect of which an order under section 54 of that Act has been made);
(e) cigarettes; and
(f) matches.
Sector:
Sub-Sector:
Industrial Classification:
Type of Reservation: National Treatment
Source of measure: This is an administrative policy of the Government of Singapore and is inscribed in the Memorandum and Articles of Association of PSA Corporation.
Description of Reservation:
The aggregate of foreign shareholdings in PSA Corporation is subject to a 49% limit
The "aggregate of foreign shareholdings" is defined as the total number of shares owned by:
(a) Any individual who is not a Singapore citizen; and
(b) Any corporation which is not more than 50% owned by Singapore citizens or by the Singapore Government; and
(c) Any other enterprise which is not owned or controlled by the Singapore Government
Sector:
Sub-Sector:
Industrial Classification:
Type of Reservation: National Treatment
Source of measure: This is an administrative policy of the Government of Singapore and is inscribed in the Memorandum and Articles of Association of the relevant enterprises below.
Description of Reservation:
All investors, apart from the Singapore government, will be subject to the following equity ownership limits in the enterprises listed below:
(a) Singapore Technologies Engineering - 15%
(b) PSA Corporation - 5%,
(c) Singapore Airlines -5%
(d) Singapore Power, Power Grid, Power Supply, Power Gas - 10%
For the purposes of this reservation, ownership of equity by an investor in these enterprises includes both direct and indirect ownership of equity.
Sector: Defence
Sub-Sector:
Industry Classification:
Type of Reservation: National Treatment, Senior Management and Board of Directors
Source of Measure: Government Policy
Description of Reservation:
Singapore reserves the right to adopt or maintain any measure in relation to the retention of a controlling interest by the Singapore Government in Singapore Technologies Engineering (the Company) and/or its successor body, including but not limited to controls over the appointment and termination of members of the Board of Directors, divestment of equity and dissolution of the Company for the purpose of safeguarding the security interest of Singapore.
Annex 3. Expropriation
1. The Parties confirm the following understanding with respect to the interpretation and/or implementation of Chapter 6 on Investment of the India- Singapore Comprehensive Economic Cooperation Agreement (the "Agreement"):
(a) Article 6.5 of the Agreement is intended to reflect customary international law concerning the obligations of States with respect to expropriation;
(b) a measure of expropriation includes, apart from direct expropriation or nationalisation through formal transfer of title or outright seizure, a measure or series of measures taken by a Party that has an effect equivalent to direct expropriation or nationalization, without a formal transfer of title or outright seizure;
(c) an action or series of actions by a Party cannot constitute an expropriation unless it interferes with a tangible or intangible property right or property interest in an investment;
(d) the determination of whether a measure or series of measures of a Party in a specific factual situation, constitute measures as referred to in paragraph (b) above requires a case-by-case, fact-based inquiry that considers, among other factors:
(i) the economic impact of the measure or series of measures, although the fact that a measure or series of measures by a Party has an adverse effect on the economic value of an investment, standing alone, does not establish that measures having effect equivalent to nationalization or expropriation, has occurred;
(ii) the extent to which the measure or series of measure interfere with distinct, reasonable, investment-backed expectations;
(iii) character of the measure or series of measures, including inter alia, their intent, objectives, purpose, and degree of nexus between the measures and outcome or effects that forms the basis of the expropriation claim; and
(e) except in rare circumstances, non-discriminatory regulatory actions by a Party that are designed and applied for legitimate public welfare objectives such as health, safety and the environment, do not constitute measures having effect equivalent to nationalization or expropriation.
Annex 4. Security Exceptions for Investment
1. The Parties confirm the following understanding with respect to the interpretation and/or implementation of Chapter 6 on Investment of the India- Singapore Comprehensive Economic Cooperation Agreement (the "Agreement"):
(a) the measures referred to in paragraph 2 of Article 6.12 of the Agreement are measures where the intention and objective of the Party imposing the measure is for the protection of its essential security interests. These measures shall be imposed on a non-discriminatory basis and may be found in any legislation or regulation:
(i) In the case of Singapore - Singapore does not presently adopt or maintain any unilateral measures against a non-Party or investor of a non-Party in its legislation or regulation; and
(ii) In the case of India - The applicable measures referred to in paragraph 2 of Article 6.12 of the Agreement are essentially set out in the regulations framed under the Foreign Exchange Management Act (FEMA). India shall upon request by Singapore, provide information on the measures concerned; and
(b) the measures which a Party adopts or maintains with respect to a non- Party or investors of a non-Party shall not impinge upon the other Party's sovereign rights to conduct its foreign policy nor shall it prohibit companies of foreign companies that are subject to such measures from establishing themselves in the other Party.
Annex 5. Non-justiciability of Security Exceptions
1. The Parties confirm the following understanding with respect to the interpretation and/or implementation of Chapter 6 on Investment of the India- Singapore Comprehensive Economic Cooperation Agreement (the "Agreement"):
(a) in respect of disputes submitted to arbitration pursuant to paragraph 3(b) and/or paragraph 3(c) of Article 6.21 of the Agreement, where the disputing Party asserts as a defence that the measure alleged to be a breach is within the scope of a security exception as set out in Article 6.12 of the Agreement, any decision of the disputing Party taken on such security considerations shall be non-justiciable in that it shall not be open to any arbitral tribunal to review the merits of any such decision, even where the arbitral proceedings concern an assessment of any claim for damages and/or compensation, or an adjudication of any other issues referred to the tribunal.
(b) For the avoidance of doubt, paragraph 3(b) and/or paragraph 3(c) of Article 6.21 of the Agreement shall be applicable in proceedings for damages and/or compensation for a breach of a security exception as set out in Article 6.12 of the Agreement.
Annex 6. Compulsory Investor-To State Dispute in relation to Pre-Establishment
1. The Parties confirm the understanding with respect to the applicability of Article 6.21 of the India-Singapore Comprehensive Economic Cooperation Agreement (the "Agreement") to disputes at pre-establishment stage that in the event India agrees to subject disputes on matters relating to establishment, acquisition or expansion of investments to compulsory investor-state dispute settlement procedures in any international agreement with any third party or parties, India shall automatically extend the same benefit to Singapore under this Agreement upon Singapore's written agreement to reciprocate and provide the same undertaking to India.
Attachments
PROTOCOL AMENDING THE COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT BETWEEN THE REPUBLIC OF INDIA AND THE REPUBLIC OF SINGAPORE
The Republic of India and the Republic of Singapore (hereinafter referred to in this Protocol as "the Parties");
HAVING UNDERTAKEN a general review of the Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore signed in New Delhi on 29 June 2005 (hereinafter referred to as "the Agreement"), pursuant to Article 16.3 of the Agreement;
HAVING AGREED to accelerate the reduction and/or elimination of customs duties, pursuant to paragraph 2 of Article 2.3 of the Agreement;
HAVING DECIDED to conclude a Protocol to amend the Agreement pursuant to Article 16.7 of the Agreement to reflect the aforesaid agreement on customs duties;
HAVE AGREED as follows:
1.
Article 2.3 of the Agreement shall be amended by adding the phrase “and Annex 2A Ter” immediately after the expression “Annex 2A Bis”
2.
Annex 2A Bis, as attached to this Protocol, shall be inserted into the Agreement immediately after Annex 2A.
3.
1. This Protocol shall enter into force on 20 December 2007.
2. Unless the Parties decide otherwise, this Protocol shall remain in force for so long as the Agreement remains in force.
IN WITNESS WHEREOF, the undersigned, being duly authorised thereto by their respective Governments, have signed this Protocol.
DONE at New Delhi on this 20th day of December of the year 2007 in duplicate
For the Government of Republic of India:
For the Government of Republic of Singapore:
SECOND PROTOCOL AMENDING THE COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT BETWEEN THE REPUBLIC OF INDIA AND THE REPUBLIC OF SINGAPORE
The Republic of India and the Republic of Singapore (hereinafter referred to in this Protocol as "the Parties"),
HAVING UNDERTAKEN a general review of the Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore signed in New Delhi on 29 June 2005 (hereinafter referred to as "the Agreement"), pursuant to Article 16.3 of the Agreement;
RECALLING the Protocol Amending the Comprehensive Economic Partnership Agreement between the Republic of India and the Republic of Singapore signed in New Delhi on 20 December 2007, pursuant to Article 16.7 of the Agreement;
AGREEING to further accelerate the reduction and/or elimination of customs duties pursuant to Article 2.3 of the Agreement, as well as to make certain amendments to Chapter 3 of the Agreement, and the Annexes thereto;
DECIDING to conclude a second Protocol to amend the Agreement, pursuant to Article 16.7 of the Agreement, to reflect the aforesaid agreements,
HAVE AGREED as follows:
1.
Article 2.3 of the Agreement shall be amended by adding the phrase "and Annex 2A Ter" immediately after the expression "Annex 2A Bis"
2.
Annex 2A Ter, as attached to this Protocol, shall be inserted into the Agreement immediately after Annex 2A Bis.
3.
Article 2.7 (Anti-Dumping) of the Agreement shall be amended by adding, after Article 2.7.4, the following:
ARTICLE 2.7.5: EXEMPTION FROM INVESTIGATION AFTER TERMINATION