6. Sector : All Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting: (a) the full or partial devolvement to the private sector of services provided in the exercise of governmental authority; (b) the divestment of its equity interests in, or the assets of, an enterprise that is wholly owned by the Singapore Government; and (c) the divestment of its equity interests in, or the assets of, an enterprise that is partially owned by the Singapore Government. However, the right referred to in the preceding paragraph shall, in respect of measures affecting: (i) subparagraph (a) (to the extent that the development is accompanied by a divestment), and (ii) subparagraphs (b) and (c), pertain only to the initial divestment and Singapore does not reserve this right with respect to subsequent divestments of such divested equity interests and/or assets.2 Existing Measure : - 2 For greater certainty, any transfer of equity interests or assets to an enterprise that is wholly owned by the Singapore government, whether for consideration or not, shall not be considered to be a divestment.
7. Sector : All Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting real estate. This includes measures affecting the ownership, sale, purchase, development and management of real estate. This reservation does not apply to real estate consultancy services, real estate agency services, real estate auction services, real estate valuation services, and renting or leasing services involving owned or leased non-residential property. Existing Measure : Residential Property Act 1976, 2020 Revised Edition State Lands Act 1920, 2020 Revised Edition Housing and Development Act 1959, 2020 Revised Edition Jurong Town Corporation Act 1968, 2020 Revised Edition Executive Condominium Housing Scheme Act 1996, 2020 Revised Edition Planning Act 1998, 2020 Revised Edition
8. Sector : Administration and Operation of National Electronic Systems Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure relating to or affecting the collection and administration of proprietary information by national electronic systems. Existing Measure : -
9. Sector : Arms and Explosives Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the arms and explosives sector. Existing Measure : Arms and Explosives Act 1913, 2020 Revised Edition
10. Sector : Broadcasting Services Broadcasting is defined as the transmission of signs or signals via any technology for the reception or display of aural or visual programme signals by all or part of the public. Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting broadcasting services receivable by Singapore’s domestic audience or originating from Singapore and to the allocation of spectrum in relation to broadcasting services. This entry does not apply to the sole activity of transmitting licensed broadcasting services to a final consumer. Commitments in the production, distribution and public display of motion pictures, video recordings and sound recordings shall not include all the broadcasting and audio-visual services and materials that are broadcasting-related. Examples of services that are reserved include: free-to-air broadcasting, cable and pay television, direct broadcasting by satellite and teletext. Existing Measure : -
11. Sector : Entertainment and Cultural Services Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure relating to the creative arts, cultural heritage and other cultural industries, including entertainment services and other cultural services. “Creative arts” includes: the performing arts – including theatre, dance and music – visual arts and craft, literature, film, television, video, radio, creative online, indigenous traditional practice and contemporary cultural expression, and digital interactive media and hybrid arts work which uses new technologies to transcend discrete artform divisions. “Cultural heritage” includes: ethnological, archaeological, historical, literary, artistic, scientific or technological moveable or built heritage, including the collections which are documented, preserved and exhibited by museums, galleries, libraries, archives and other heritage collecting institutions, as well as intangible cultural heritage. Existing Measure : -
12. Sector : Business Services Subsector : Patent Agent Services Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the recognition of educational and professional qualifications for purposes such as the admission, registration and qualification of patent agents. Existing Measure : Patents Act 1994, 2020 Revised Edition
13. Sector : Business Services Subsector : Armed Escort Services and Armoured Car Services Armed Guard Services Industry Classification : CPC 87305 Guard Services Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the provision of armed escort, armoured car and armed guard services. Existing Measure : Police Force Act 2004, 2020 Revised Edition, Part 9
14. Sector : Business Services Subsector : Betting and Gambling Services Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of betting and gambling services. Existing Measure : Gambling Control Act 2022 (No. 15 of 2022) Gambling Regulatory Authority of Singapore Act 2022 (No. 14 of 2022) Casino Control Act 2006, 2020 Revised Edition
15. Sector : Business Services - Professional Services (Legal Services) Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of legal services in Singapore. Existing Measure : -
16. Sector : Community, Personal and Social Services Subsector : Services furnished by trade unions Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting services provided by trade unions. Existing Measure : Trade Unions Act 1940, 2020 Revised Edition
17. Sector : All Subsector : - Industry Classification : - Type of Reservation : National Treatment (Investment) Senior Management and Board of Directors Description : Investment: 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) 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. Existing Measure : -
18. Sector : Distribution, Publishing and Printing of Newspapers Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the publishing or printing of newspapers, including 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. “Newspapers” means any publication containing news, intelligence, reports of occurrences, or any remarks, observations or comments, in relation to such news, intelligence, reports of occurrences, or to any matter of public interest, printed in any language and published for sale or free distribution at regular intervals or otherwise, but does not include any publication published by or for the Singapore Government. Existing Measure : Newspaper and Printing Presses Act 1974, 2020 Revised Edition
19. Sector : Trade Services Subsector : Distribution Services Commission Agents’ Services Wholesale Trade Services Retailing Services Franchising Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Local Presence Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of any products subject to import prohibition or non-automatic import licensing. Singapore reserves the right to modify or increase the list of products stipulated in the laws, regulations and other measures governing Singapore’s import prohibition or non-automatic import licensing regime. Existing Measure : -
20. Sector : Educational Services Subsector : Primary Education Services Secondary Education Services Industry Classification : CPC 921 Primary Education Services CPC 92210 General Secondary Education Services CPC 92220 Higher Secondary Education Services (only applies to junior colleges and pre-university centres under the Singapore educational system) Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of primary, general secondary and higher secondary (only applies to junior colleges and pre-university centres under the Singapore educational system) education services for Singapore citizens, including Sports Education Services. Existing Measure : Education Act 1957, 2020 Revised Edition Administrative Guidelines Private Education Act 2009, 2020 RevisedEdition
21. Sector : Health and Social Services Subsector : Medical Services Pharmacy Services Deliveries and related services, nursing services, para-medical services and allied health services3 Optometrists and Opticians Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services) Market Access Description : Cross-Border Trade in Services: Singapore reserves the right to adopt or maintain any limit on the number of service suppliers providing, including but not limited to, the following services: medical services, pharmacy services, deliveries and related services, nursing services, para- medical services and allied health services and optometry and opticianry services. Singapore reserves the right to adopt or maintain any measure with respect to the regulation of service suppliers providing, including but not limited to, the following services: medical services, pharmacy services, deliveries and related services, nursing services, para-medical services and allied health services and optometry and opticianry services. This reservation does not apply to obligations under: (a) Article 4 (National Treatment) of Chapter 8 (Cross-Border Trade in Services) in respect of 3 Includes physiotherapy services. the supply of a service by (1); (b) Article 4 (National Treatment) of Chapter 8 (Cross-Border Trade in Services) in respect of the supply of a service by (2), or (c) Article 3 (Market Access) of Chapter 8 (Cross-Border Trade in Services) in respect of the supply of a service by (2) or investors of the other Party or covered investments, in the sector of medical services, specifically general medical services (CPC 93121) and specialised medical services (CPC 93122), except that Singapore may limit the number of new foreign doctors registered each year depending on the total supply of doctors. For the purposes of this reservation: (1) refers to the supply of a service from the territory of a Party into the territory of the other Party; and (2) refers to the supply of a service in the territory of a Party by a person of that Party to a service consumer of the other Party. Existing Measure : Allied Health Professions Act 2011, 2020 Revised Edition Medical Registration Act 1997, 2020 Revised Edition Pharmacists Registration Act 2007, 2020 Revised Edition Medicines Act 1975, 2020 Revised Edition Health Products (Licensing of Retail Pharmacies) Regulations 2016 Nurses and Midwives Act 1999, 2020 Revised Edition Optometrists and Opticians Act 2007, 2020 Revised Edition
22. Sector : Recreational, Cultural and Sporting Services Subsector : Archive services for government records Industry Classification : CPC 96312 Archive services Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of archive services for government records specified under the National Heritage Board or its successor body. Existing Measure : -
23. Sector : Foreign Employee Dormitory Services Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of dormitory services for foreign employees. Existing Measure : -
24. Sector : Sewage Services Subsector : Waste Water Management, including collection, disposal and treatment of solid waste and waste water. Industry Classification : CPC 9401 Sewage Services Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting waste water management, including the collection, treatment and disposal of waste water. Existing Measure : Code of Practice on Sewerage and Sanitary Works Sewerage and Drainage Act 1999, 2020 Revised Edition
25. Sector : Postal Services Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of postal services. Existing Measure : -
26. Sector : Telecommunications Services4 Subsector : Telecommunications Services Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of Telecommunications Services, except for the following sectors and subsectors which are subject to the limitations, conditions and qualifications5 listed herein: (a) Basic Telecommunication Services6, including resale (facilities-based and services-based): (i) Public Switched Services7 (local and 4 Telecommunication services exclude broadcasting services, which is defined as the transmission of signs or signals via any technology for the reception or display of aural or visual programme signals by all or part of the public. 5 For supply of service from the territory of another Party into the territory of Singapore, market access is subject to commercial arrangements with licensed operators. 6 Basic Telecommunication Services may be provided using satellite technology. 7 This includes voice, data and facsimile services. international); (ii) Leased Circuit Services (local and international); (b) Mobile Services8 including resale (facilities-based and services-based): (i) Public Mobile Data Service (PMDS); (ii) Public Trunked Radio Service (PTRS); (iii) Public Radio Paging Service (PRPS); (iv) Public Cellular Mobile Telephone Service (PCMTS); and (c) The following value-added Network (VAN) services: (i) electronic-mail; (ii) voice-mail; (iii) on-line information and data-base retrieval; (iv) electronic data interchange; and (v) on-line information and/or data processing. (vi) store-and-forward (S&F) (vii) store-and-retrieve (S&R) Existing Measure : - 8 Mobile Services may be provided using satellite technology. For supply of service from the territory of another Party into the territory of Singapore, market access is subject to commercial arrangements with licensed operators.
27. Sector : Trade Services Subsector : Supply of potable water for human consumption Industry Classification : CPC 18000 Natural Water The sectors listed above apply only insofar as they relate to the supply of potable water. Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of potable water. For greater certainty, this reservation does not affect the supply of bottled water. Existing Measure : Public Utilities Act 2001, 2020 Revised Edition
28. Sector : Transport Services Subsector : Transportation services via pipeline Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services) Market Access Local Presence Description : Cross-Border Trade in Services: Only service suppliers with local presence shall be allowed to provide transportation services via pipeline of goods such as chemical and petroleum products and petroleum, and other related products. Singapore reserves the right and flexibility to modify or increase the list of the chemical and petroleum products, and other related products that are subject to this reservation. Existing Measure : -
29. Sector : Transport Services Subsector : Air transport services Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting cross-border supply of: (a) aircraft repair and maintenance services; (b) the selling and marketing of air transport services; (c) computer reservation system services. This reservation does not apply to obligations under Article 3 (Market Access) of Chapter 8 (Cross-Border Trade in Services) or Article 4 (National Treatment) of Chapter 8 (Cross-Border Trade in Services) and Article 3 (National Treatment) of Chapter 10 (Investment) in respect of the supply of a service: a. by (1) and (2) in respect of the following sectors: (i) the selling and marketing of air transport services; and (ii) computer reservation system (CRS) services, or b. by (1), (2), and investors of the other Party or covered investments in respect of the sector of rental or leasing services without operators relating to aircraft (CPC 83104). For the purposes of this reservation: (1) refers to the supply of a service from the territory of a Party into the territory of the other Party; and (2) refers to the supply of a service in the territory of a Party by a person of that Party to a service consumer of the other Party. Singapore reserves the right to adopt or maintain any measure affecting investments in air transport and air transport-related services. Existing Measure : Civil Aviation Authority of Singapore Act 2009, 2020 Revised Edition
30. Sector : Business Services Subsector : Scientific and Technical Consulting Services Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of the following: (a) surveying; (b) mapping; and (c) photography. Existing Measure : -
31. Sector : Transport Services Subsector : Air Transport Services - Passengers Transportation by Air Freight Transportation by Air Industry Classification : CPC 731 Passenger Transportation by Air CPC 732 Freight Transportation by Air Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure relating to the requirements of Singapore’s bilateral and multilateral air services agreements. Service suppliers providing air transport services (for both passenger and freight) as a Singapore designated airline may have to be effectively controlled or substantially owned by the Singapore Government or citizens of Singapore or both. Existing Measure : Air Navigation (Licensing of Air Services) Regulations
32. Sector : All Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure in relation to the divestment of the administrator and operator of airports. Existing Measure : -
33. Sector : Transport Services Subsector : Land Transport Services – Passenger transport services, including but not limited to passenger transportation services by railway, urban and suburban regular transportation services, taxi services, bus and rail station services and ticketing services related to public transport services. Passenger transport services are services which are used by and accessible to members of the public for the purposes of transporting themselves within Singapore. Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of passenger transport services. Existing Measure : Rapid Transit Systems Act 1995, 2020 Revised Edition Land Transport Authority of Singapore Act 1995, 2020 Revised Edition Public Transport Council Act 1987, 2020 Revised Edition Road Traffic Act 1961, 2020 Revised Edition Point-to-Point Passenger Transport Industry Act 2019, 2020 Revised Edition
34. Sector : Transport Services Subsector : Land Transport Services – Rail and road freight transportation. Supporting services for rail androad transport services. Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of land transportservices as set out above. This reservation does not apply to obligations under Article 3 (Market Access) of Chapter 8 (Cross-Border Trade in Services) or Article 4 (National Treatment) of Chapter 8 (Cross-Border Trade in Services) and Article 3 (National Treatment) of Chapter 10 (Investment) in respect of the supply of a service by (2), an investor of a Party and a covered investment in the following sectors: a. rental services of cars with operators (CPC 71222); b. rental services of buses and coaches with operators (CPC 71223); c. rental services of commercial freight vehicles with operators (CPC 71240); and d. freight transportation of: (i) refrigerated goods (CPC 71231), (ii) liquids or gases (CPC 71232), (iii) containerized freight (CPC 71233) and (iv) furniture (CPC 71234). In addition, this reservation does not apply to: a. maintenance and repair services of motor vehicles (CPC 61120); b. maintenance and repair services of parts of motor vehicles (CPC 88**); and c. parking services (CPC 74430). For the purposes of this reservation: (1) refers to the supply of a service from the territory of a Party into the territory of the other Party; and (2) refers to the supply of a service in the territory of a Party by a person of that Party to a service consumer of the other Party. Existing Measure : -
35. Sector : Transport Services Subsector : Services Auxiliary to All Modes of Transport Industry Classification : CPC 742 Storage and warehousing services CPC 742** Container station and depot services CPC 748 Freight transport agency services CPC 7123** Inland trucking services Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure that accords equivalent treatment to storage and warehousing, freight forwarding, inland trucking, container station and depot services of another Party. Existing Measure : -
36. Sector : Transport Services Subsector : Maritime Transport Services – Towing and tug assistance; provisioning, fuelling and watering; garbage collection and ballast waste disposal; port captain’s services; navigation aids; emergency repair facilities; anchorage; and other shore-based operational services essential to ship operations, including communications, water and electrical supplies. Industry Classification : CPC 74510 Port and Waterway Operation Services CPC 74520 Pilotage and Berthing Services CPC 74530 Navigation Aid Services CPC 74590 Other Supporting Services for Water Transport Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of towing and tug assistance; provisioning, fuelling and watering; garbage collection and ballast waste disposal; port captain’s services; navigation aids; emergency repair facilities; anchorage; and other shore-based operational services essential to ship operations, including communications, water and electrical supplies. For greater certainty, no measures shall be applied which deny international maritime transport operators reasonable and non-discriminatory access to the above port services. This entry does not apply to: (a) international transport (freight and passengers) excluding cabotage transport (CPC 7211**, 7212**); (b) international towage (CPC 7214**); (c) rental of vessels with crew (CPC 7213); and (d) other supporting and auxiliary services (including catering) (CPC 749**). Existing Measure : Maritime and Port Authority of Singapore Act 1996, 2020 Revised Edition, Section 41
37. Sector : Transport Services Subsector : Internal Waterways Transport Services Industry Classification : CPC 722 Transport Services by Non-seagoing Vessels Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting the supply of internal waterways transportation services. Existing Measure : -
38. Sector : Trade Services Subsector : Wholesale trade services and retail trade services of alcoholic beverages and tobacco Industry Classification : - Type of Reservation : Market Access Local Presence Description : Cross-Border Trade in Services: Singapore reserves the right to adopt or maintain any measure affecting the supply of wholesale and retail trade services of tobacco products and alcoholic beverages. Existing Measure : -
39. Sector : Energy Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: Singapore reserves the right to adopt or maintain any measure affecting or relating to nuclear energy, including energy products (e.g. electricity, heat and steam) produced by nuclear energy. Existing Measure : -
40. Sector : All9 Subsector : - Industry Classification : - Type of Reservation : Most-Favoured-Nation Treatment (Investment) Description : Investment: With respect to the establishment, acquisition, and expansion of investments: a. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any bilateral or multilateral international agreement in force or signed prior to the date of entry into force of the 2023 Protocol. * b. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any future bilateral or multilateral international agreement which liberalises service in accordance with Article V of GATS or liberalises investment, provided the agreement has substantial sector coverage in terms of number of sectors and provides for the absence or elimination of substantially all discrimination in the covered sectors either at the entry into force of that agreement or on the basis of a reasonable time-frame.* c. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to Member States of ASEAN under any international agreement in 9 For greater certainty, this reservation is without prejudice to Singapore’s rights and obligations with respect to China under the WTO Agreement. force or signed after the date of entry into force of the 2023 Protocol. d. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any international agreement in force or signed after the date of entry into force of the 2023 Protocol involving: (a) aviation matters, including air services; (b) maritime and services auxiliary to maritime matters; and port matters; (c) land transport matters; (d) postal and courier services matters; (e) telecommunications and information technology matters; and (f) electronic commerce matters. With respect to the management, conduct, operation, and sale or other disposition of investments: a. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any bilateral or multilateral international agreement in force or signed prior to 16 October 2019.* b. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to Member States of ASEAN under any international agreement in force or signed after 16 October 2019. c. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any international agreement in force or signed after 16 October 2019 involving: (i) aviation matters; (ii) maritime and services auxiliary to maritime matters; and port matters; (iii) land transport matters; and (iv) telecommunications matters. * For greater certainty, the wording in these paragraphs extend to any differential treatment accorded to a country pursuant to a subsequent review or amendment of the relevant bilateral or multilateral agreement mentioned in these paragraphs. Existing Measure : -
41. Sector : All10 Subsector : - Industry Classification : - Type of Reservation : Most-Favoured-Nation Treatment (Cross-Border Trade in Services) Description : Cross-Border Trade in Services: Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any bilateral or multilateral international agreement in force or signed prior to the date of entry into force of the 2023 Protocol.* Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any future bilateral or multilateral international agreement which liberalises service in accordance with Article V of GATS or liberalises investment, provided the agreement has substantial sector coverage in terms of number of sectors, and provides for the absence or elimination of substantially all discrimination in the covered sectors either at the entry into force of that agreement or on the basis of a reasonable time-frame.* Singapore reserves the right to adopt or maintain any measure that accords differential treatment to Member States of ASEAN under any international agreement in force or signed after the date of entry into force of the 2023 Protocol. Singapore reserves the right to adopt or maintain any measure that accords differential treatment to countries under any international agreement in force or signed after the date of entry into force of the 2023 10 For greater certainty, this reservation is without prejudice to Singapore’s rights and obligations with respect to China under the WTO Agreement. Protocol involving: (a) aviation matters, including air services; (b) maritime and services auxiliary to maritime matters; and port matters; (c) land transport matters; (d) postal and courier services matters; (e) telecommunications and information technology matters; and (f) electronic commerce matters. * For greater certainty, the wording in these paragraphs extend to any differential treatment accorded to a country pursuant to a subsequent review or amendment of the relevant bilateral or multilateral agreement mentioned in these paragraphs. Existing Measure : -
42. Sector : All Subsector : - Industry Classification : - Type of Reservation : Market Access Local Presence Description : Cross-Border Trade in Services: Singapore reserves the right to adopt or maintain any limit on the number of suppliers of credit bureau services where information provided by the supplier of credit bureau services is obtained from financial institutions in Singapore. The supplier must be established in Singapore. Existing Measure : Monetary Authority of Singapore Act 1970, 2020 Revised Edition
43. Sector : All Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured-Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment: 1. Singapore reserves the right to adopt or maintain any measure with respect to new industries and new services. 2. Singapore shall notify China prior to adopting a measure with respect to a new industry or new service inconsistent with the above-mentioned obligations. At the request of either Party, the Parties shall enter into negotiations with regard to the liberalisation commitments for the new industry or new service. 3. For the purposes of this entry: (a) The term “new industry” means an economic activity that at the date of entry into force of the 2023 Protocol is: (i) not currently in existence in the territory of either Party; and (ii) an existing economic activity not covered or defined in the International Standard Industrial Classification of All Economic Activities (ISIC), Rev.4 (“ISIC Rev.4”). (b) The term “new service” means a service that at the date of entry into force of the 2023 Protocol is: (i) not currently in existence in the territory of either Party; and (ii) an existing service not covered or defined in the CPC. 4. For greater certainty, this entry does not apply to a service or economic activity that could be classified in the ISIC Rev.4 or the CPC, but that could not previously be supplied on a cross-border basis due to lack of technical feasibility. Existing Measure : -
44. Sector : Financial Services Subsector : - Industry Classification : - Type of Reservation : National Treatment (Cross-Border Trade in Services and Investment) Market Access Most-Favoured Nation Treatment (Cross-Border Trade in Services and Investment) Local Presence Prohibition of Performance Requirements Senior Management and Board of Directors Description : Cross-Border Trade in Services and Investment Singapore reserves the right to adopt or maintain any measure affecting the supply of financial services with respect to Most-Favoured Nation Treatment, Prohibition of Performance Requirements, Senior Management and Board of Directors and Local Presence. Singapore reserves the right to adopt or maintain any measure with respect to National Treatment and Market Access, except as specified in the Appendix to List II (Commitments for Financial Services – Singapore) and subject to the limitations, conditions and qualifications specified therein. Existing Measure : -
APPENDIX TO LIST II COMMITMENTS FOR FINANCIAL SERVICES SINGAPORE
EXPLANATORY NOTES
This Appendix shall be read together with entry 44 in List II of the Schedule of Singapore in Annex 5 (Schedules of Reservations and Non-Conforming Measures for Services and Investment). This Appendix does not include Singapore’s commitments on the supply of a service by the presence of natural persons, or other movement of natural persons, including immigration, entry or temporary stay.
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments FINANCIAL SERVICES All the commitments in this Appendix are also subject to entry requirements, domestic laws, guidelines, rules and regulations, terms and conditions of the Monetary Authority of Singapore (MAS) or any other relevant authority or body in Singapore, as the case may be, which are consistent with Article VI of the GATS and paragraph 2 of the Annex on Financial Services of the GATS. A. Insurance and Insurance-related Services (a) Life insurance services including annuity, disability income, accident and health insurance services (1) (2) Unbound None (1) (2) Unbound None (3) These measures are also limitations on national treatment. None except foreign persons can only acquire equity stakes of up to 49 per cent in aggregate in locally-owned insurance companies provided the acquisition does not result in any foreign person being the largest shareholder; insurance companies must establish as branches or subsidiaries; and for activities relating to the use, including via investment, of monies from any social security, public retirement or statutory savings scheme. (3) None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (b) Non-life insurance services including disability income, accident and health insurance and contracts of fidelity bonds, performance bonds or similar contracts of guarantee. (1) Unbound (1) Unbound (2) (3) None except that compulsory insurance of Motor Third Party Liability and Workmen's Compensation may only be purchased from licensed insurance companies in Singapore. Foreign persons can only acquire equity stakes of up to 49 per cent in aggregate in locally-owned insurance companies provided the acquisition does not result in any foreign party being the largest shareholder. Unbound for licensing of new insurance companies and establishment of new representative offices. (2) (3) None None (c) Reinsurance and retrocession (1) None (1) None (2) (3) None None except that reinsurance companies must be established as branches or subsidiaries. (2) (3) None None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (d) Insurance intermediation comprising broking and agency services (1) Unbound (1) Unbound (2) (3) These measures are also limitations on national treatment. Agents are not allowed to act for unlicensed insurers. The placement of domestic risks outside Singapore by brokers is subject to the approval of MAS, with the exception of reinsurance risks and insurance risks relating to maritime liabilities of shipowners insured by protection & indemnity clubs. These measures are also limitations on national treatment. Unbound except for admission of direct11 insurance and reinsurance brokers as locally incorporated subsidiaries. (2) (3) None Unbound 11 Direct insurance broker means an insurance broker which is licensed under the Insurance Act in respect of insurance policies relating to general insurance and long term accident and health policies, other than insurance policies relating to reinsurance business.
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (e) Services auxiliary to insurance comprising actuarial, loss adjustors, average adjustors and consultancy services (1) None (1) None (2) None (2) None (3) None (3) None B. Banking and other financial services (a) Acceptance of deposits and other repayable funds from the public (1) Unbound (1) Unbound (2) None (2) None (3) These measures are also limitations on national treatment. Only institutions licensed or approved as banks, merchant banks and finance companies can accept deposits. Where a foreign financial institution is subject to legislation in its home country which requires that institution to confer lower priority to depositors of its foreign offices vis-à-vis the home country (3) Commercial banks: Foreign banks can operate from only one office (excluding back-office operations). They cannot establish off-premise ATMs and ATM networking and new sub-branches.
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments depositors in receivership or winding-up proceedings, the MAS may exercise appropriate differentiated measures against that foreign financial institution in Singapore to safeguard the interest of the Singapore office's depositors. MAS may require foreign banks to incorporate under Singapore law. Establishment and operation of foreign banks, merchant banks and finance companies are also subject to the limitations listed under activities B(a) to B(l) and the following limitations: Commercial banks No new full and Wholesale banks. New foreign banks may only establish as offshore bank branches or representative offices. Representative offices cannot conduct business or act as agents. Banks, with MAS' approval, can operate foreign currency savings accounts only for non-residents. Unbound for provision of all electronic banking services. Location of banks and relocation of banks and sub-branches require prior approval from MAS. Wholesale banks can only accept foreign currency fixed deposits from and operate current accounts for residents and non-residents. For Singapore dollar deposits, they can only accept fixed deposits of
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments A single or related group of foreign shareholders can only hold up to 5 per cent of a local bank's shares. Merchant banks Foreign banks and merchant banks may establish as merchant bank subsidiaries or merchant bank branches. Finance companies No new finance companies. Unbound for foreign acquisition of shares in finance companies and transfer of stake of foreign shareholdings in existing finance companies to foreign persons. All finance companies, local and foreign-owned, can only conduct Singapore dollar business. With MAS' prior approval, eligible finance companies can also deal in foreign currencies, gold or other precious metals, and acquire S$250,000 or more per deposit. Offshore banks can accept foreign currency fixed deposits from residents and non-residents. For Singapore dollar deposits, they can only accept fixed deposits of S$250,000 or more per deposit from non-residents. A majority of the directors of a bank incorporated in Singapore must be either Singapore citizens or Singapore
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments foreign currency stocks, shares or debt or convertible securities. permanent residents.12 Merchant banks Merchant banks can operate from only one office (excluding back-office operations). Location and relocation of merchant banks require MAS' prior approval. Merchant banks can, with MAS' authorization, raise foreign currency funds from residents and non-residents, operate foreign 12 MAS may permit a bank incorporated in Singapore which is a wholly owned subsidiary of a bank of the other Party incorporated outside Singapore, to have less than a majority of directors who are either Singapore citizens or Singapore permanent residents.
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments currency savings accounts for non-residents and raise Singapore dollar funds from their shareholders and companies controlled by their shareholders, banks, other merchant banks and finance companies. Finance companies Location of finance companies and relocation of sub-branches require MAS' prior approval. Foreign-owned finance companies cannot establish off-premise ATMs, ATM
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments networking and new sub-branches. (b) Lending of all types including consumer credit, mortgage credit, factoring and financing of commercial transaction (1) Unbound. Measures taken are also limitations on national treatment. (1) None (2) None (2) None (3) These measures are also limitations on national treatment. (i) Other than in-house credit cards, credit and charge cards may be issued by card issuers approved by MAS subject to MAS' guidelines. (3) Each offshore bank's lending in Singapore dollars to residents shall not exceed S$500 million in aggregate. (ii) Financial institutions extending Singapore dollar (S$) credit facilities exceeding S$5 million per entity to non-resident financial entities or arranging S$ equity or bond issues for non-residents, shall ensure that where the S$ proceeds are to be used outside Singapore, they are swapped or converted into foreign Offshore banks should not use their related merchant banks to circumvent the S$500 million lending limit. Unbound for establishment of off-premise cash
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments currency upon draw-down or before remittance abroad. Financial entities shall not extend S$ credit facilities to non-resident financial entities if there is reason to believe that the S$ proceeds may be used for S$ currency speculation. (iii) Establishment of credit companies which do not conduct activities requiring MAS' approval is allowed. dispensing machines for credit and charge cards issuers. (c) Financial leasing (1) None (1) None (2) None (2) None (3) None except as indicated for activity B(b) above (3) None except as indicated for activity B(b) above. (d) Payment and money transmission services, including credit, charge and debit cards, travellers (1) Unbound (1) Unbound (2) None (2) None (3) These measures are also limitations on national treatment. (3) None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments cheques and bankers' drafts Remittance shops, except where the remittance business is conducted by banks and merchant banks, are required to be majority owned by Singapore citizens. Bankers' drafts can only be issued by banks. Multi-purpose stored value cards can only be issued by a bank in Singapore licensed by MAS. The limitations indicated in B(b)(3) above also apply to the activities listed in B(d). (e) Guarantees and commitments (1) None except for the limitations indicated in activity A(b) for insurance companies providing contracts of fidelity bonds, performance bonds or similar contracts of guarantee. (1) None (2) None (2) None (3) None except for the limitations indicated in activity A(b) for insurance companies providing contracts of fidelity bonds, performance bonds or similar contracts of guarantee, and B(b)(3)(ii) above. (3) None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (f) Trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following: - money market instruments (including cheques, bills, certificates of deposit) (1) (2) Unbound except for trading in products listed in B.(f) for own account. Trading in money market instruments, foreign exchange, as well as exchange rate and interest rate instruments can be conducted with financial institutions only. Measures taken are also limitations on national treatment. None (1) (2) None None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments - foreign exchange - derivative products, including financial futures and options - exchange rate and interest rate instruments, including swaps and forward rate agreements - transferable securities - other negotiable instruments and financial assets, including bullion (3) These measures are also limitations on national treatment. Banks and merchant banks are required to set up separate subsidiaries to trade financial futures for customers. Financial futures brokers can establish as branches or subsidiaries. The offer of derivative products by both local and foreign-owned financial institutions is allowed provided: - the product has been offered by the financial institution in other internationally-reputable financial centres and the supervisory authorities of those centres agree to the offer of such products in their markets; - the financial institution's parent supervisor and its head office must be aware and have no objection to the offer of such products in the Singapore branch or subsidiary; and - MAS is satisfied that the financial institution has and continues to have the financial strength and adequate (3) None except as indicated for activity B(b) above.
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments internal controls and risk management systems to trade in these products. The offer of derivative products involving the Singapore dollar is subject to the requirement indicated in B(b)(3)(ii). Moneychangers, except where the money changing business is conducted by banks and merchant banks, are required to be majority owned by Singapore citizens. (g) Participation in issues of all kinds of securities, including underwriting and placement as agent and provision of service related to such issues (1) Unbound except for participation in issues of securities for own account, and underwriting and placement of securities through stockbroking companies, banks or merchant banks in Singapore. Measures taken are also limitations on national treatment. (1) None (2) None (2) None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (3) Measures taken are also limitations on national treatment. Singapore Exchange Securities Trading Ltd (SGX-ST) will admit new trading members. New members will be able to trade directly in S$ denominated securities of Singapore incorporated companies with resident investors for a minimum value of S$200,000. Representative offices cannot conduct business or act as agents. Unbound for foreign acquisition of new and existing equity interests in SGX-ST member companies. Banks' and merchant banks' membership on SGX-ST and Singapore Exchange Derivatives Trading Ltd (SGX-DT) must be held through subsidiaries. (3) None except as indicated for activity B(b) above
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments Unbound for new Primary and Registered dealers of Singapore Government Securities. (h) Money broking (1) Unbound (1) Unbound (2) None (2) None (3) Unbound for new money brokers. Measures taken are also limitations on national treatment. (3) None (i) Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services (1) Unbound (1) Unbound (2) None (2) None (3) These measures are also limitations on national treatment. None, except asset management companies, custodial depositories, and trust services companies can establish as branches, subsidiaries or joint ventures; only the Central Depositary Pte Ltd is authorised to provide securities custodial depository services under the scripless trading system. (3) None
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments Unbound for activities relating to the use, including via investment, of monies from any social security, public retirement, or statutory saving scheme. (j) Settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments (1) Unbound, except for the provision of settlement and clearing services for financial assets which are listed on overseas exchanges only. (1) Unbound (2) (3) None These measures are also limitations on national treatment. Settlement and clearing services for exchange traded securities and financial futures can only be provided by Central Depository (Pte) Limited and SGX-DT respectively. Only one clearing house established under the Banking Act may provide clearing services for Singapore dollar cheques and interbank fund transfer. (2) (3) None Unbound
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (k) Advisory and other auxiliary financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy (1) Commercial presence is required for provision of investment and portfolio research and advice to the public. (1) None (2) None (2) None (3) Financial advisers can establish as branches, subsidiaries or representative offices. Representative offices cannot conduct business or act as agents. (3) None (l) Provision and transfer of financial information, and financial data processing and related software by providers of other financial services (1) Unbound except for the provision of financial information by providers such as Reuters and Bloomberg. Measures taken are also limitations on national treatment. The Singapore branches of foreign banks can transmit data to their head offices and sister branches for processing provided proper controls exist, the integrity and confidentiality of the data and information are safeguarded, and MAS is allowed on- (1) None for the provision of financial information by providers such as Reuters and Bloomberg.
Sector or Subsector Limitations on Market Access Limitations on National Treatment Additional Commitments (2) site access to the data/information at the place where the data and information is processed. Only the provision of financial information by providers such as Reuters and Bloomberg is allowed. Measures taken are also limitations on national treatment. (2) None (3) The provision of financial information by providers, such as Reuters and Bloomberg, is allowed. The provision of financial data processing services to banks and merchant banks is subject to domestic laws on protection of confidentiality of information of customers of banks and merchant banks. (3) None