Trade Regulation & Facilitation
On April 5, Singapore Customs Deputy Director-General Lim Teck Leong described for a capacity audience from the Supply Chain Management and Legal Affairs/IPR Committees how his agency balances the twin and sometimes competing responsibilities for regulating and facilitating trade. The answer is customized solutions founded on risk management principles. The goal is to manage security, revenues, and economic interests in a business-friendly manner. Deputy DG Lim also discussed how Singapore’s many free trade agreements and eventually the Trans-Pacific Partnership (TPP) promote trade facilitation and cooperation in important ways. On the TPP specifically, he noted potential benefits to Singapore-based businesses through the inclusion of new partners with which Singapore does not have an FTA and favorable product-specific rules of origin.