APEC DEREGULATION REPORT 2000

Chapter 10 : Deregulation/ Regulatory Review

Objective

APEC Economies will facilitate free and open trade and investment in the Asia-Pacific Region by, inter alia:

(a) Improving the transparency of regulatory regimes; and

(b) Eliminating those distortions arising from domestic regulations that restrict trade or investment and are not necessary to achieve a legitimate objective.

Guidelines

Each APEC economy will:

(a) explore economy-wide processes for the transparent identification and review of those domestic regulations that may cause distortions that restrict trade or investment, ensuring that reviews consider whether identified distortions are necessary to achieve a legitimate objective; and

(b) consider the adoption of regulatory reform programs that seek to reduce the costs of regulation of particular industries or sectors whilst maintaining the achievement of legitimate objectives.

Collective Actions

APEC Economies have agreed to take collective actions to help achieve these goals. These actions are contained in Collective Action Plans (CAPs) which are updated annually. The current CAP relating to deregulation/regulatory review can be found in the Deregulation Collective Action Plan.

APEC Principles to Enhance Competition and Regulatory Reform

The APEC Leader’s Declaration of September 1999 endorsed the following Principles: Non Discrimination

(a) Application of competition and regulatory principles in a manner that does not discriminate between

or among economic entities in like circumstances, whether these entities are foreign or domestic.

Comprehensiveness

(b) Broad application of competition and regulatory principles to economic activity including goods and services, and private and public business activities.

(c) The recognition of the competition dimension of policy development and reform which affects the efficient functioning of markets.

(d) The protection of the competitive process and the creation and maintenance of an environment for free and fair competition.

(e) The recognition that competitive markets require a good overall legal framework, clear property rights, and non discriminatory, efficient and effective enforcement.

Transparency

(f) Transparency in policies and rules, and their implementation.

(g) Clear responsibility within domestic administrations for the implementation of the competition and efficiency dimension in the development of policies and rules, and their administration.

Singapore believes in the discipline of market forces, and adopts a hands-off approach to eonomic management. Regulation, where applied, is to provide prudential supervision (e.g. the financial services sector) , ensure public safety, protect consumer interests, and protect national security interests.

*Singapore’s Approach to Deregulation/Regulatory Review in 2000*
*Section*	*Improvements Implemented Since Last IAP*	*Current Regulatory Review Policies / Arrangements*	*Further Improvements* *Planned*
*General Policy* *Position*	N/A	Singapore believes in the discipline of market forces and adopts a hands-off approach to economic management. Regulation, where applied, is to provide prudential supervision (e.g. the financial services sector), ensure public safety, protect consumer interests, and protect national security interests. Singapore’s regulatory regime is highly transparent. All laws are widely available, through the published media or through the government’s website. Major policies are also widely publicised.	Singapore will continue to ensure that our regulatory policy approach remains sound and relevant.
*Identification and Review of Proposed Regulations*	N/A	Singapore regularly reviews our rules and regulations to eliminate unnecessary bureaucracy and make them relevant to prevailing market conditions, especially in the light of the Internet Revolution. Regulatory reviews are conducted taking into account views of the industry as well as the regulatory body involved. An all-rounded assessment (covering economic and social aspects) is made before any changes in regulations are effected.	Singapore will continue of regular reviews of existing and proposed rules and regulations.
*Identification and Review of Existing Regulations*	N/A	As above	As above

*Improvements in Singapore’s Approach to Deregulation/Regulatory Review since 1996*
*Section*	*Position at Base Year (1996)*	*Cumulative Improvements Implemented to* *Date*
*General Policy* *Position*	Singapore believes in the discipline of market forces and adopts a hands-off approach to economic management. Regulation, where applied, is to provide prudential supervision (e.g. the financial services sector), ensure public safety, protect consumer interests, and protect national security interests.	Singapore’s approach since 1996 has served Singapore well in meeting the challenges of a more global economy. We have since 1996 embarked on programmes to corporatize/privatize the provision of major public services. These include electricity, gas, telecommunications, local transport (including train, bus and taxi services), broadcasting and postal services.
*Identification and Review of* *Proposed Regulations*	As in approach in 2000	N/A
*Identification and Review of* *Existing Regulations*	As in approach in 2000	N/A
*Reform of Industry/Sector* *Specific Regulation*	Please refer to services chapter	Please refer to services chapter

APEC Agreements and Declarations

APEC DEREGULATION REPORT 2000 - SINGAPORE