As a strong advocate of free trade, Singapore has relatively few trade barriers. Trade partners with Most Favoured Nation (MFN) have zero tariff rates applied to their products apart from six lines for alcoholic beverages. There are however some import restrictions based mainly on environmental, health, and public security concerns. The import of rice also requires import licensing in order to ensure food security and price stability.
Due to its relatively small domestic market, Singapore’s trade policy is often aligned with that of external agencies. In the international arena, Singapore’s principal priority lies with the WTO and the Doha Development Agenda. Singapore is also a member of numerous regional free trade agreements (FTAs) including the ASEAN Free Trade Area (AFTA), the ASEAN-Australia-New Zealand FTA (AANZFTA), the ASEAN-China FTA (ACFTA), the ASEAN-India FTA (AIFTA), the ASEAN-Japan Comprehension Economic Partner (AJCEP), and the ASEAN-Korea FTA (AKFTA). Other multilateral agreements include the Singapore-Europe Free Trade Association FTA (ESFTA – Switzerland, Liechtenstein, Norway and Iceland), the Gulf Cooperation Council-Singapore FTA (GSFTA – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates), and the Trans-Pacific Strategic Economic Partnership (TPFTA – Brunei, Chile and New Zealand). Finally, Singapore also maintains bilateral free trade agreements with Australia (Singapore-Australia FTA), China (China-Singapore FTA), Jordan (Singapore-Jordan FTA), India (India-Singapore Comprehensive Economic Cooperation Agreement), Japan (Japan-Singapore Economic Partnership Agreement), Korea (Korea-Singapore FTA), New Zealand (Agreement between New Zealand and Singapore on a Closer Economic Partnership), Panama (Panama-Singapore FTA), Peru (Peru-Singapore FTA) and the US (US-Singapore FTA).
Total value of exports: US$351.2 billion
Primary exports - commodities: machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels