Singapore accedes to the GATT

Singaporeparticipated for the first time in the world trade forum, the General Agreement on Tariffs and Trade (GATT) ministerial meeting, which was held in Tokyo, Japan, from 12 to 14 September 1973. As GATT’s 83rdandnewest member, Singaporewas given tariff concessions as part of membership privileges. Hon Sui Sen, then Minister for Finance, represented Singaporeat the meeting. He was accompanied by the permanent secretary of the Ministry for Finance and a senior official from the trade department.^[1]

Hon said in his Tokyo speech that Singapore had made contributions toward international trade liberalisation in the form of holding tariff protection to a minimum. He also hoped that trade liberalisation would help stabilise the world currency situation.^[2] In addition, Hon reiterated that Singapore was dependent on free and open international trade for its economic growth.^[3] For Singapore and many countries, gaining membership into GATT ensured access to key international markets. The Tokyo round marked Singapore’s first direct involvement in multilateral trade negotiations (MTN).^[4]

References
1. Hon for GATT meeting: A ‘first’ for Singapore. (1973, August 24). The Straits Times, p. 5. Retrieved from NewspaperSG.
2. Freer trade. (1973, September 17). The Straits Times, p. 10. Retrieved from NewspaperSG.
3. Hon on how S’pore fosters trade. (1973, September 14). The Straits Times, p. 24. Retrieved from NewspaperSG.
4. Lim, C. L., & Liang, M. (Eds.). (2011). Economic diplomacy: Essays and reflections by Singapore’s negotiators (p. 4).Singapore: World Scientific Pub. Call no.: RSING 382.095957 ECO.