Mariam Jaafar on Free Trade Zones (Amendment) Bill
Free trade zones (FTZs) remain core to Singapore's trade strategy, building on and reinforcing its international air and sea hub position, said MP Mariam Jaafar. Speaking in Parliament on Wednesday (Oct 4), she said the proposed changes are timely, as they seek to align Singapore’s regime with international best practices, provide clarity on the regulations and responsibilities of players involved, and deal with illicit activities. She also sought clarifications on the Bill. One of them relates to the need to increase oversight and controls. She said there must be balance in ensuring that the controls do not create overly onerous burden and costs that affect the efficiency of the FTZs. The best controls, if poorly implemented, will affect the competitiveness of Singapore’s FTZs. She said it is important to take a risk-based approach and to leverage data, technology and IT integration. She also wanted to know how the revised FTZ regime would affect business costs and competitiveness, as well as Singapore’s readiness to deal with threats and vulnerabilities.
Free trade zones (FTZs) remain core to Singapore's trade strategy, building on and reinforcing its international air and sea hub position, said MP Mariam Jaafar. Speaking in Parliament on Wednesday (Oct 4), she said the proposed changes are timely, as they seek to align Singapore’s regime with international best practices, provide clarity on the regulations and responsibilities of players involved, and deal with illicit activities. She also sought clarifications on the Bill. One of them relates to the need to increase oversight and controls. She said there must be balance in ensuring that the controls do not create overly onerous burden and costs that affect the efficiency of the FTZs. The best controls, if poorly implemented, will affect the competitiveness of Singapore’s FTZs. She said it is important to take a risk-based approach and to leverage data, technology and IT integration. She also wanted to know how the revised FTZ regime would affect business costs and competitiveness, as well as Singapore’s readiness to deal with threats and vulnerabilities.
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