Mariam Jaafar on Free Trade Zones (Amendment) Bill

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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 prac

tices, 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.

tices, 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.

 

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