MTI or “Ministry of Trade and Industry”
The Ministry of Trade and Industry is a ministry of the Government of Singapore that directs the formulation of policies related to the development of trade and industry in Singapore. It is a statutory body with the vision to promote economic growth and create good jobs. MTI is also tasked to ensure that Singapore’s economy continues to be competitive, be able to attract investments, and nurture a deeper base of global Singapore enterprises.
Under MTI, it is tasked to negotiate Free Trade Agreements (FTAs), which are treaties making trade and investment between 2 or more economies easier. Singapore has an open economy which is driven by trade in goods and services. Over the years, it has forged an extensive network of over 23 implemented agreements. With FTAs, Singapore-based exporters and investors stand to enjoy a myriad of benefits like tariff concessions, preferential access to certain sectors, faster entry into markets and Intellectual Property protection.
Other purview would be the negotiation or entering into International Investment Agreement (also commonly called “bilateral investment treaty (“BIT”) when used in a bilateral context, or “investment guarantee agreement (“IGA”)) promotes greater investment flows between two signatory countries and sets out standards of protection for investments made in one country by investors from the other country.
The above are just some of the initiatives undertaken by our MTI in Singapore. For full information, you may login their website at: https://www.mti.gov.sg