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One way forward could be through mutual recognition agreements with other national professional accountancy bodies, allowing appropriately qualified Singaporean accountants to practice abroad, she said.
In a statement issued last month, the government admitted it had signed trade agreements with just six partners, while seven others have signed either economic partnership agreements or mutual recognition agreements.
Canada also benefits from voluntary deliberations of mutual recognition agreements between its authorities and their counterparts in TPP countries and from the access to free data which is made available through the transparent framework of the TPP.
Similarly, the U.S. can enter into "mutual recognition agreements" that allow nations to rely on the results of each other's testing, inspection, or certification regimes.
Our empirical exercise suggests that the presence of mutual recognition agreements has weighed less than authorized economic operators and single windows in successful experiences of trade facilitation.
In this regard, UK trade agreements should cover tariff reductions, services liberalization, and opening procurement markets; there should also be a placeholder for negotiating future mutual recognition agreements for trade in specific goods and services.
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"We expect this won't happen and fully anticipate that a mutual recognition agreement will be achieved," the BSI said.
The report says the proposed "enhanced mutual recognition agreement would mean most goods manufactured by in one country would be considered pre-authorised for sale across others".
Mr. Tafara said that the mutual recognition agreement with Australia would continue to protect American investors because the S.E.C. would continue to have the authority to prosecute foreign companies under antifraud provisions of the law for what he called "lying, stealing and cheating".
The mutual recognition agreement replicates the current deal between the EU and US on technical standards for exported goods.
But one source close to the WTO said the EU would be well within its rights to insist on checks in the absence of any mutual recognition agreement.
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