with Singapore - US Chamber of Commerce
with Singapore - US Chamber of Commerce
with Singapore - US Chamber of Commerce
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THE U.S.-SINGAPORE FREE TRADE AGREEMENTGood News for U.S. Companies, Workers, and ConsumersThe historic U.S.-<strong>Singapore</strong> Free Trade Agreement (FTA) will be the first FTA theUnited States has signed <strong>with</strong> any country in Asia. It is an agreement amongfriends—as <strong>Singapore</strong> is an important economic and strategic partner for theUnited States in Southeast Asia.The agreement <strong>of</strong>fers U.S. firms increased access to the <strong>Singapore</strong> market and landmarkintellectual property protections, which will serve as a model for other agreements throughoutthe ASEAN region. It is good news for U.S. companies, workers, and consumers.Key Economic PartnerOperating one <strong>of</strong> the world’s busiest ports, <strong>Singapore</strong> is a key trading partner for the UnitedStates. Over 1500 American companies are operating in <strong>Singapore</strong> today, <strong>with</strong> over 300 <strong>of</strong> thesehaving made <strong>Singapore</strong> their regional Asia-Pacific headquarters. Two-way U.S. <strong>Singapore</strong> trade lastyear totaled $33 billion, making <strong>Singapore</strong> the 11th largest U.S. trading partner worldwide.In addition to <strong>of</strong>fering a safe, high-tech, business-friendly environment, <strong>Singapore</strong> is thegateway to the larger ASEAN market, which has recently seen trade liberalization through theimplementation <strong>of</strong> the ASEAN Free Trade Agreement (AFTA). <strong>Singapore</strong>’s participation in free tradeagreements <strong>with</strong>in ASEAN and around the region allow U.S. companies to take advantage <strong>of</strong> furthertariff reductions and effectively use <strong>Singapore</strong> as a regional hub and manufacturing center. TheASEAN market <strong>of</strong>fers enormous potential for U.S. business <strong>with</strong> nearly 500 million consumers.Key Security Partner<strong>Singapore</strong> is an important U.S. security partner uniquely situated at the heart <strong>of</strong> Asia, at thecrossroads between the Indian and Pacific Oceans. Many key transshipment and shipping laneslie in close proximity to <strong>Singapore</strong>’s shores, and <strong>Singapore</strong> has helped lead the effort to tightenport security, being the first port in Asia to agree to participate in the Container SecurityInitiative (CSI).<strong>Singapore</strong> has been an early and strong supporter <strong>of</strong> the war against terrorism, providingcritical moral, logistical, and financial support. <strong>Singapore</strong>’s participation on the Security Councilas one <strong>of</strong> the 10 nonpermanent members continues to buttress the Council’s stand on theWar on Terrorism.After the removal <strong>of</strong> U.S. military forces from the Philippines in 1992, <strong>Singapore</strong> granted theU.S. Navy and Air Force access to custom-built military facilities. Such access has been criticalto ensuring U.S. military operational readiness.6