with Singapore - US Chamber of Commerce
with Singapore - US Chamber of Commerce
with Singapore - US Chamber of Commerce
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Key Benefits <strong>of</strong> the FTAExports<strong>Singapore</strong> guarantees zero tariffs immediately on all U.S. products. The FTA will eliminate orreduce certain significant nontariff barriers. For example, it will result in a change in the way<strong>Singapore</strong> calculates excise taxes on imported automotive vehicles. Textiles and apparel will beduty-free immediately if they meet the agreement’s rules <strong>of</strong> origin, <strong>of</strong>fering new opportunities forU.S. and <strong>Singapore</strong>an fiber, yarn, fabric, and apparel manufacturing.Financial ServicesU.S. firms can take advantage <strong>of</strong> new opportunities in <strong>Singapore</strong>’s banking and securitiessectors. U.S. financial institutions will have access to the <strong>Singapore</strong> Automated Teller Machine(ATM) network, and restrictions will be lifted on the number <strong>of</strong> qualifying full banks permitted toundertake retail business and on the number <strong>of</strong> branches already licensed U.S. banks can operatein <strong>Singapore</strong>.In the area <strong>of</strong> asset management, eligibility criteria have been eased for U.S. asset managersto qualify to provide approved products under the Central Provident Fund.Pr<strong>of</strong>essional ServicesU.S. pr<strong>of</strong>essional service firms (legal, architectural, engineering, and land surveyors) will haveimproved market access to <strong>Singapore</strong>. For U.S. law firms, <strong>Singapore</strong> will loosen the requirementsthat firms must meet to participate in joint law ventures <strong>with</strong> local firms. For the purpose <strong>of</strong> beingadmitted to practice <strong>Singapore</strong> law, <strong>Singapore</strong> will recognize law degrees granted by a limitednumber <strong>of</strong> U.S. law schools. For U.S. architectural and engineering firms, local ownershiprestrictions have been relaxed. Outside the FTA context, <strong>Singapore</strong> and the United States willexplore interest in a system to mutually recognize pr<strong>of</strong>essional qualifications in the architectureand engineering fields.Intellectual Property RightsThe FTA will provide high-level intellectual property rights protection for the following areas:1) trademarks (stronger protection for well-known marks), 2) copyrights, 3) patents, and 4) tradesecrets. <strong>Singapore</strong> agreed to cooperate in preventing pirated and counterfeit goods from enteringthe United States and to impose criminal penalties as an enforcement mechanism.7