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AmCham Singapore Celebrates the Successes of the U.S.-Singapore Free Trade Agreement

SINGAPORE, April 25, 2014 /PRNewswire/ -- The American Chamber of Commerce in Singapore (AmCham) celebrated the successes of the United States-Singapore Free Trade Agreement (USSFTA) at its 41st Annual General Meeting earlier today.  Singapore's Chief Negotiator for the USSFTA Ambassador Tommy Koh and United States Ambassador to Singapore Kirk Wagar addressed the assembled members and guests.  The speakers highlighted the importance of the agreement for both partner nations and its ground-breaking role inspiring the ongoing Trans-Pacific Partnership negotiations.

The USSFTA entered into force in 2004. Ambassador Koh noted, "I am happy to join the celebration of the 10th anniversary of the USSFTA.  The agreement has been a great success for both countries.  It has also served as a template for the USA's subsequent negotiations with Asian countries and for the TPP."

Ambassador Wagar concurred, "The 2004 implementation of the U.S.-Singapore FTA was a critical milestone not just for our two countries, but for the region as a whole, showcasing how a high-standard FTA implemented in a spirit of partnership can truly result in a mutually beneficial outcome. It was called a gold-standard agreement when it was implemented, and 10-years later it has proven to be deserving of that nomenclature."

The United States Ambassador to Singapore during the period of the USSFTA's negotiation, Franklin Lavin, provided his perspective on the USSFTA's clear accomplishments and ongoing successes.  "The U.S.-Singapore Free Trade Agreement was enormously helpful in encouraging U.S. companies to take a serious look at Southeast Asia.  It reinforced the view that Singapore was a steady friend, an attractive market, and a useful platform for regional activity," said Ambassador Lavin.

The day's celebrations marked a decade of increased business and investment between Singapore and the United States.  The United States is Singapore's third largest trading partner and largest foreign investor.

AmCham Executive Director Judith Fergin added, "For over a century, American businesses have been a part of Singapore's remarkable growth and development.  The USSFTA opened exciting new avenues for U.S. firms' trade and investment engagement here and also stimulated the rapidly growing presence of Singaporean companies in the U.S. market.  The results are commercial relations that are stronger than ever and growth prospects that have never been brighter."

Background

The American Chamber of Commerce in Singapore is the leading international business association in Singapore, with over 5,000 members representing more than 750 companies.  American companies' direct investment in Singapore exceeds an estimated S$170 billion.

Source: The American Chamber of Commerce in Singapore
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