AmCham Singapore Highlights Success of US-Singapore FTA

SINGAPORE, July 26, 2017 /PRNewswire/ -- In its comments to the US government's Executive Order Regarding Trade Agreements, the American Chamber of Commerce in Singapore (AmCham Singapore) showed how the US-Singapore Free Trade Agreement ("USSFTA") has been an unqualified success for the United States.  It has supported US job growth, provided greater access for American companies in Singapore and beyond, been instrumental in increasing bilateral trade, and providing reassurance to Singaporeans of US interest in the country.  

The USSFTA, the first US free trade agreement in Asia, has increased the volume of bilateral trade, US exports in particular, while going beyond economics in order to achieve strategic objectives. It has deepened US engagement in the region and enhanced America's longstanding presence in the Asia-Pacific.

"The USSFTA is a true win-win," said Dwight Hutchins, Chairman of AmCham Singapore.  "As US investment in Singapore has increased every year since 2008, so, too, have US exports of goods and services to Singapore. 215,000 American jobs are supported by our trade with Singapore. Both countries and their workers benefit from this agreement." 

The USSFTA came into in force on January 1, 2004. The agreement contains commitments to free and fair trade that go beyond each country's obligations under the World Trade Organization rules.

"The USSFTA was the first '21st century trade agreement' in Asia as it addressed 'behind the border' issues such as ensuring fair trade in services, providing a predictable framework for investors and protecting intellectual property," said Steven Okun, Chair of the AmCham Singapore TPP Task Force and member of the Board of Governors.  "Now, the US government should build upon the great success of the USSFTA by entering into a multi-party agreement in the region that goes beyond the "spaghetti bowl" of bilateral agreements to better benefit small- and medium-sized enterprises."

Read the Comments in Response to Executive Order Regarding Trade Agreements Violations and Abuses here.

Background

The American Chamber of Commerce in Singapore is the leading international business association in Singapore, with over 5,000 members representing more than 700 companies. American companies' direct investment in Singapore exceeds an estimated US$229 billion.

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