Trade Agreements Blog

News and Resources to Help Your Business Manage Trade Agreements

On December 3rd, the US and Singapore got together to hold their annual free trade agreement review – the fifth such review since the  agreement was implemented in 2004.

Assistant United States Trade Representative Barbara Weisel led the U.S. delegation and Deputy Secretary (Trade) Koh Lin-Net of the Ministry of Trade and Industry led the Singaporean delegation.

Photo Courtesy Edwin.11

The annual review provides an opportunity for both sides to exchange opinions on trade topics such as agricultural and textile market access, intellectual property rights, telecommunications and government procurement, and other issues.

The delegations also  reviewed the past year’s activities under the Plan of Action for Environmental Cooperation, discussed additional opportunities for environmental cooperation and explored ways to intensify joint work on labor issues, including worker rights and human resources development.

The Office of the US Trade Representative states:

The two sides also discussed ongoing cooperative efforts and welcomed the continued robust growth in bilateral economic trade and investment since the FTA came into force in 2003.

Since the U.S.-Singapore FTA came into force, U.S. goods exports have increased 68 percent and Singapore is now the United States’ 16th largest goods trading partner, with goods exports totaling $28 billion in 2008. U.S. agricultural exports to Singapore totaled $485 million 2008.

Trade in services also remained strong over the past year, with U.S. exports of $9 billion to Singapore in 2008, up 12.5 percent from the previous year. In 2008, Singaporean investment in the United States increased by nearly 9 percent and U.S. investment in Singapore increased by 12 percent.

With the possibility of an upcoming TPP agreement, the potential for growth in Southeast Asia is enormous. US companies seeking to export to Singapore and other TPP partners should start preparing today. Taking advantage of the trade agreements already in place with TPP partners, such as US-Singapore, US-Chile, and US-Australia, can set a foundation and build experience for further expansion once the Trans-Pacific Partnership has been solidified.

In particular, the US-Singapore agreement may be the basis agreement for the TPP, especially considering its Plan of Action for Environmental Cooperation and labor rights considerations.

Trade Agreement Best Practices Benchmark Study

If your company is considering implementing a free trade agreement, or wants to maximize the savings from a free trade agreement, read our Trade Agreement Best Practices Benchmark.

Implementing and maintaining compliance with a free trade agreement is a complex and technical process. Make sure your company takes full advantage of the trade agreement savings by benchmarking your process against 300 respondents across many different industry verticals and revenue size.

Receive the Trade Agreement Best Practices Benchmark Study Now!