with Singapore - US Chamber of Commerce

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