How Many Free Trade Agreements Does Singapore Have

Posted: April 9, 2021 by Podwits Administrator in Uncategorized

All trade in industrial products, fish and other seafood from EFTA states will have duty-free access to these markets as soon as the agreement enters into force. Negotiations on the free trade agreement between the United States and Singapore began during the Clinton administration in December 2000 (4) and continued under the G.W. Bush administration. The free trade agreement was the fifth such agreement signed by the United States and the first with an Asian country. It continues the two governments` initiative to open markets abroad to exports and activities of U.S. companies. The Clinton administration highlighted U.S. access to “major emerging economies”; The Bush administration emphasized the “competitive liberalization” strategy, itself based on a general trade philosophy that combines a free international economic policy with U.S. foreign policy (particularly the fight against terrorism) and its attempts to promote a dynamic and competitive U.S. economy through unregulated markets. Competitive liberalization means that the government is following trade liberalization on global, regional and bilateral fronts. In doing so, it is attempting to create a liberal competition in which countries that are willing to take the necessary steps to conclude a free trade agreement with the United States can do so. The result is competition in which others are tracked or left behind.

(5) Investment protection disciplines are consistent with those typically included in bilateral investment protection agreements, including provisions relating to promotion and protection, national treatment and under the MFN, taxation, expropriation and compensation, national regulation, transfers and key personnel. The agreement also provides for the possibility of a direct settlement of disputes between one party and an investor of another. These disputes may be subject to binding arbitration proceedings, provided both parties agree. Reservations about the chapter are contained in Appendix XI. Under the free trade agreement, some trade reorientation is possible. Producers currently producing elsewhere in Asia could move to Singapore. With a per capita income from Singapore of USD 20,600 average labour cost per hour of 7.73 USD (compared to 5.55 USD in Taipei, Taiwan, $1.12 in Bangkok, Thailand and $0.64 in Guangzhou, China), and office occupancy costs 67% more than in Guangzhou and 330% more than in Bangkok (49), it seems unlikely that many factories will move to Singapore to take advantage of free trade agreements. However, attempts to illegally transship regional producers could intensify. The free trade agreement solves this potential problem by strengthening customs procedures. With regard to U.S. security interests, the free trade agreement would add a formal economic link to security relations with Singapore.

In 1990 and 1992, Singapore signed access agreements providing for limited use of air and naval facilities in Singapore in the United States.

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