I would be interested in any reactions to the following announcement of a
US-Singapore FTA.
Singapore recently signed a FTA with New Zealand. Actually it was much more than
that - it covered tariffs, services, investment, government procurement,
TBT/SPS, intellectual property, disputes procedures and more. It was explicitly
intended to be a model and a catalyst for further agreements. I can provide
copies and various analyses for anyone interested.
Singapore has announced negotiations for similar agreements with Australia and
Japan.
The intention of at least some of the parties (including Singapore and New
Zealand) is to link them up into a wider FTA. New Zealand officials and trade
ministers have been pushing for a "Pacific 5" agreement - US, Chile, Singapore,
Australia and New Zealand.
Bill Rosenberg
Singapore To Launch Free Trade Negotiations
Friday, 17 November 2000, 3:44 pm
Press Release: The White House
Singapore To Launch Free Trade Agreement Negotiations
(First U.S.-Asian Free Trade Agreement to be established)
(740)
President Clinton and Singapore Prime Minister Goh Chok Tong,
on the final day of the Asia-Pacific Economic Cooperation
(APEC) Leaders' Meeting in Brunei, announced the United States
and Singapore will launch negotiations for the first U.S. free
trade agreement (FTA) with an Asian country.
"This agreement will both develop and strengthen one of the
Pacific's largest trading relationships, and bring us a step
closer to the realization of APEC's vision of 'free and open
trade' throughout the Pacific," said U.S. Trade Representative
(USTR) Charlene Barshefsky.
Geared toward the information technology-driven "new economy,"
the agreement will address significant service sectors of the
economy including communications, the Internet and high
technology and include provisions on labor and the
environment.
According to Barshefsky, the agreement represents a major
economic potential to reap the benefits of the new economy and
has strategic significance for the overall mission of APEC.
"As we realize the commercial benefits of an expanding trade
relationship, we are also setting an example of progress
toward the long-term vision of an open, prosperous and stable
Pacific region," Barshefsky said.
Singapore is the United States' largest trading partner in
Southeast Asia. Trade between the two countries totaled $34.4
billion in 1999.
Following is the text of the U.S. Trade Representative
release:
(begin text)
OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE
Executive Office of the President
Washington, D.C. 20508
00 - 81
November 16, 2000
U.S. and Singapore to Launch Negotiations for a Free Trade
Agreement
President Clinton and Prime Minister Goh Chok Tong of
Singapore, meeting in Brunei on the final day of the annual
Asia-Pacific Economic Cooperation (APEC) summit, today
announced the launch of negotiations for a U.S.-Singapore Free
Trade Agreement (FTA).
"This agreement will both develop and strengthen one of the
Pacific's largest trading relationships, and bring us a step
closer to the realization of APEC's vision of 'free and open
trade' throughout the Pacific," said United States Trade
Representative Charlene Barshefsky. "It will remove the
remaining barriers to trade between our countries, and help us
take full advantage of the new opportunities unfolding through
communications, the Internet and high technology. It will also
demonstrate again the Clinton Administration's commitment to
accompany open markets with labor and environmental
provisions."
The FTA will be only the fifth Free Trade Agreement the U.S.
has signed, and the first with an Asian country. Modeled after
the recently signed U.S.-Jordan FTA, but reflecting the
substantial volume of trade between the two nations, the
agreement will eliminate tariffs on all goods over time; cover
substantially all services sectors, help to develop electronic
commerce, protect intellectual property rights, and include
safeguards and dispute settlement mechanisms. Like the Jordan
FTA, it will include provisions on labor and the environment.
"President Clinton and Prime Minister Goh have taken a step of
major economic potential and strategic significance," said
Ambassador Barshefsky. "As we realize the commercial benefits
of an expanding trade relationship, we are also setting an
example of progress toward the long-term vision of an open,
prosperous and stable Pacific region."
The agreement is expected to have significant commercial
benefits, as Singapore is already the United States' largest
trading partner in Southeast Asia, with two-way trade totaling
$34.4 billion in 1999. The agreement will represent the new
economy, focusing on removing Singapore restrictions on a wide
range of services, including high technology sectors such as
engineering, medical, information technology, environmental,
legal, financial education and distribution. Furthermore, the
agreement can serve as a significant step toward realization
of APEC's "Bogor Vision," under which APEC's 21 members are
working toward "free and open trade in the Pacific" by 2010
for developed countries, and 2020 for developing countries.
Background:
Singapore is the United States' 10th largest goods export
market, totaling $16.2 billion in exports in 1999. The five
largest export categories were: electrical machinery,
machinery, aircraft and parts, optical and medical
instruments, and plastic. The United States had a services
trade surplus with Singapore of $2 billion in 1999.
Singapore is the 12th largest source for goods imported into
the United States, totaling $18.2 billion in 1999, led by
machinery, electrical machinery, special other repaired
products, optic and medical instruments and organic chemicals.
(end text)
(Distributed by the Office of International Information
Programs, U.S. Department of State. Web site:
http://usinfo.state.gov)
see:
http://www.scoop.co.nz/mason/stories/WO0011/S00151.htm
or
http://usinfo.state.gov/cgi-bin/washfile/display.pl?p=/products/washfile/geog/ea&f=00111607.eea&t=/products/washfile/newsitem.shtml
