World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

U.S.-Singapore Trade Fact Sheet

Text: U.S.-Singapore Trade Fact Sheet

(Free Trade Agreement to expand trade in service sectors) (530)

Following is the text of the U.S. Trade Representative (USTR) fact sheet on U.S.-Singapore trade, released November 16:

(begin text)

U.S.-Singapore Trade Fact Sheet

Singapore was the 10th largest trading partner and export market for the United States in 1999, while the United States was Singapore's largest market. Singapore's tariffs affecting most U.S. products are zero, and the average U.S. tariff on Singapore's products is less than 1 percent. Trade between the United States and Singapore totaled $34.4 billion last year, up 34 percent since 1998. U.S. exports to Singapore are particularly robust in high-technology sectors, including electronic components, scientific and medical equipment, and telecommunications and computer equipment, and in chemicals. Singapore is also a significant destination for U.S. exports of aircraft and aircraft parts. U.S. main imports from Singapore were high-tech equipment, chemicals, petroleum products, and apparel.

Despite certain Singapore services restrictions-such as on the right of establishment of new banks and law firms-the United States maintained a services trade surplus of $2 billion with Singapore in 1999. The affiliated trade (trade between parent companies and their foreign affiliates), information technology services, engineering, legal and financial services comprised most of this surplus. The free trade agreement negotiations will focus on removing Singapore's services restrictions and expanding U.S. business opportunities.

The United States leads in foreign investment in Singapore, accounting for 45 percent of new investment in the manufacturing sector in 1999. As of 1998, cumulative investment for manufacturing and services by American companies in Singapore reached approximately $19.8 billion (total assets). The bulk of U.S. investment is in electronics manufacturing, oil refining and storage, and chemicals.

Singapore strongly supports free trade and the multilateral trading system. Singapore has worked closely with the United States in promoting further trade liberalization globally and in multilateral fora. It has pursued among the most liberal trade and investment policies in the world, which are key factors underlying its strong and stable economy. With the exception of tariffs on four alcoholic beverage products, it applies no tariffs.

Nonetheless, there are key areas that the United States would like to address in free trade negotiations. The United States has concerns regarding Singapore's protection and enforcement of intellectual property. Singapore also has a substantial services sector and is moving toward higher value-added services, in which U.S. companies are particularly competitive. U.S. services providers and investors could benefit from the enhanced access in a number of services sectors, including environmental, engineering, telecom, financial, courier, distribution, educational, architecture, and other professional services that would result from such an agreement.

Both the United States and Singapore are committed to strong environmental protection and labor rights. Singapore has one of the most stringent environmental management regimes in the region, as its government has placed a high premium on maintaining environmental quality and ensuring the implementation of strong anti-pollution policies. Singapore also has strong labor laws, protecting the rights of its workers to form associations and to organize and bargain collectively.

(end text)

(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)


© Scoop Media

 
 
 
World Headlines

 

Swing States: Gordon Campbell On Why The US Needs MMP

After the bizarre events this week in Helsinki, the world will be hoping and praying that the US midterm elections in November can put a restraining brake on the presidency of Donald Trump. This may happen, but there’s a highly undemocratic reason why such hopes may be frustrated. More>>

ALSO:

putin, trump scalpGordon Campbell: On The White House Romance With Russia

Tough on Europe over trade, at the G-7. Tough on Europe over defence, at NATO. And utterly smitten as usual by Vladimir Putin at the Helsinki summit. More>>

ALSO:


Gordon Campbell: On This Week’s NATO Debacle

For someone routinely cast as a clown presiding over an administration in chaos, Donald Trump has been very consistent about his agenda, and remarkably successful in achieving it, in the short term at least. More>>

ALSO:

NZ Law Society: Rule Of Law Threatened In Nauru

“The recently enacted Administration of Justice Act 2018 is another clear sign of the deterioration of civil rights in Nauru,” the Law Society’s Rule of Law Committee convenor Austin Forbes QC says. More>>

ALSO:

'Fixing' Family Separation: Executive Order Imprisons Families Indefinitely

Amnesty: President Trump signed an executive order today mandating for children to stay with their parents in detention while their asylum claims are processed. More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC