The U.S.-Singapore Free Trade Agreement (FTA) has helped increase U.S. exports, improve U.S. competitiveness worldwide, and secure a U.S. presence in Southeast Asia. It also provides a standard of free trade that encourages a high level of liberalization. Doing business in Singapore has become even easy, faster, cheaper, and more transparent. The FTA has given U.S. businesses and exporters even more access to one of the world’s biggest markets.
Besides binding all Singapore tariffs for U.S. goods at zero, the FTA has increased export opportunities for U.S. manufacturing sectors, including those producing medical instruments and equipment, microelectronics, photo equipment, certain textiles, pharmaceuticals, and chemicals. Singapore also has accorded substantial access to its services and investment market, with few exceptions. It also has increased government procurement opportunities and protection of intellectual property. Furthermore, the FTA provided groundbreaking cooperation in promoting labor rights and the environment.