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The U.S.-Singapore FTA has helped increase U.S. exports, improve U.S. competitiveness around the globe, secure a U.S. presence in Southeast Asia, and provide a standard of free trade that encourages a high level of liberalization. Doing business in Singapore has become even easier, 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, Southeast Asia, where many opportunities are to be found.
Besides binding all Singapore tariffs for U.S. goods at zero, the FTA has increased export opportunities for certain U.S. manufacturing sectors, including those that produce 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 for groundbreaking cooperation in promoting labor rights and the environment.
In 2010, Singapore was the United States’ 10th largest export market at over $29 billion. This is a 31% increase over 2009. The principal U.S. exports to Singapore in 2010 were in the sectors of machinery, electrical machinery, aircraft and spacecraft, mineral fuel and oil, and medical devices.