Free Trade Agreement Singapore Us
In addition, bilateral free trade agreements play a role in the process of trade liberalization. Currently, markets are open primarily through multilateral negotiations within the framework of the World Trade Organization, organizations such as APEC or sectoral initiatives. Given the slow pace of the WTO multilateral negotiation process and the absence in 1996 of further progress in sectoral trade liberalization under the Information Technology Agreement (50), countries can make a “final run” around the WTO and liberalize trade with other like-minded countries. However, the diversion of trade introduced by such free trade agreements puts pressure on governments to create their own free trade agreements or to adhere to existing free trade agreements. Traditionally protectionist countries such as China and Japan are now actively seeking such free trade agreements with other nations. Bilateral free trade agreements can therefore become building blocks, not stumbling blocks for global trade liberalization. Questions were also raised about the legal power to enforce immigration legislation. Some questioned whether the legislation`s Laws 106 and 107 would allow an international body to repeal decisions made by officials of the Ministry of Homeland Security or the Attorney General regarding the rejection of Singapore visa applicants. The USTR replied that the panel set up by the free trade agreement would be binational and would deal only with cases brought by one of the parties to the agreement in which there was a model infringement. As Singapore is already already a free trade state, much of the negotiations on the free trade agreement focused on access to its services markets. The free trade agreement provides significant market access for the entire service sector of the other, subject to certain exceptions that must be made in writing — the so-called negative list approach (Chapter 8).
Exceptions include sectors that generally require certifications or public licenses (lawyers, accountants), public institutions (airports, social security services, public hospitals, public bodies) or national policies (nuclear energy). Appendix C lists the areas reserved by each country. Singapore FTA Text: The full text of the agreement. A free form of support statement from Singapore producers and exporters and U.S. importers can be used as an alternative to the presentation of “origin certification” when they invoke compliance with the Singapore Free Trade Agreement. Other important conditions of the agreement appear to have better access for U.S. companies to the Singapore services market. The agreement not only provides for a reduction in regulatory barriers for U.S.
subsidiaries operating in Singapore and legal protection comparable to that of the United States, but also ensures that U.S.-based companies can sell their services (such as portfolio management, consulting, video, music and electronic software) without border barriers or customs fees. However, the Singapore market is relatively small and very competitive. On January 30, 2003, the White House informed Congress of its intention to enter into the free trade agreement. (1) As required under the Trade Promotion Authority (TPA or Fast-Track) procedures, this notification took place more than 90 days prior to the signing of the agreement on May 6, 2003. The U.S. Trade Representative (USTR) published the text of the agreement and the corresponding letters on its website. (2) Of the 31 trade policy committees in the administration, only the Labour Advisory Committee did not support the free trade agreement, although some of the Committee`s reports were neutral, did not obtain a majority opinion, were divided on certain provisions, or expressed differing views. 3. All essential obligations of the agreement, including labour and environmental provisions, are governed by the settlement provisions of the agreement