The U.S.-Singapore Free Trade Agreement is of interest to Congress, as it required Congressional approval under expedited legislative procedures pursuant to P.L. 107-210 granted to the President Trade Promotion Authority; (2) it continues the trend towards trade liberalisation and globalisation; (3) it contains a new approach to the management of environmental and labour conflicts; (4) it may affect certain trade flows which, in turn, would affect US companies, in particular industries that impede imports, such as electronic equipment and other machinery; and (5) Parts of the Free Trade Agreement may be used as model agreements with other countries. Some of the specific issues of the free trade agreement have also been challenged. Singapore has agreed to allow the importation of chewing gum of therapeutic value from the United States for sale and delivery in accordance with health product laws and regulations (Article 2.11). This paves the way for the importation of therapeutic species of American chewing gum, perhaps such as teeth whitening and nicotine caug, which were designed to support smoking cessation for sale – probably through pharmacies. Some information reports had indicated that revenue would be required to purchase chewing gum, but this provision does not appear in the text of the agreement and the Singapore Government has reportedly agreed not to request revenue. Chewing gum has been banned in Singapore since 1992 to keep the city clean and the subways safe. (20) US interests have also expressed support for a liberalised sale of sugar-free chewing gum. The following information about the details of the agreement comes mainly from its text, messages and other reports, as well as information provided by the United States. Trade Officer and Singapore Ministry of Trade and Industry. (19) The Agreement would establish a free trade area between the United States and Singapore, in accordance with the rules and obligations of the World Trade Organisation. Investment. (Chapter 15) The agreement aims to create a safe and predictable legal framework for investors active in the other`s economy.
All forms of investment are protected under the agreement, unless they are expressly excluded. U.S. investors are treated as favorably as local Singaporean investors or other foreign investors. According to the U.S. The United States is Singapore`s second largest trading partner (after Malaysia – Japan is the third). As shown in Table 1, the United States has bilateral trade surpluses by sector with Singapore for aircraft; electrical machinery; plastics; mineral fuel; optical instruments, miscellaneous chemicals; dyes, colors and putty; Articles of base metal and steel products. == deficits with Singapore in the machine park; organic chemicals; another special category; knitting clothes; other special import provisions; fish and seafood; woven clothing; and books and newspapers. The underlying question of whether the United States should seek more liberal trade and investment relations with Singapore is related to the major problem of globalization and its impact on the United States, particularly on labor and wages.
Those who oppose greater interaction with the global economy, perhaps to involve Singapore, generally point to the growing competition from imports, the resulting threat to economic security in certain sectors, especially labor-intensive industries with significant United States. . . .