WASHINGTON-President Bush and Singapore Prime Minister Goh Chok Tong today signed a landmark free trade pact, opening the way for increased telecom and high-tech exports to Asia.
“We applaud both administrations for this forward-looking, pro-competition agreement and urge its quick passage through Congress. Singapore is a significant trading partner of the United States, and with a telecom services market estimated to reach $3.8 billion in 2003, it holds great potential for U.S. telecom equipment manufacturers,” said Matthew Flanigan, president of the Telecommunications Industry Association.
Singapore, which backed the U.S.-led war in Iraq, is the first Asian country to ink a bilateral free trade agreement with the U.S.
TIA said trade between the two countries in 2002 totaled $32 billion, with the United States selling $6 billion worth of high-tech gear to Singapore-America’s 11th-largest trading partner-last year.
As a signatory to the World Trade Organization’s Information Technology Agreement, Singapore already has removed tariffs on key information technology and communications products. However, the new U.S.-Singapore trade deal includes additional provisions-including simplified customs procedures, increased market access for telecommunications services, favorable e-commerce provisions and improved intellectual property rights protection-that are designed to further boost trade in communications products and services.
