Release Date: Jan 31, 2003Contact: 888-249-NEWS
Chamber Welcomes President Bush's Submission of the U.S.-Singapore FTA to Congress
WASHINGTON, D.C. – The United States Chamber of Commerce welcomed President George Bush's announcement he is submitting the U.S.-Singapore Free Trade Agreement for congressional review and consultation. The agreement is the result of over two years of bilateral negotiations, and pending final review, the U.S. Chamber commends the administration for its efforts.
"Given its strategic location in Southeast Asia, Singapore is an important partner for the United States," said Myron Brilliant, U.S. Chamber vice president for Asia. "Expanding trade opportunities between our two countries should boost commerce and promote new possibilities for American businesses and workers. This agreement promises increased access for American goods and services in the marketplace and enhancement of U.S. competitiveness in the Asia-Pacific region."
Bilateral trade between the U.S. and Singapore grew to $33 billion last year. Singapore is the 11th largest export market for American-made products and America is the top importer of Singaporean goods. The U.S.-Singapore FTA was reached in accord with the principles set out under Trade Promotion Authority, and Congress has been involved throughout the process. This, and the inclusion of the broad American business community, should increase momentum for congressional passage of the accord, according to the Chamber.
"As a result of this agreement, the overall relationship between the U.S. and Singapore will be strengthened," Brilliant said. "Singapore is a strategic security partner of the United States and the first port in Asia to participate in the Container Security Initiative."
The Chamber calls on the administration to make the terms of the agreement available publicly. With the public disclosure of the agreement, the Chamber looks forward to educating its membership on the potential benefits of the FTA. The Chamber is a leading member of the U.S.-Singapore FTA Business Coalition, a membership group of over 100 businesses dedicated to support congressional passage of the FTA.
The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.
# # #