Rob Portman: “I commend the chairman and his staff for getting us to this point, as well as colleagues on the other side of the aisle…”

“I commend the chairman and his staff for getting us to this point, as well as colleagues on the other side of the aisle and the U.S. Trade Representative. These are the first two agreements we have been able to take up under so-called fast track authority, trade promotion authority, for the last decade, and particularly the U.S.-Singapore trade agreement has a number of aspects which are very positive for us. This, of course, is a milestone for us. It is the first agreement we have had with an Asian-Pacific nation. It is also an agreement that is in our interests. Two-way trade is now approaching $40 billion with Singapore and making them our 12th largest trading partner. This agreement will enhance that trade and strengthen it. Ninety-nine percent of the trade in goods with Singapore is already tariff free, so it really is not about goods; it is more about services. And that is great for us because we have a massive service economy in this country. In fact, I am told that our service sector now accounts for about 80 percent of our gross domestic product.”