Kevin Brady: “The United States-Singapore Free Trade Agreement marks the first time the United States has entered an agreement with an…”

“The United States-Singapore Free Trade Agreement marks the first time the United States has entered an agreement with an Asian-Pacific nation of a free trade agreement. Because 99 percent of trade and goods with Singapore is already tariff free, this agreement focuses on removing restrictions on trade in services to the benefit of our massive American service sector, which accounts for around 80 percent of our entire economy. Singapore is the 12th largest trading partner with the United States already, with two-way trade approaching $40 billion last year. The U.S.-Singapore Free Trade Agreement will enhance and strengthen this already strong trade relationship. Among the benefits of free trade with Singapore are new opportunities for U.S. service providers. U.S. negotiators secured key protections in a framework with minimal carve-outs. Services firms will not only enjoy equal treatment in crossborder supply of services but will gain the right to invest and to establish a local services presence, which is critical to selling American services to Singapore. The U.S. direct foreign investment in Singapore was $27 billion last year. With this new free trade agreement, we will create a secure and predictable legal framework for U.S. investors operating in Singapore because it will be treated as favorably as local investors who will have access to meaningful dispute settlements.”