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Singapore Mti Free Trade Agreements

These benefits include the elimination of tariffs on trade in goods and better access to services and government procurement. There would also be a reduction in non-tariff barriers, notably in four main sectors: electronics, motor vehicles and spare parts, pharmaceuticals and medical devices, and renewable energy production. Anti-dumping or countervailing duties levied by unfair trade (e.g. B foreign prices and unfair state subsidies) or other domestic laws are not covered by the free trade agreement (footnote 7 to 1). Beginning in March 2003, the United States adopted the only anti-dumping duty on Singapore`s products for ball bearings. (22) Negotiations on the FREE TRADE AGREEMENT between the United States and Singapore continued under the Clinton administration in December 2000 (4) and under the Bush administration. The free trade agreement was the fifth such agreement signed by the United States and the first with an Asian country. It continues the two governments` initiative to open markets abroad to exports and the activities of U.S. companies. The Clinton administration emphasized U.S.

access to “big emerging markets”; The Bush administration has emphasized the strategy of “competitive liberalization,” itself based on a general business philosophy that combines an international economic policy of free enterprise with U.S. foreign policy (especially the fight against terrorism) and its attempts to promote a vibrant and competitive U.S. economy through unregulated markets. Competitive liberalization means that the government follows trade liberalization on the global, regional and bilateral fronts. It thus attempts to create competition in liberalisation, in which countries willing to take the necessary steps to conclude a free trade agreement with the United States can do so. This will then create a contest in which others will follow or be abandoned. (5) The Agreement focuses on promoting compliance through trade-friendly consultations and remedies, not on trade or other sanctions for non-compliance. The agreement provides for an enforcement mechanism including fines to enforce the trade, labour and environmental obligations of the trade agreement. As Singapore is a relatively small economy, the macroeconomic impact of the US-Singapore Free Trade Agreement is not expected to be significant.

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By Melephant
On October 8, 2021
At 1:45 am
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