Singapore and the US reaffirmed their commitment to enhancing bilateral cooperation through their 20-year-old free trade agreement (FTA). During the recent Joint Committee Meeting, chaired by Singapore’s Minister for Trade and Industry Gan Kim Yong and US Trade Representative Katherine Tai, they prioritised the digital economy, paperless trading, and supply chain resilience.
Minister Gan emphasised the importance of digital technologies in enabling trade, particularly for micro, small, and medium-sized businesses (MSMEs), which are critical to economic growth and job creation. Tat Hui Foods, Singapore’s biggest instant noodle maker, illustrated the FTA’s benefits, with sales in the US market increasing by more than 300% since its establishment.
Despite global supply chain interruptions caused by geopolitical tensions and natural disasters, both countries underlined the importance of strengthening supply systems. Discussions also focused on integrating labour and environmental protections while expanding trade, which reflects President Joe Biden’s worker-centric trade strategy.
The USSFTA, which is marking its 20th anniversary, has greatly increased bilateral trade to $120 billion by 2022. Recognised as a strategic commitment to engaging Southeast Asia, it remains the United States’ only free trade agreement with an ASEAN country, and trade experts regard it as a success for its rule of law and transparency standards.
