In June 2003, the U.S. International Trade Commission (ITC) published the results of its study of the likely economic impact of a free trade agreement between the United States and Singapore. (10) It has concluded that the macroeconomic impact of tariff reductions on the free trade agreement on trade, production and economic prosperity of free trade agreements is likely to be very low. The report explained that this was not an unexpected conclusion, given the opening of trade relations, small trade flows and bilateral investments relative to U.S. trade and investment around the world and Singapore`s small economy relative to that of the United States. At the sectoral level, the report concluded that Singapore`s import competition would likely intensify in some sectors of the U.S. economy, while others would likely increase Singapore`s export prospects. However, given Singapore`s weak economy and small market size, these increases would have very limited results and would therefore have minimal impact on production, prices or employment in the relevant U.S. sectors.
Until 2016, the ITC assessed the impact on U.S. exports of vegetables, fruits and nuts. meats; and other processed foods. With respect to U.S. imports, the impact would most likely be greater for electronics and other machinery and equipment. Imports of textiles, clothing and leather products to the United States are not expected to increase significantly due to the rules of origin of the free trade agreement. Competition Singapore is committed to establishing a general competition regime by 2005. Singapore is committed to maintaining its current policy of not interfering in the business decisions of Government Linked Companies (Government Linked Companies) to ensure that GLCs are marketed and do not discriminate against U.S. companies. Work and the environment Both sides are committed to enforcing their own national labour and environmental laws, consulting environmental and work issues of mutual interest and interest, and cooperating closely. Dispute settlement and general dispute resolution rules, which focus more on cooperation than traditional trade sanctions, allowing a party to pay a monetary assessment into a mutual fund.
The pool is used to facilitate exchanges between the parties.