The lasting impact of FTAs amid global trade shocks
Free trade agreements provide a sense of continuity in a volatile trade environment by establishing clear rules and standards that help to anchor economic ties
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AS THE US-Singapore Free Trade Agreement (USSFTA) marks its 20th year, the United States’ imposition of a 10 per cent baseline tariff on Singapore casts a long shadow over two decades of strong economic partnership between the two countries.
Endorsed by the US Congress on the basis that it would “enhance and strengthen the strong US-Singapore trade relationship”, the USSFTA was the US’ first free trade agreement (FTA) with an Asia-Pacific country and remains its only FTA with an Asean country.
Today, sweeping tariffs imposed by the US constitute the most significant disruptions in the history of global trade. The ongoing trade war and US retreat from multilateralism seems to threaten not only US-Singapore bilateral relations but also the open, rules-based global trading system.
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