A free trade agreement is a legally binding agreement between two or more countries to reduce or remove barriers to trade and facilitate the cross-border movement of goods and services between the parties` territories. Free Trade Agreements and Global Economic Partnership Some of our agreements are called free trade agreements, like the one with the United States. Others are referred to as global economic partnership or cooperation agreements, such as the one with India. The country`s 13 bilateral free trade agreements and 11 regional free trade agreements include some of the largest combined trade agreements in the ASEAN-China, ASEAN-India and ASEAN-Hong Kong trading blocs, which give Singapore-based companies access to preferential markets, free or reduced import duties, and improved intellectual property rules. Several factors mitigate the significant creation of trade or the diversion of trade caused by the free trade agreement between the United States and Singapore. Singapore and the United States already have low trade barriers; the two markets are separated by large distances; and Singapore`s economy is relatively small (population of 4.4 million in an area that is about 3.5 times larger than the District of Columbia). Yet the country has a significant economy, with a GDP of about $88 billion, about the same size as Oregon or South Carolina, and bilateral trade with the United States of about $30 billion. However, this trade accounts for only 1.6% of total U.S. trade, or $1.982 billion. The free trade agreement between the United States and Singapore therefore does not appear likely to create a significant amount of new exports or imports of products to the United States.
Others are concerned that the USTR has exceeded its bargaining power by incorporating immigration provisions into free trade agreements. Critics argue that the USTR`s assertion that the temporary entry of foreign economic and professional staff is not an immigration policy is dishonest. More generally, some point out that these provisions could limit current and future congresses if they consider revising the immigration law for corporate staff, contract investors, internal transfers and professionals, as the United States could violate the free trade agreement. The agreement establishes a joint committee to monitor the implementation of the agreement and to examine trade relations between the parties. The committee is made up of the U.S. Trade Representative and Singapore`s Minister of Trade and Industry, or their representative. The Joint Committee meets once a year, in regular meetings and in special sessions, within 30 days of the request of both countries. The Committee`s mission is, among other things, to examine the operation, operation and implementation of the agreement in relation to its objectives; facilitate the prevention and resolution of disputes arising from the agreement; review and adoption of a possible amendment to the agreement, subject to the completion of the internal judicial proceedings required by each party; Interpretations of the agreement to explore opportunities to further improve trade relations between the parties.