Focus on digital economy, supply chains to benefit US, Singapore businesses

Move will ensure companies can get more out of two nations’ 20-year-old FTA

- Bhagyashree Garekar

WASHINGTON - Singapore and the US will focus on the digital economy, paperless trading and supply chain resilience to ensure that their companies can get more out of their 20-year-old free trade agreement (FTA).

These points were agreed upon during a Joint Committee Meeting of the US-Singapore Free Trade Agreement (USSFTA) on April 30. It was co-chaired by Singapore Minister for Trade and Industry Gan Kim Yong, who is in the US on an official visit, and US Trade Representative Katherine Tai.

"Today's Joint Committee Meeting reinforced both countries" shared interest in further advancing mutually beneficial bilateral cooperation, including in facilitating trade through digital tools," said Mr Gan in a statement after the meeting.

"This will help ensure that our companies, and particularly our MSMEs, can continue to benefit from the USSFTA," he added.

MSMEs - micro, small and medium-sized enterprises are often drivers of economic growth, innovation and job creation.

The FTA has helped Singapore's largest instant noodle maker, Tat Hui Foods, secure business partnerships with key customers in the US.

"From the 2000s when the FTA was introduced until today, Tat Hui Foods' sales in the market have increased by over 300 per cent," said Mr James Lim, its managing director.