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USSFTA comes into force on 1 January 2004 
Posted on Wednesday, December 31, 2003 - 10:43 AM

In a press release dated 30 December 2003, the Ministry of Trade And Industry announced that the US-Singapore Free Trade Agreement (USSFTA) will come into force on 1 January 2004.
The Press Release states:-

ENTRY INTO FORCE OF THE US-SINGAPORE FREE TRADE AGREEMENT, 1 JANUARY 2004

The US-Singapore Free Trade Agreement (USSFTA) will come into force on 1 January 2004, after both countries have completed their legal and administrative procedures to implement the agreement. The agreement was signed between Prime Minister Goh Chok Tong and President George W. Bush on 6 May 2003 in Washington DC.

With the entry into force of the USSFTA, 78.7% of Singapore imports will immediately enjoy duty free entry into the US. Within 4 years, the total percentage of non-dutiable Singapore imports to the US will be raised to 92%. In return, Singapore will eliminate remaining tariffs, such that 100% of US imports to Singapore will enter duty-free with immediate effect. Initial estimates peg Singapore’s tariff savings at S$200-S$300 million per annum.

Together with enhanced investor protection, ease of entry and operation for investors and improved commitments in the services industries, the USSFTA will make it more attractive for US companies to invest in Singapore. Similarly, the USSFTA will make it easier for Singapore-based companies, including SMEs, to invest in the US.

Singapore’s other agreements with Japan, Australia, New Zealand, and the European Free Trade Association, have already entered into force. Singapore has also launched FTA initiatives with India, the Republic of Korea, Jordan, Canada, the "Pacific-3" (Chile & New Zealand), and Sri Lanka.

MINISTRY OF TRADE AND INDUSTRY

30 DECEMBER 2003