News & Insights

Washington, DC – The National Foreign Trade Council (NFTC) strongly endorses the U.S.-Singapore Free Trade Agreement, signed on May 6, 2003, by President George W. Bush and Prime Minister Goh, and the US-Chile Free Trade Agreement, signed on June 6, 2003, in Miami by U.S. Trade Representative Robert Zoellick and Chilean Foreign Minister Soledad Alvear.  Now that these landmark agreements have been signed, the NFTC urges Congress to approve and enact the agreements as soon as possible.

“The U.S. free trade agreements with Singapore and Chile contain ground-breaking provisions, which will boost market access opportunities for U.S. exporters, farmers, and services, and protect U.S. intellectual property rights and U.S. investment, among other key provisions,” said Bill Reinsch, President of the National Foreign Trade Council.  “The FTAs will also afford U.S. banks, insurance companies and securities firms the right to develop a local services market presence through establishment of branches and subsidiaries and investment in local firms.” 

Reinsch noted that U.S. telecommunications companies will be granted increased access to the local telecom markets in both Chile and Singapore in order to build a local customer base, and U.S. law firms will be able to more freely form joint law ventures to operate in Singapore, as legal professionals will face less stringent licensing and accreditation standards in those markets. 

These agreements will level the playing field for U.S. businesses to compete freely and fairly in two very important markets.  Singapore is currently the 11^th largest trading partner of the U.S., while the U.S. is Chile’s largest global trading partner.  In addition to the economic benefits that will come as a direct result of strengthening the U.S. economic footholds in Singapore and Chile, these FTAs should brighten the economic horizons of many U.S. companies by providing exporters and investors with stronger gateways into Asia and Latin America. 

“The FTAs with Singapore and Chile will set the example for comprehensive, high-standard FTAs throughout Asia and Latin America and also will provide U.S. businesses with equal footing for competition there.  It is now time for Congress to act,” Reinsch concluded.

The National Foreign Trade Council is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 350 member companies through its offices in Washington and New York.