The free trade agreement between the United States and Singapore stipulates that both sides must ensure that their national environmental laws ensure a high level of environmental protection and strive to improve them further. The agreement also requires parties to effectively enforce their own national environmental laws. With regard to labour standards, both sides should also reaffirm their commitments as members of the International Labour Organization. They should strive to ensure that their national laws provide for labour standards consistent with internationally recognized labour principles. The agreement also requires the parties to effectively enforce their own labour and environmental laws. These obligations are enforceable by the dispute resolution procedures of the agreement, but with financial (limited) penalties in the event of non-compliance. Labour interests indicate that while the Singapore Agreement requires signatories to enforce their domestic labour laws, it does not require signatories to enforce labour laws or to ensure that their labour laws comply with any international norm or terrain. (53) In the services sector, the free trade agreement between the United States and Singapore offers as broad a trade liberalization as possible. Singapore will treat U.S.
service providers and their own suppliers. Market access in the services sector is supplanted by strong regulatory disciplines. On January 30, 2003, the White House informed Congress of its intention to enter into the free trade agreement. (1) As required under the Trade Promotion Authority (TPA or Fast-Track) procedures, this notification took place more than 90 days prior to the signing of the agreement on May 6, 2003. The U.S. Trade Representative (USTR) published the text of the agreement and the corresponding letters on its website. (2) Of the 31 trade policy committees in the administration, only the Labour Advisory Committee did not support the free trade agreement, although some of the Committee`s reports were neutral, did not obtain a majority opinion, were divided on certain provisions, or expressed differing views. (3) Regarding the impact of trade with Singapore on the U.S. economy, a group of analysts estimated the impact of the free trade agreement on the United States at 0.19% of GNP, or about $18 billion. (46) Over the past three years, the United States has recorded trade surpluses with Singapore.
The net macroeconomic effect on U.S. employment in this trade is therefore generally positive, although bilateral trade balances have little impact on the overall level of U.S. employment. However, at the micro level, the electronics industries and other machinery and equipment industries could face increased import competition under the free trade agreement. The free trade agreement between the United States and Singapore required congressional implementation as part of the Trade Promotion Authority`s expedited legislative procedures. It continues the trend towards greater trade liberalization and globalization and proposes a new approach to the imposition of sanctions in the event of intractable environmental and labour disputes; and may affect certain trade streams that, in turn, would affect U.S. companies. The agreement was signed by Trade and Industry Minister Chan Chun Sing and U.S.
Secretary of Commerce Wilbur Ross. Express delivery services. The ESTV provides for the liberalization of express delivery and other related services (which are part of an integrated express delivery system) (Article 4.10). This should allow for a more efficient and accelerated express delivery business in Singapore. Singapore undertakes not to allow its postal service to cross-subsidize express letters with the revenues of its monopoly services.