Utilisation Rate for Implemented Free Trade Agreements Signed with Trading Partners

Debated in Parliament on 8 May 2023.

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Assoc Prof Jamus Jerome Lim inquired about the utilisation rates for each of Singapore's 27 implemented Free Trade Agreements (FTAs) with trading partners.
Minister Gan Kim Yong noted that while tariff savings data for these FTAs had been provided previously, comparing savings across different FTAs is not meaningful due to varying benefits beyond tariffs.
The Minister emphasized that FTAs also offer non-quantifiable advantages, such as improved intellectual property protection, investment safeguards, and regulatory transparency, which contribute to a better business environment.

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Assoc Prof Jamus Jerome Lim

Assoc Prof Jamus Jerome Lim asked the Minister for Trade and Industry what is the utilisation rate for each of the 27 implemented Free Trade Agreements that Singapore has signed with these trading partners.

Gan Kim Yong

The Ministry had previously provided data on total tariff savings from our network of 27 Free Trade Agreements (FTAs) in the reply to Question No 59 for Oral Answer on the Order Paper for 8 November 2022. [Please refer to "Free Trade Agreement with Most Trade Benefits and Minimised Imported Costs and Inflationary Pressures", Official Report, 8 November 2022, Vol 95, Issue 74, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]

It is not meaningful to compare tariff savings across FTAs. In addition to tariff savings, there are other benefits of FTAs which cannot be readily quantified. These include elements that facilitate a more conducive business environment, such as stronger intellectual property and investment protection, increased transparency of regulations and trade facilitation.

Summary written by AI (learn more)

Assoc Prof Jamus Jerome Lim inquired about the utilisation rates for each of Singapore's 27 implemented Free Trade Agreements (FTAs) with trading partners.
Minister Gan Kim Yong noted that while tariff savings data for these FTAs had been provided previously, comparing savings across different FTAs is not meaningful due to varying benefits beyond tariffs.
The Minister emphasized that FTAs also offer non-quantifiable advantages, such as improved intellectual property protection, investment safeguards, and regulatory transparency, which contribute to a better business environment.

Questions identified by AI (learn more)

Utilisation Rate for Implemented Free Trade Agreements Signed with Trading Partners | PAPERCUTS

Utilisation Rate for Implemented Free Trade Agreements Signed with Trading Partners

Debated in Parliament on 8 May 2023.

Summary written by AI (learn more)

Assoc Prof Jamus Jerome Lim inquired about the utilisation rates for each of Singapore's 27 implemented Free Trade Agreements (FTAs) with trading partners.
Minister Gan Kim Yong noted that while tariff savings data for these FTAs had been provided previously, comparing savings across different FTAs is not meaningful due to varying benefits beyond tariffs.
The Minister emphasized that FTAs also offer non-quantifiable advantages, such as improved intellectual property protection, investment safeguards, and regulatory transparency, which contribute to a better business environment.

Questions identified by AI (learn more)

Full Transcript

Assoc Prof Jamus Jerome Lim

Gan Kim Yong

Summary written by AI (learn more)

Assoc Prof Jamus Jerome Lim inquired about the utilisation rates for each of Singapore's 27 implemented Free Trade Agreements (FTAs) with trading partners.
Minister Gan Kim Yong noted that while tariff savings data for these FTAs had been provided previously, comparing savings across different FTAs is not meaningful due to varying benefits beyond tariffs.
The Minister emphasized that FTAs also offer non-quantifiable advantages, such as improved intellectual property protection, investment safeguards, and regulatory transparency, which contribute to a better business environment.

Questions identified by AI (learn more)

Utilisation Rate for Implemented Free Trade Agreements Signed with Trading Partners

Summary

Questions Identified

Full Transcript

Assoc Prof Jamus Jerome Lim

Gan Kim Yong

Summary

Questions Identified

Utilisation Rate for Implemented Free Trade Agreements Signed with Trading Partners

Summary

Questions Identified

Full Transcript

Assoc Prof Jamus Jerome Lim

Gan Kim Yong

Summary

Questions Identified