Free Trade Agreements Essay Example | Topics and Well Written Essays - 1250 words

Free Trade Agreements - Essay ExampleThe Agreement, which entered into force on January 1, 2004, is the fall in States first FTA with an Asiatic nation and the first FTA signed by President Bush. The U.S.-capital of Singapore FTA expands U.S. market access in goods, function, investment, government procurement, understanding property, and also promotes labor rights and the environment. This FTA further develops an already well-built commercial relationship with Americans 12th largest trading partner This FTA give serve as the foundation for other possible FTAs in Southeast Asia.Singapore hereby saves more than $115 million annually in tariff cuts since the United States is Singapores second-largest export market. It also generates thousands of jobs in the service, oppose and manufacturing industries and induces more US companies and their investments to come to Singapore. It also has an frugal offshoot to the other region besides Singapore as the US would be looking for simil ar deals with the rest of the Asian countries.It also helps Singapore adorn exports compete more effectively against those made in China or Indonesia. One advantage of the restructuring of the topical anesthetic textile/appargonl industry is the greater use of synthetic fibers. This is expected to generate by-product for the local anesthetic chemical industry which produces synthetic fibers such as lycra and rayon. (Tony Sitathan) At the kindred time the producers of these products bring inappropriate investment into Singapore. Singapore is now the third largest recipient of U.S. foreign direct investment in the Asia-Pacific, after Australia and Japan. The FTA also has helped to add momentum to Singapores initiatives to develop as a regional and global hub for medical technology, pecuniary services, and transport and shipping. Similarly there are various benefits to the United States. (Statement as to how the united states-Singapore free mickle agreement serves the interests o f United States commerce). Singapore has committed to eliminating all outstanding tariffs on U.S to zero percent. Singapores financial services sectors, such as banking and insurance are also accessible for U.S. businesses. The FTA also requires Singapore to lessen restrictions on U.S. law firms that plan to form joint law practices in Singapore. Further there are benefits for U.S. telecommunication service providers. At the same time world-class standards for protection are provided for various forms of intellectual property. savorless and transparent access to Singapores market is another benefit for the development of small and medium enterprises. Concrete obligations on customs procedures that will help U.S. cut down additional costs in exports market are also provided. Finally appropriate attention is also given to domestic laws providing for labor standards. At the same time a comprehensive FTA between the United States and Korea will bring about significant economic benefits for both sides. (United States-Korea free trade agreementa win-win proposition) Korea is an important and attractive trade partner for the United States. It is the seventh largest trading partner and seventh largest export market, and sixth largest agricultural market for the United States. This promises a remarkable opportunity for U.S. businesses and workers. Second, there will be increased access