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1.26 Our first strategy is to expand our ties
with economic partners globally and in Asia, especially
Southeast Asia. The US, the EU and Japan will
continue to be our main markets and sources of
investments. But we must also seize opportunities
in new markets, particularly China and India,
by deepening our knowledge of their business conditions
and expanding trade and investment ties with them.
Singapore must make itself a hub for strategic
and high value-added activities of companies that
operate in our broader hinterland of greater China,
India and Australia, which are within a seven-hour
flight radius from us.
1.27 We must continue to deepen our economic
integration with our ASEAN neighbours, and make
ASEAN more attractive to foreign investors. By
combining our complementary strengths, ASEAN countries
can compete more effectively, and hold our own
in manufacturing activities, even against China.
This is what Singapore is doing together with
Batam and Bintan.
1.28 As a small, open economy dependent on world
trade, Singapore supports multilateral trade liberalisation
within the World Trade Organisation (WTO) framework.
However, we must complement this with bilateral
FTAs with key trading partners to expand our economic
ties and assure our access to their markets.
1.29 We have already signed FTAs with Australia,
New Zealand, Japan and the European Free Trade
Association (EFTA). The negotiations for the US-Singapore
FTA were concluded in January. We look forward
to signing and ratifying the agreement this year.
1.30 We are currently negotiating FTAs with
Canada and Mexico. We will also launch a trilateral
FTA with New Zealand and Chile. We are likely
to launch FTA talks with India and South Korea
this year. As part of ASEAN, we are negotiating
an FTA with China and doing a study to launch
an FTA with India.
1.31 These bilateral arrangements will save
our exporters hundreds of millions of dollars
in tariffs a year, create opportunities for our
companies to expand overseas, and attract more
investments here to take advantage of the FTAs.
This will result in more jobs for Singaporeans.
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