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.
Mr Gan Kim Yong: The Ministry had previously provided data on total tariff savings from our network of 27 Free Trade Agreements (FTAs) in my 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.
Ministry of Trade and Industry
8 May 2023
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=written-answer-13317
Office of the Leader of the Opposition 