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A freer flow of ideas |
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In some areas, Singapore and the United States could not be more different. In size, one is the dominant world superpower, and set to remain so for many more decades; the other was famously called a "little red dot" on the map.
But there are also many points of commonality. Among these are that the two countries are centres of thought and diplomatic leadership in their respective regions, acting as bridges for freer trade and a more stable world. As economies, they were for many years the top two most competitive economies in the world, according to the World Economic Forum and other global rankings.
It is such shared interests that underpin the US-Singapore Free Trade Agreement, sealed in an historic ceremony in Washington DC in May. Significantly, it was signed personally by US President George Bush, the first time he has done so for such a document, the first the US has settled with an Asian nation.
In terms of economic development, the FTA's far-reaching spinoffs extend far beyond tariffs savings and the like.
In this age of globalisation and international exchange, what is much more important are the new freeways that have opened up between the two territories.
The new areas include mutual recognition of standards, and an expanded two-way flow of people, goods and services. These new advances are grounded in a shared respect for intellectual property, rule of law and other foundations conducive for the kind of economic innovation both nations aspire to.
Koh Buck Song
Head, Marketing Communications
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