Assoc Prof Jamus Jerome Lim: To ask 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.
Written Answer by Minister for Trade and Industry Gan Kim Yong
1. 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 3680 for the 8 November 2022 sitting.
2. 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.