Since the 1950s, the international trading system has been characterized by a shift from the multilateral processes towards bilateral and regional arrangements. The signing of the US-Singapore Free Trade Agreement (USSFTA) by the Prime Minister of Singapore and the President of the United States is but part of Singapore’s overall trade initiatives and economic strategy which involves forging free trade agreements (FTA) with other countries outside the ASEAN region. This study seeks to analyze the effect of FTA in the context of the construction industry with respect to local contractors. A questionnaire-based survey and in-depth personal interviews were conducted with the local contractors to understand the implications of FTAs on them. A similar set of questionnaire was also formulated for the foreign contractors to identify the impact of FTAs in the local industry. The discussion of FTAs effectiveness on Singapore contractors was limited by the lack of necessary information. As the pursuit of bilateral FTAs is a relatively new development in Singapore’s trade policy with many new FTAs under negotiations, opportunities for the local contractors on these potential FTA partners remain to be seen.
Free Trade Agreements, Construction, Contractors, Trade policy, Singapore
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Sui, L. S., & Khoo, J. S. (2008). Effects of free trade agreements (FTAs) on construction firms in Singapore. Business Review, 3(1), 33-52. Retrieved from https://ir.iba.edu.pk/businessreview/vol3/iss1/5
February 23, 2021