DAMN THOSE STEEL TARIFFS!

Bush and Goh sign US-Singapore free trade pact (AFP, 5/07/03)

The United States and Singapore signed a landmark free trade pact, the first such deal between Washington and an Asian nation, launching a new era in pan-Pacific commerce.

"Singapore is a nation that is small in size, but large in influence," said President George W. Bush, praising the city-state as a "vital and steadfast friend" in his anti-terror campaign before signing the deal with Singapore Prime Minister Goh Chok Tong.

Goh returned the favor, praising Bush's "vision and leadership," billing the deal, which must be endorsed by the US Congress, as an "ambitious and comprehensive agreement."

"Today we have one of the closest transparent relationships. Our relationship is multi-dimensional, in defense as well as economics with a shared strategic vision," Goh said.

The United States sees the pact as a stepping stone to a potential 500 million consumers in Southeast Asia, as Singapore is a vital hub for trade throughout the region.

Trade experts also see the deal as a blueprint for other such pacts with partners in Asia and elsewhere, though there are fears such a strategy could detract from efforts to secure a new global free trade regime.

Posted by Orrin Judd at May 6, 2003 11:11 PM