Re: Re: US-Singapore FTA to be negotiated

[Bill Rosenberg <w.rosenberg@xxxxxxxxxxxxxxxxxxx>]

Paul

phillp2@xxxxxxxxxxxxxxx wrote:
>
> Bill,
>
> I thought you now had a reformed Labour government that
> eschewed this neo-liberal nonsense.

Did you? We do have a third-way Labour Party that doesn't eschew this
neo-liberal nonsense. It does to an extent domestically, but carries on
enthusastically externally. The hope is that its small coalition partner, the
Alliance, and the Greens on which they depend for a majority, will slow it down.
But little sign of that at the moment! What I wrote in Canadian Dimension in May
is still largely true...

Bill

>From Canadian Dimension -

But what most distinguishes Labour from the Alliance - and even more, the Greens
- is its attitude to the open economy, or (to use that overused term)
globalisation. Labour still carries the legacy left by Mike Moore, its
spokesperson on foreign affairs and trade before ascending to the WTO.

In contrast, the Alliance and the Greens want to reinstate some of the tariffs
removed in missionary enthusiasm by the National government. They oppose
uncontrolled foreign investment. They have strong economic development policies
which involve government support for new industry. Indeed, Jim Anderton chose to
create a new portfolio of economic development (as well as becoming Deputy Prime
Minister) rather than accept something more conventional.

To a degree, Labour goes along with this enthusiasm. Yet at the same time it is
pushing ahead with negotiations for new free trade agreements initiated by the
National government. It has announced talks on free trade areas with Singapore,
ASEAN and Chile. It has yet to define its attitude towards the WTO. Yet it is
hard to see the Alliance's economic development policies survive if exposed to
uncontrolled international trade and investment. The past fifteen years have
featured the deaths of many industries and the takeover by transnationals of
many successful ones.

The greatest constraint on the new government's economic policies may well be
the crisis-level current account deficit and huge, growing foreign debt. An open
economy has led to these; it seems unbelievable that an open economy can reverse
them. Sadly, in spite of an inspiring beginning to its term in office, that may
well be the source of this government's downfall.



>
> Paul Phillips,
> Economics,
> University of Manitoba
>
> Date sent:              Sat, 18 Nov 2000 18:10:37 +1300
> From:                   Bill Rosenberg <w.rosenberg@xxxxxxxxxxxxxxxxxxx>
> Subject:                [PEN-L:4591] US-Singapore FTA to be negotiated
> To:                     Progressive Economics list <pen-l@xxxxxxxxxxxxxxxxxxx>
> Copies to:              Sid Shniad <shniad@xxxxxx>
> Send reply to:          pen-l@xxxxxxxxxxxxxxxxxxx
>
> > I would be interested in any reactions to the following announcement of a
> > US-Singapore FTA.
> >
> > Singapore recently signed a FTA with New Zealand. Actually it was much more than
> > that - it covered tariffs, services, investment, government procurement,
> > TBT/SPS, intellectual property, disputes procedures and more. It was explicitly
> > intended to be a model and a catalyst for further agreements. I can provide
> > copies and various analyses for anyone interested.
> >
> > Singapore has announced negotiations for similar agreements with Australia and
> > Japan.
> >
> > The intention of at least some of the parties (including Singapore and New
> > Zealand) is to link them up into a wider FTA. New Zealand officials and trade
> > ministers have been pushing for a "Pacific 5" agreement - US, Chile, Singapore,
> > Australia and New Zealand.
> >
> > Bill Rosenberg
> >
> >
> > Singapore To Launch Free Trade Negotiations
> >
> > Friday, 17 November 2000, 3:44 pm
> >
> > Press Release: The White House
> >
> > Singapore To Launch Free Trade Agreement Negotiations
> >
> > (First U.S.-Asian Free Trade Agreement to be established)
> > (740)
> >
> > President Clinton and Singapore Prime Minister Goh Chok Tong,
> > on the final day of the Asia-Pacific Economic Cooperation
> > (APEC) Leaders' Meeting in Brunei, announced the United States
> > and Singapore will launch negotiations for the first U.S. free
> > trade agreement (FTA) with an Asian country.
> >
> > "This agreement will both develop and strengthen one of the
> > Pacific's largest trading relationships, and bring us a step
> > closer to the realization of APEC's vision of 'free and open
> > trade' throughout the Pacific," said U.S. Trade Representative
> > (USTR) Charlene Barshefsky.
> >
> > Geared toward the information technology-driven "new economy,"
> > the agreement will address significant service sectors of the
> > economy including communications, the Internet and high
> > technology and include provisions on labor and the
> > environment.
> >
> > According to Barshefsky, the agreement represents a major
> > economic potential to reap the benefits of the new economy and
> > has strategic significance for the overall mission of APEC.
> >
> > "As we realize the commercial benefits of an expanding trade
> > relationship, we are also setting an example of progress
> > toward the long-term vision of an open, prosperous and stable
> > Pacific region," Barshefsky said.
> >
> > Singapore is the United States' largest trading partner in
> > Southeast Asia. Trade between the two countries totaled $34.4
> > billion in 1999.
> >
> > Following is the text of the U.S. Trade Representative
> > release:
> >
> > (begin text)
> >
> > OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE
> > Executive Office of the President
> > Washington, D.C. 20508
> > 00 - 81
> >
> > November 16, 2000
> >
> > U.S. and Singapore to Launch Negotiations for a Free Trade
> > Agreement
> >
> > President Clinton and Prime Minister Goh Chok Tong of
> > Singapore, meeting in Brunei on the final day of the annual
> > Asia-Pacific Economic Cooperation (APEC) summit, today
> > announced the launch of negotiations for a U.S.-Singapore Free
> > Trade Agreement (FTA).
> >
> > "This agreement will both develop and strengthen one of the
> > Pacific's largest trading relationships, and bring us a step
> > closer to the realization of APEC's vision of 'free and open
> > trade' throughout the Pacific," said United States Trade
> > Representative Charlene Barshefsky. "It will remove the
> > remaining barriers to trade between our countries, and help us
> > take full advantage of the new opportunities unfolding through
> > communications, the Internet and high technology. It will also
> > demonstrate again the Clinton Administration's commitment to
> > accompany open markets with labor and environmental
> > provisions."
> >
> > The FTA will be only the fifth Free Trade Agreement the U.S.
> > has signed, and the first with an Asian country. Modeled after
> > the recently signed U.S.-Jordan FTA, but reflecting the
> > substantial volume of trade between the two nations, the
> > agreement will eliminate tariffs on all goods over time; cover
> > substantially all services sectors, help to develop electronic
> > commerce, protect intellectual property rights, and include
> > safeguards and dispute settlement mechanisms. Like the Jordan
> > FTA, it will include provisions on labor and the environment.
> >
> > "President Clinton and Prime Minister Goh have taken a step of
> > major economic potential and strategic significance," said
> > Ambassador Barshefsky. "As we realize the commercial benefits
> > of an expanding trade relationship, we are also setting an
> > example of progress toward the long-term vision of an open,
> > prosperous and stable Pacific region."
> >
> > The agreement is expected to have significant commercial
> > benefits, as Singapore is already the United States' largest
> > trading partner in Southeast Asia, with two-way trade totaling
> > $34.4 billion in 1999. The agreement will represent the new
> > economy, focusing on removing Singapore restrictions on a wide
> > range of services, including high technology sectors such as
> > engineering, medical, information technology, environmental,
> > legal, financial education and distribution. Furthermore, the
> > agreement can serve as a significant step toward realization
> > of APEC's "Bogor Vision," under which APEC's 21 members are
> > working toward "free and open trade in the Pacific" by 2010
> > for developed countries, and 2020 for developing countries.
> >
> > Background:
> >
> > Singapore is the United States' 10th largest goods export
> > market, totaling $16.2 billion in exports in 1999. The five
> > largest export categories were: electrical machinery,
> > machinery, aircraft and parts, optical and medical
> > instruments, and plastic. The United States had a services
> > trade surplus with Singapore of $2 billion in 1999.
> >
> > Singapore is the 12th largest source for goods imported into
> > the United States, totaling $18.2 billion in 1999, led by
> > machinery, electrical machinery, special other repaired
> > products, optic and medical instruments and organic chemicals.
> >
> > (end text)
> >
> > (Distributed by the Office of International Information
> > Programs, U.S. Department of State. Web site:
> > http://usinfo.state.gov)
> >
> >
> > see:
> >
> > http://www.scoop.co.nz/mason/stories/WO0011/S00151.htm
> >
> > or
> >
> > http://usinfo.state.gov/cgi-bin/washfile/display.pl?p=/products/washfile/geog/ea&f=00111607.eea&t
> =/products/washfile/newsitem.shtml
> >