President George W. Bush and Singapore Prime Minister Chok Tong Goh sign a free trade agreement in the East Room on May 6, 2003. (White House Photo by Tina Hager)
Looking at the recent ERP increases, I vaguely remembered reading something sometime ago on some FTA that Singapore had signed with US. As such, Singapore had guaranteed all tariffs and duties raised from US products.
With that, I tried to search for this piece of information that I remembered I had read about.
This is a link on the quick facts about this agreement.
And this is a PDF file of the complete agreement. Seriously I have no idea about the validity of these findings that I had found. Anyway, its just for everyone's reading.
My question here is, is it because of such clause, hence our Government has to slowly reduce COE and this drop in income has to be replaced by something... and that is the ERP???
But if its true, its only applicable to US products. And we don't have much US cars in Singapore anyway, we see more Japanese cars isn't?
(Picture abstracted from www.ustr.gov)