SBF hopes the Trump administration sees long-term benefits in pro-trade and open economic policies9 November 2016 [Singapore] - The Singapore Business Federation respects the choice of the American people who have elected businessman Donald Trump as the 45th President of the United States. Whilst there will be volatility and uncertainty in markets, the Singapore Business Federation (SBF) believes that these will subside over time as it becomes clearer how much of the election rhetoric translates into actual policies. Notwithstanding, businesses across the globe will need to adjust to this new normal in American politics.
This US Presidential Election has unmasked the strong undercurrents that are dividing their society. This also appears to be what we see as a growing and worrying trend of inward-looking and protectionist politics globally. Such politics threaten stability which is particularly important at a time when the global economy is fragile.
The ripple effects of these policies will affect the multilateral US-led Trans-Pacific Partnership (TPP). Opposing the TPP undermines the ethos of credibility, free trade and investment - values which are strongly advocated by US and Singapore. We hope that President-elect Trump’s administration will focus on the longer-term benefits and the strategic value that TPP can bring to the US.
Singapore enjoys strong and longstanding economic and business ties with the US, underpinned by the US-Singapore Free Trade Agreement and the Strategic Framework Agreement. Our bilateral co-operation with the US is broad and deep, spanning a wide scope and over a long period. Both sides have derived mutual benefits from this strong relationship. US companies have been in Asia for a long time because it is in their interests to do so. There is growth and money to be made here. President-elect Trump is a
businessman. He will understand where to put the smart money. We are therefore confident that US corporates will remain strongly engaged in the region. We are friends and we will continue to do good deals.
Information on US-Singapore economic relations
The US was Singapore’s third largest trading partner in 2015 with a total bilateral trade of over S$75 billion. According to the US Department of State, the US is Singapore's largest foreign investor with investments reaching US$154 billion in 2013. Trade between ASEAN countries and the US cumulatively amounted to USD $227 billion at the end of 2014, supporting over 370,000 American jobs.