[SINGAPORE] The American Chamber of Commerce in Singapore (AmChamSG) is forming a task force to gather relevant feedback from its members on trade and tariffs, with a view to share the findings with stakeholders and work with the Republic’s government.
Addressing the US’ reciprocal tariffs, Elisa Mallis, the business association’s chairman, said in a statement on Thursday (Apr 10): “Given Singapore’s critical position as a key business hub for American companies, we urge both the US and Singapore governments to engage in meaningful dialogue to ensure that trade policies support economic prosperity, supply chain security and a stable business environment.”
She added that AmChamSG has been monitoring developments in trade policy, and will continue to keep its members updated on US tariffs and other issues that impact businesses.
She also highlighted that a survey conducted by the chamber in March revealed that 83 per cent of the members polled believe tariffs to be harmful to the business environment. Of those surveyed, 69 per cent reported that tariffs have a moderate or significant negative impact on their company.
There are nearly 6,000 US companies operating in Singapore, many of which use the city-state as their regional hub for business activities in the Asia-Pacific, Mallis noted.
She highlighted the robust economic relationship between Singapore and the US, which is underpinned by a bilateral free trade agreement that came into effect in 2004. “This agreement has significantly boosted bilateral trade and investments and increased prosperity and opportunity in both nations,” she said, citing the goods and services trade between the two countries in 2023 – it totalled more than US$131 billion, with US exports to Singapore reaching nearly US$80 billion. This represented a trade surplus for the world’s largest economy.
“AmChamSG members continue to have confidence in the longstanding US-Singapore relationship and the opportunities for continued economic engagement in the region,” the chairman added. “We support a fair and equitable trade relationship that benefits both the US and Singapore.”
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