Washington, DC – August 1, 2003 – AeA welcomes the U.S. Senate’s strong, bipartisan passage last night of the U.S.-Chile Free Trade Agreement Implementation Act (S. 1416), which passed 66-31, and the U.S.-Singapore Free Trade Agreement Implementation Act (S. 1417), which was adopted 66-32. The U.S. House of Representatives already approved both agreements on July 24, 2003. Implementation of both agreements will commence on January 1, 2004.

AeA President and CEO William T. Archey stated, "Implementation of these agreements will result in significant market-opening in Chile and Singapore to U.S. high-tech products and services by eliminating tariffs, streamlining customs procedures, improving regulatory transparency, increasing intellectual property protections, opening up government procurement, promoting the development of electronic commerce, and liberalizing trade in services."

The U.S. high-tech industry enjoyed a large trade surplus with Chile in 2002. U.S. high-tech exports to Chile totaled $722 million in 2002, and U.S. high-tech imports from Chile totaled $6 million in 2002. Computers and office equipment accounted for the greatest percentage of the nearly $7 billion in two-way trade in high-tech goods between the U.S. and Chile in 2002. U.S. high-tech manufacturing investment in Chile is modest, reaching a cumulative total of $34 million in 2001.²

High-tech goods represent almost half of total two-way trade between the U.S. and Singapore. In 2002, the U.S. exported nearly $6 billion in high-tech goods to Singapore, and imported $10.6 billion in high-tech products from Singapore. Semiconductors were the most traded high-tech product between the U.S. and Singapore, with over $2 billion in U.S. exports to Singapore and $1.2 billion in imports to the U.S. from Singapore.¹ Singapore is a major supply and logistics hub for the high-tech industry’s operations in Asia. U.S. high-tech firms have made over $1 billion in manufacturing investments in Singapore.