The survey found that 85 per cent of respondents were familiar with FTAs in 2023, compared with 62 per cent in 2021. Paige Lim SINGAPORE – More Singapore businesses are aware of free trade agreements (FTAs) and have benefited from them in 2023 than two years ago, according to the Singapore Business Federation’s Free Trade Agreement Survey 2023. The survey was conducted between October and December 2023.

More than 800 businesses in various industries in Singapore were polled, with findings supplemented by closed-door focus group discussions to better understand challenges faced in cross-border trade and investment. The survey found that 85 per cent of respondents were familiar with FTAs in 2023, compared with 62 per cent in 2021. About 73 per cent of businesses polled said they have benefited from improved market access through FTAs, compared with only half in 2021.

On key agreements that benefited the respondents over the past three years, 81 per cent of them cited the Asean Trade In Goods Agreement and 41 per cent cited the Asean-China Free Trade Agreement. As for new regional FTAs that have entered into force, 43 per cent of Singapore businesses cited the Regional Comprehensive Economic Partnership as the most-used regional FTA, while 38 per cent cited the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Ongoing hurdles On the other hand, businesses that did not benefit from FTAs cited agreements not being applicable to their business (43 per cent).