Since its first bilateral free trade agreement (FTA) with New Zealand almost 20 years ago, Singapore has signed 25 FTAs with 37 partners. These help local companies access overseas markets, clear their goods more quickly and easily, and safeguard their businesses. Assoc Prof Pradumna Bickram Rana and research fellow Jason Ji, both from RSIS, say FTAs give Singaporean businesses preferential market access and enhanced protection in other countries. “During difficult times, they provide some cushion from slowing global trade,” they say. “Legally binding agreements also reduce uncertainty as they serve as an ‘insurance policy’ against any potential tariff hikes.”