Singapore, US to discuss ‘zero' or preferential tariffs on pharmaceutical exports
Singapore may be able to escape tariffs on pharmaceutical exports to the United States even if Washington goes ahead with plans to introduce this sectoral tariff, Deputy Prime Minister Gan Kim Yong said on Friday.
The US has offered to discuss concessions for Singapore on these goods, he told reporters as part of an update on a task force he leads to address the impact of US tariffs.
Mr Gan said the US wants to use the sectoral tariff to secure the supply chain for its pharmaceutical supplies.
'They have offered Singapore to say that, why not, both Singapore and US can sit down and discuss some form of a concession for Singapore to have a beneficial or preferential tariff, even to the extent of zero tariff for pharmaceutical exports to the US,' he said.
That would require some effort from Singapore to ensure that the supply chain is secure. 'These are the details that we are discussing,' he added.
Mr Gan, who is also Minister of Trade and Industry, said this is a significant opportunity and agreement for Singapore because pharmaceutical goods are an important part of the country's exports to the US.
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