3 in 4 firms see improved access to markets, lower operating costs: FTA survey

Three in four businesses gained better access to foreign markets through free trade agreements (FTAs) in 2023. This is up from just 50 per cent in 2021. They also enjoyed lower costs of doing business in overseas markets. This is according to a Singapore Business Federation (SBF) survey that was done in the final quarter of last year. More than 800 firms across sectors such as finance, manufacturing and retail took part in it. CNA speaks to the CEO of SBF Kok Ping Soon, who discusses the benefits of FTAs. He says results of the SBF survey on FTAs shows that companies are increasingly looking to expand overseas and break into new markets.