Since the completion of this manuscript, the following developments have taken place with respect to the proliferation of FTAs in Southeast Asia:

1. The USSFTA has now come into force with effect from 1 January 2004. Further, two more Middle Eastern countries, viz. Egypt and Bahrain, have agreed to forge FTAs with Singapore. It may be reminded that Jordan has been the first Middle East country to express an interest in forging an FTA with Singapore.

2. Singapore is also involved in a trilateral FTA called Pacific 3 or P-3 FTA involving Chile and New Zealand. This agreement was launched at the sidelines of the APEC Leaders' Economic Meeting in Los Cabos, Mexico in October 2002, and the first round of negotiations was held in Singapore from 24–26 September 2003. The aim is to conclude the P-3 FTA by November 2004, when the APEC Leaders meet in Chile. Significantly, the P-3 FTA is the first trilateral FTA involving Southeast Asia that spans across three different continents. This FTA will be comprehensive and forward-looking, with the aim of having 98–99 per cent of all commitments being three-way and with flexibility to allow for new members on similar terms and conditions.

3. The Joint Study Group (JSG) on the Korea–Singapore Free Trade Agreement (KSFTA) has submitted its recommendations to the Heads of State of the Republic of Korea and the Republic of Singapore on 7 October 2003. The report indicates that there is significant scope for expansion of economic linkages between Singapore and Korea through the KSFTA. The scope of the agreement should encompass comprehensive liberalization and facilitation of economic relations between Korea and Singapore, which would include trade in goods and services, investment, government procurement, and intellectual property rights. The KSFTA should also include a comprehensive range of economic co-operation elements covering an array of areas including financial services, ICT, human resources development, trade and investment promotion, and broadcasting, and have an in-built consultation and dispute settlement mechanisms to deal with issues arising from the interpretation and application of the agreement.