News Room - Business/Economics

Posted on 07 Dec 2009

Singapore- US trade increases since FTA

Bilateral trade between Singapore and the US, which totalled S$86.3 billion (S$1=RM2.41) in 2008, increased by almost 20 percent since both countries signed the free trade agreement (FTA) in 2004.

 

Singapore's Trade and Industry Ministry said this was in spite of a 2.1 percent decrease in trade between 2007 and 2008 due to the global economic downturn.

 

Singapore and the US held their 5th Annual Review of the US-Singapore Free Trade Agreement, the first comprehensive US FTA with an Asian nation, here today.

 

The ministry's deputy secretary (trade) Koh Lin-Net and Assistant US Trade Representative Barbara Weisel co-chaired the review.

 

In a statement, the ministry said bilateral investment flows had also recorded a significant rise with the latest figures showing it had increased by 35.5 percent from S$37.7 billion at end-2003 to S$51.1 billion in 2007.

 

During the review, both countries also discussed a wide range of issues such as market access for goods, customs administration, environmental cooperation and intellectual property.

 

The ministry said in view of the current downturn, the US and Singapore noted that the continuing benefits of the FTA sent a strong signal to the world on the importance of free trade in generating economic opportunities as well as enhancing economic growth and recovery.

 

The US has been a key trading partner for Singapore, with both countries sharing similar objectives on a wide range of economic issues, including efforts to promote greater regional economic integration in the Asia-Pacific region.