U.S., Singapore review FTA while trade increases 12.6%
U.S. and Singaporean Government officials met last week for the second annual review of the U.S.-Singapore Free Trade Agreement, with the two sides welcoming the increase in bilateral trade.
Two-way trade with Singapore totaled nearly $37 billion in 2005, up 12.6 percent since the agreement came into force in 2004, the Office of the U.S. Trade Representative said. The United States has seen significant increases in exports to Singapore of aerospace equipment, chemicals and construction equipment, and significant growth in investment flows in both directions.
The two sides also discussed the implementation process of Singapore’s commitments in the telecommunications and media sectors, including ways to improve the transparency of rulemaking in these areas.
Singapore is the United States' 16th-largest goods trading partner, with $35.8 billion in total goods trade during 2005. Trade in services with Singapore totaled $8.3 billion in 2004. U.S. foreign direct investment in Singapore expanded to $56.9 billion in 2004, a 13 percent increase from 2003.
The U.S.-Singapore FTA, the first comprehensive U.S. FTA with an Asian nation, was signed in May 2003, and entered into force on January 1, 2004.