1. Press releases
US and Singapore Officials hold Fourth Annual Review of the US-Singapore Free Trade Agreement
10 October 2008
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US AND SINGAPORE OFFICIALS HOLD FOURTH ANNUAL REVIEW OF THE U.S.-SINGAPORE FREE TRADE AGREEMENT
The 4th Annual Review of the United-States Singapore Free Trade Agreement (USSFTA) was held on 10 October 2008. The review was co-chaired by Ms. Koh Lin-Net, Deputy Secretary (Trade), Ministry of Trade and Industry, Singapore, and Ms. Barbara Weisel, Assistant United States Trade Representative, Office of the United States Trade Representative.
The USSFTA is the first comprehensive U.S. FTA with an Asian nation. Bilateral trade which totaled S$88.1 billion in 2007, increased by almost 40% since the Agreement came into force in 2004. Bilateral investment flows also recorded significant increase. Latest figures show that investment flows have increased by 22.4% since 2004, to S$46.1 billion in 2006.
During the Review, officials on both sides welcomed the USSFTA's continued progress in boosting flows of goods, services and investment in both directions. Discussions covered a wide range of issues such as market access for goods, customs administration, environmental cooperation, intellectual property, amongst others.
Officials on both sides also noted that the continuing benefits of the FTA send a strong signal to the world on the importance of free trade, in generating economic opportunities and enhancing economic growth. The US has been a key trading partner for Singapore, with both countries sharing similar objectives on a range of economic issues, including efforts to promote greater regional economic integration in the Asia-Pacific region.
MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
10 OCTOBER 2008