Bilateral trade between Singapore and the US increased by almost 40% since the United-States Singapore Free Trade Agreement (USSFTA) came into force in 2004. Total trade totalled $88.1 billion in 2007.

Latest figures show that investment flows have increased by 22.4% since 2004, to S$46.1 billion in 2006. The USSFTA is the first comprehensive U.S. FTA with an Asian nation.

This was announced at the 4th Annual Review of the United-States Singapore Free Trade Agreement (USSFTA) held on Friday. 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.

Bilateral trade which totalled S$88.1 billion in 2007, increased by almost 40% since the Agreement came into force in 2004.

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.

In a statement by the Ministry of Trade and Industry, 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.