Key Country Contacts

Source: US Department of Commerce

Trade Overview

U.S. exports to Singapore totaled $31.4 billion dollars, and two-way trade between the United States and Singapore increased to more than $50.5 billion in 2011. Since implementation of the U.S.-Singapore FTA in 2004, U.S. exports to the nation have increased by $12 billion. According to the Office of the U.S. Trade Representative, new market opportunities have also been created, including those for pharmaceutical products and organic chemicals.

Singapore is the 11th largest export market for California. In 2011, California exports to Singapore increased to slightly over $4.1 billion. Computers and electronic products accounted for 32 percent of the total exports, while machinery manufactures was second with 19 percent. 

In March 1998, the California Trade and Commerce Agency signed a Memorandum of Understanding with the Singapore Trade Development Board, Economic Development Board, and the National Science and Technology Board. This agreement was reinforced in May 1999, when then Governor Gray Davis and Prime Minister Goh signed a Memorandum of Understanding reiterating the mutual commitment to economic and IT co-operation. (Singapore MFA)

Tourism

Singapore was one of California’s overseas markets with approximately 70,000 visitors to California in 2010.  California Tourism Industry

 Characteristics of Travelers from Singapore To California

U.S. - Singapore Free Trade Agreement

The U.S.- Singapore Free Trade Agreement  (USSFTA) went into effect in January 2004. Under the agreement, most tariffs were eliminated immediately, with the remaining tariffs phased out over a three to ten-year period.

The Agreement was signed on May 6, 2003 by President Bush and Goh Chok Tong, the Prime Minister of Singapore. The U.S. House of Representatives and Senate passed the FTA in July 2003 by a vote of 277-155 and 66-32 respectively. This marked the first time the Trade Promotion Authority (approved in 2002) was used.

A major strategic trading partner of the United States and one of America’s closest friends, Singapore has one of the most open, well-regulated, safe and secure investment climates in the world. It is consistently rated among the most competitive economies in the world. The USSFTA is making this remarkably productive relationship even closer. Already, more than 1300 American companies have a presence in Singapore, and about 330 of these have made Singapore their regional business headquarters in Asia. Additionally, an estimated 17,000 Americans live in Singapore.

The U.S.-Singapore FTA enhances mutual interests in a stable, prosperous ASEAN and East Asia, and will further strengthen the partnerships across the Pacific. With four million people, Singapore, one of the busiest port cities in the world, already has free trade pacts with New Zealand and Japan.

American companies have a great deal to gain with the USSFTA. This comprehensive agreement benefits American firms and workers, and complements ongoing regional and multilateral trade and investment liberalization efforts.

For more information, see CalChamber's Trade Issues page on the U.S.-Singapore Free Trade Agreement.

United States and Singapore Hold Sixth Annual Free Trade Agreement Review
October 15, 2010

Washington, D.C. -The United States and Singapore held their sixth annual review of the implementation of their Free Trade Agreement (FTA) today.  Assistant United States Trade Representative Barbara Weisel led the U.S. delegation and Deputy Secretary Koh Lin-Net of the Ministry of Trade and Industry led the Singaporean delegation.

The two sides reviewed implementation of the agreement and the growth in bilateral economic trade and investment.  Since the FTA came into force in 2004, job creating U.S. goods exports have increased 34 percent, with goods exports totaling $22.2 billion in 2009.  Trade in services also is up, with U.S. exports of $9 billion to Singapore in 2008 (the latest available data), up 60 percent from 2004.  Foreign direct investment in both directions rose, with Singaporean investment in the United States totaling $22.9 billion last year and U.S. investment in Singapore totaling $76.9 billion.

During the review meeting the two sides exchanged views on issues and concerns related to agricultural and textile market access, intellectual property rights, regulations related to cable TV content, and other issues.  The two sides also reviewed the past year's activities under the Plan of Action for Environmental Cooperation, and reviewed the results of recent meetings in Singapore exploring ways to intensify joint work on labor issues, including worker rights and human resources development.   

The U.S.-Singapore FTA also serves as a foundation for broader cooperation between the two countries regionally and multilaterally.  The United States is engaging closely with Singapore on the Trans-Pacific Strategic Economic Partnership (TPP), a high-standard agreement that will serve as a platform for Asia-Pacific economic integration in a way that reflects U.S. priorities and values.  The United States and Singapore also work together closely in other fora, including the WTO, ASEAN and APEC. 

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