Trade between Singapore and the U.S. rose 19% in 2006 from the year before, the second fastest growth rate among Washington's major trading partners, the American Chamber of Commerce said March 1. Two-way trade totaled $42.5 billion, boosted by a bilateral free-trade agreement (FTA) which came into effect in 2004, AmCham said.
Only U.S. trade with China expanded more rapidly at 20.2%, AmCham said.
"The FTA has had the effect of increasing business confidence in Singapore and has supported the Singapore government's efforts to promote the country's standing in the region as a high-trust economy," said AmCham Singapore executive director Dom LaVigne. "This has had the effect of not only increasing trade but also ensuring that Singapore is attractive to U.S. foreign direct investment."
Singapore remained the United States' 15th largest trading partner last year. The city-state was also Washington's ninth largest export market in 2006, accounting for 43% of total U.S. exports to Southeast Asia, up from 11th place in 2005.
Copyright Agence France-Presse, 2007