The basis of our trade relationship with Singapore is built on the US-Singapore Free Trade Agreement. The growth of trade and investments since the agreement entered into force in January 2004 is testimony to its success. (Singapore | United States Trade Representative, n.d.). The agreement between the US and Singapore provides the American economy with 215,000 jobs and creates an annual trade surplus in goods and services of $20 billion. American businesses in Singapore stand at 4,200 with an investment of over $180 billion. (US Department of State, U.S. Relations with Singapore, n.d.). According to the US Commercial Service, Singapore is a promising target for Illinois exports for the following reasons:
- In 2020, the city-state was the United States’ 14th largest export market importing US$27.1 billion worth of goods.
- The World Bank’s Doing Business 2020 report ranked Singapore second overall in “ease of doing business,” while the World Economic Forum ranked Singapore as the most competitive economy globally.
- Singapore’s economy is expected to grow between 4% - 6% in 2021.
- •Top export categories of US to Singapore in 2019 included aircraft ($6.1 billion), machinery ($5.3 billion), electrical machinery ($4.1 billion), optical and medical instruments ($3.1 billion) and mineral fuels ($2.9 billion). (Singapore | United States Trade Representative, n.d.).
If you are interested in pursuing opportunities in Singapore through the SEA Change project, or would like to learn more, please contact the Project Director, Jim Ryan, at firstname.lastname@example.org.