U.S., S'pore trade leaps 10%

U.S., S'pore trade leaps 10%

SINGAPORE: Bilateral trade between the United States and Singapore leapt by over 10 percent in the first year of their free trade pact, the Ministry of Trade and Industry said Thursday.

Singapore, which has made free trade deals a cornerstone of its economic policy, became the first Asian country to ink such an agreement with America in 2003. It came into force last year.

"Trade in goods and services was up more than 10 percent in the past year to about US$40 billion (euro30.63 billion). Investment flows also have increased," said the ministry in joint statement with the U.S Embassy here.

"The results achieved during the first year of this comprehensive free trade agreement send a strong signal to nations around the world about the benefits of free trade," it said. -- AP