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The United States-Singapore Free Trade Agreement (FTA) has served as the basis of our bilateral trade relationship since the agreement entered in force on January 1, 2004. (See U.S.-Singapore FTA page). The agreement has functioned generally smoothly, with trade and investment growing significantly in both directions. U.S. goods exports have grown 62 percent since the FTA went into force, while services exports have grown 175 percent.
The United States has consistently enjoyed trade surpluses with Singapore. In 2016, the bilateral goods surplus totaled $9.1 billion in 2016, while the U.S. services surplus with Singapore totaled $9.7 billion. In 2016, Singapore was our 13th largest goods export market, with the top export categories including machinery, aircraft, electrical machinery, optical and medical instruments, and mineral fuels. U.S. exports of agricultural products to Singapore totaled $754 million in 2016, including prepared food, fresh fruit, vegetable oils, animal fats, and dairy products. The stock of U.S. foreign direct investment (FDI) in Singapore (stock) was $228.7 billion in 2015 (latest data available, while the stock of Singapore's FDI in the United States was $19.4 billion in 2015, led by manufacturing.
The United States is Singapore’s third largest goods trading partner, after China and Malaysia. In addition to the United States-Singapore FTA, Singapore has an extensive network of FTAs, including multiple overlapping FTAs with China, Japan, Korea, India, and Australia, and New Zealand. Singapore also is participating in the Trans-Pacific Partnership and the 16-member Regional Comprehensive Economic Partnership negotiations. It has signed an FTA with the EU, which is not yet in force.