Starting a Friendship
The Singapore Republic is an independent nation in the Southeast Asian Region. It is situated off the tip of the Malay Peninsula and connected to Malaysia by a bridge. Its location is said to be strategic thus leading to favorable results in its economy. It has a very outstanding natural harbor which makes it a port for several trade relations. Traditionally, Singapore was a center for transshipment. However, during the early part of the 20th century, it had to export rubber and tin from Malaysia. These were processed to produce primary goods. The industries in the land prospered with petroleum refining, rubber processing and the manufacturing of drilling equipment topping the list. Other industries were geared on food and beverages and electronics. Since its independence, Singapore became a center for financial trade. Its port is also considered as one of the largest not only in the Asian continent but in the world as a whole. This led to new industries on shipbuilding ad ship repair. Because of a very prosperous economy, Singapore enjoys its standing in the international trade scene. Singapore's economy is evidenced by a trade surplus. This is a good proof that it had outstanding trade relations with its partners in global business. One of its largest foreign trading partners is the United States. Their diplomatic alliance with each other began since Singapore's declaration of independence in the year 1965. This Asian nation focused on maintaining political and economic stability in consonance with the policy practiced by the United States. With this fact, they were able to solidify their relations with each other. These two nations enjoy a very warm and close friendship. The ties that bind them include that of a bilateral agreement. On the Singaporean's side, they consider US as a very significant partner. The latter, on the other hand had also looked upon the capabilities of Singapore when it comes to global trade. At present, the bond is fortified and the alliance is growing even stronger. Major Exports and Imports Between Singapore and the US Singapore's major exports to other countries in world trade are machinery and equipment including electronics, consumer goods, minerals, chemicals and fuel. Its primary export partners are Malaysia, US, Indonesia, Hong Kong, China, Japan, Thailand and Australia. The major imports of Singapore from other nations are machinery and equipment, mineral fuels, foodstuffs and chemicals. The primary import partners are Malaysia, US, China, Japan, Indonesia, Saudi Arabia and South Korea. On both trading sides, the United States ranks second among Singapore's trade partners. Since the alliance of the two nations had been very strong, a lot of facts were seen to support their trading system. For the ten-month period commencing from January 2008 to October 2008, the US Census Bureau had tracked the balance of trade between US and Singapore. In relation to its trade with Singapore, US exports amounted to a hefty $25.07 billion while US imports is not far behind at $13.61 billion. In the year 2007, the said US agency had the following statistics available:
The free trade agreement between the two nations paved the way to the essence of the relationship. In one way or the other, the pact contributed to the positioning of these two nations in global business. As they gratify each other's involvement in their respective economies, they came up with the idea of making this trade agreement. This trade agreement is considered to be one of the most recent pacts that the US had entered into with another nation. The signing took place on May 6, 2003 and was enforced in July 2004. Despite this, it became a pattern for other pacts made by the American government with the members of the Association of South East Asian Nations (ASEAN). This is because the fruits of their investment had been seen in as early as one year of having the pact in existence. It was a clear manifestation of the different trade concerns of the two nations which specifically includes the following:
The bombing of the twin towers on September 11, 2001 created a lot of fuss to other nations. As the US government wanted to enjoin a lot of countries in its quest against terror, some nations were hesitant to take part on it. This was basically due to the fact that there were some doubts and worries running in the minds of the different governments in the world. Aside from the concepts and assurances discussed by Deputy Assistant Secretary Matthew Daley to the Center on International Cooperation in 2004, the threats of the 9/11 attacks were also included in the statement. Singapore was one of the Asian nations responsive to the plea of the US to set a war against terrorism. This created fear in some of the citizens of the country especially that they feel that somebody will attack hem on their way to work and school and even while they are in the comfort of their own homes. In the said discussion, Mr. Daley reiterated that no such harm shall be inflicted since protecting their allies is their main concern. Lessons of the Past Leading to the Future Despite the sentiments of a few men regarding the remnants of the 9/11, the struggle had been surpassed. The United States and Singapore held hands and became more unified as two foreign trade partners. It was after the bombings of the World Trade Center that the US-Singapore FTA was made, hence signaling a road to the future. There are different lessons learned from the bombings and the trade agreement. On a lighter note, there is a belief in the capacity of every nation to form and maintain good relations with one another. There is also that desire to overcome the differences on perspectives of Republicans and Democrats. Furthermore, the businesses of Singapore and US will carry them to the future for their upcoming generations to be proud of. US-Singapore Trade References
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Note: Trade statistics, industry links, economic projections and global business resources on this page have been compiled from hundreds of trade related websites, government guides and resources on the Internet. We provide this valuable information for industrial suppliers, manufacturers, exporters and importers seeking to enter or expland business opportunities in Singapore.
Market Research
Singapore's small, open economy, while very modern and internationally competitive, is nevertheless very vulnerable to
external shocks because the value of its exports is much larger than its GDP and about two-thirds of its industrial
output is exported. The country consistently ranks high among 'most attractive countries for international business' and has achieved a per capita GDP level comparable to levels of developed western nations.
Primary Trading Partners
Major Goods Exported
Major Goods Imported
Industrial Outlook
Singapore's main industries include electronics, chemicals, financial services, oil drilling equipment,
petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, entrepot
trade, and biotechnology.
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