As a nation with a small domestic market that depends on imports for food, energy, and industrial raw materials, Singapore places the highest priority on the multilateral trading system embodied by the World Trade Organization (WTO). As a member of the WTO, Singapore believes that the WTO can provide a stable framework for developing sound multilateral rules that ensure that goods and services can flow freely with minimum impediment. The primary objective of Singapore’s trade policy is to guard its trading interest by ensuring a free and open international trading environment.
In tandem with its support of the WTO, Singapore advocates that trade efforts are undertaken in the regional context such as APEC (Asia Pacific Economic Cooperation), ASEM (Asia-Europe Meeting) and ASEAN (Association of Southeast Asian Nations), as well as bilateral Free Trade Agreements (FTAs) to accelerate the momentum of trade liberalization and strengthen the multilateral trading system. It has actively pursued a few legally binding arrangements with trading partners. The ASEAN Economic Community (AEC) aims to create a single enlarged market of 600 million people and recognizing that regional economic integration is a dynamic and ongoing process, has initiated the AEC Blueprint 2025 which sets out the strategic measures covering partnership arrangements with the private sector, industry associations and the wider community at the regional and national levels.
The U.S.-Singapore Free Trade Agreement (FTA) has been in effect since 2004. Singapore has an extensive network of 27 implemented agreements with bilateral and regional FTAs including with Australia, China, Costa Rica, India, Japan, Jordan, New Zealand, Republic of Korea, Panama, Peru, Sri Lanka, European Union, United Kingdom and Turkiye. Singapore is a participant in the Regional Comprehensive Economic Partnership regional trade negotiations, which include the ten Association of Southeast Asian Nations (ASEAN) countries plus Australia, China, Japan, Republic of Korea, India, and New Zealand.
For more information, please visit Enterprise Singapore.
For additional information view https://www.trade.gov/free-trade-agreements-help-center
Other economic agreements that Singapore has signed include Digital Economy Agreements, Double Tax Avoidance Agreements, International Investment Agreements and Mutual Recognition Agreements.