U.S., Singapore Talk Trade at Washington Meetings
Singapore is a strong economic partner to the U.S., President Barack Obama said at an April 2 meeting with Singapore Prime Minister Lee Hsien Loong (http://xrl.us/bosqwk). Since the two countries signed a trade agreement a decade ago, “we have seen a doubling of trade” between the partners, he said.
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Singapore's economic ties to the U.S., and its role in ongoing Trans-Pacific Partnership (TPP) negotiations, were also praised Chamber of Commerce and US-ASEAN Business Council (http://xrl.us/bosqv2). The U.S. has always looked to Singapore to help navigate in that region of the world, said Chamber President Thomas Donohue. The 21st-century TPP will expand free trade across the Pacific, drive global economic recovery, create jobs and advance economic and social progress in developing and developed nations, he said. Singapore's model in developing an open, competitive business environment has allowed it to act as a hub for American business and “an example of what pro free trade and investment policies can do in an economy,” said US-ASEAN Business Council President Alexander Feldman. Singapore was the U.S.'s first free trade partner in Asia and is now the country's 11th largest export market, with two-way trade in goods and services totaling $65 billion, the Chamber said.