Editing Economy of Singapore (section)

==International trade and investment==
{{Update|section|date=July 2013}}
[[File:2006Singaporean exports.PNG|thumb|450px|Singaporean exports in 2006]]
Singapore's total trade in 2022 amounted to $1,365.4 [[1000000000 (number)|billion]] [[Singapore dollar|SGD]]. In 2022, Singapore's imports were $655.4 billion [[Singapore dollar|SGD]] and exports were $710.0 billion [[Singapore dollar|SGD]].<ref name=":4">{{Cite web |title=Singapore International Trade |url=http://www.singstat.gov.sg/modules/infographics/singapore-international-trade |access-date=2024-01-23 |website=Base |language=en}}</ref> [[China]] was Singapore's main import partner, as well as its largest export market in 2021.<ref>{{Cite web |title=Singapore (SGP) Exports, Imports, and Trade Partners |url=https://oec.world/en |access-date=2024-01-23 |website=The Observatory of Economic Complexity |language=en}}</ref> Singapore's major trading partners include [[Malaysia]], the [[United States]] and the [[European Union]].<ref name=":4" />

[[China]] is Singapore's largest trading partner, with bilateral trade totalling roughly 175 billion Singapore dollars in 2022.<ref>{{cite web |title=Singapore International Trade |url=https://www.singstat.gov.sg/modules/infographics/singapore-international-trade |website=SingStat |access-date=27 October 2023 |language=en}}</ref> Since 2009, the value of exports exceeds imports for Singapore's trade with China. In comparison, the value of imports exceeds exports for Singapore's trade with the US since 2006.<ref>{{cite web|url=http://www.pmo.gov.sg/content/pmosite/mediacentre/speechesninterviews/primeminister/2009/May/speeches_by_primeministerleehsienloongandmalaysianprimeministern.html#.VDvFfPmSxXY |title=Speeches by Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Tun Razak at the official dinner at the Istana on 22 May 2009 |access-date=26 October 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141019145833/http://www.pmo.gov.sg/content/pmosite/mediacentre/speechesninterviews/primeminister/2009/May/speeches_by_primeministerleehsienloongandmalaysianprimeministern.html |archive-date=19 October 2014 }}</ref><ref>{{cite web|url=http://www.singstat.gov.sg/statistics/visualising_data/visualiser/trade/trade.html |title=Statistics Singapore - Trade with Major Trading Partners |access-date=13 October 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141021082312/http://www.singstat.gov.sg/statistics/visualising_data/visualiser/trade/trade.html |archive-date=21 October 2014 }}</ref>

Re-exports accounted for 43% of Singapore's total sales to other countries in 2000. Singapore's principal exports are electronic components, refined petroleum, gold, computers, and packaged medications. Singapore's main imports are electronic components, refined petroleum, crude petroleum, gold, and computers.

Trade in Singapore has benefited from the extensive network of trade agreements Singapore has implementing. According to Healy Consultants, Singapore has free trade access to the entirety of the ASEAN network, with import duty reduced when dealing with Indonesia, Malaysia, the Philippines, Thailand, Brunei, Burma, Cambodia, Laos and Vietnam.

The Singapore Economic Development Board (EDB) continues to attract investment funds on a large-scale for the country despite the city's relatively high-cost operating environment. The US leads in foreign investment, accounting for 40% of new commitments to the manufacturing sector in 2000. As of 1999, cumulative investment for manufacturing and services by American companies in Singapore reached approximately $20&nbsp;billion (total assets). The bulk of US investment is in electronics manufacturing, oil refining and storage, and the chemical industry. More than 1,500 US firms operate in Singapore.

Singapore's largely corruption-free government, skilled workforce, and advanced and efficient infrastructure have attracted investments from more than 3,000 [[multinational corporation]]s (MNCs) from the United States, Japan, and Europe. Foreign firms are found in almost all sectors of the economy. MNCs account for more than two-thirds of manufacturing output and direct export sales, although certain services sectors remain dominated by government-linked corporations.

The government also has encouraged firms to invest outside Singapore, with the country's total direct investments abroad reaching $39&nbsp;billion by the end of 1998. The People's Republic of China was the top destination, accounting for 14% of total overseas investments, followed by [[Malaysia]] (10%), Hong Kong (9%), [[Indonesia]] (8%) and US (4%). The rapidly growing economy of India, especially the high technology sector, is becoming an expanding source of foreign investment for Singapore.

The United States strives to improve bilateral trade with Singapore and has signed the US-Singapore Free Trade Agreement in 2003. Singapore corporate tax is 17 per cent.<ref>{{Cite web|url=https://www.aseanbriefing.com/news/2018/08/15/corporate-taxation-singapore.html|title=Corporate Taxation in Singapore|date=15 August 2018|website=ASEAN Business News|access-date=24 February 2019|archive-url=https://web.archive.org/web/20190407193739/https://www.aseanbriefing.com/news/2018/08/15/corporate-taxation-singapore.html|archive-date=7 April 2019|url-status=dead}}</ref>

Singapore is the European Union's 14th largest trading partner. Singapore-EU trade is worth more than €50 billion [[Euro|euros]] a year. Singapore is also the EU's 5th largest [[trade in services]] partner and the EU's 6th destination for [[foreign direct investment]]. Over 10,000 EU companies have set up their hubs or offices in Singapore.<ref name=":5">{{Cite web |title=The EU-Singapore agreement explained |url=https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/singapore/eu-singapore-agreements/agreement-explained_en |access-date=2024-01-23 |website=policy.trade.ec.europa.eu |language=en}}</ref>

In 2018, the EU and Singapore signed the [[European Union–Singapore Free Trade Agreement|EUSFTA]], a [[free trade agreement]] which aims to boost and promote [[International trade|trade]] between Singapore and the EU. The agreement includes provisions on:<ref name=":5" />

* Eliminating [[Tariff|tariffs]] on [[goods]]
* Harmonizing [[safety]], [[Product testing|testing]] and [[Label|labeling]] standards (for [[Car|cars]] and [[List of auto parts|vehicle parts]], [[electronics]] and [[Textile industry|textiles]])
* Preferential [[market access]] and [[equal treatment]] for [[Service (economics)|services]] (for [[telecommunications]], [[financial services]], [[transport]], etc.)
* Simplifying [[customs]] procedures and improving [[trade facilitation]]
* Improved protection of [[intellectual property]]
* Guaranteed access to [[government procurement]] contracts
* Legally-binding commitments on [[environmental protection]] and [[workers' rights]]<ref name=":5" /><ref name=":2">{{Cite web |date=2023-07-20 |title=EU-Singapore |url=https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/singapore/eu-singapore-agreements_en |access-date=2024-01-23 |website=policy.trade.ec.europa.eu |language=en}}</ref>

In addition to the free trade agreement, the EU and Singapore signed an investment protection agreement which aims to encourage [[investment]] between Singapore and the EU. It ensures that [[Government|governments]] in the EU and Singapore [[National treatment|treat each other's investors equally]], and replaces old-style [[Bilateral investment treaty|bilateral investment treaties]] between Singapore and individual EU countries.<ref name=":5" />

===International trade agreements===<!-- This section is linked from [[Foreign relations of Singapore]] -->
The following bilateral and plurilateral agreements are currently in effect. Signature and entry into force dates are as listed by the [[World Trade Organization]].<ref name="rtais.wto.org">{{Cite web|title=Regional Agreements Database (Singapore)|url=https://rtais.wto.org/UI/PublicSearchByMemberResult.aspx?MemberCode=702&lang=1&redirect=1|website=[[World Trade Organization]]|access-date=10 March 2024}}</ref>
{|class="wikitable"
|-
!Economy||Agreement||Abbreviation||Concluded||Signed||Effective||Legal text
|-
|{{flag|Australia}}||[[Agreement between Australia and Singapore on a Comprehensive Strategic Partnership|Comprehensive Strategic Partnership]]||CSP||6 May 2016<ref>{{cite news|last1=Leong|first1=John|title=Singapore, Australia conclude discussions on Comprehensive Strategic Partnership|url=http://www.channelnewsasia.com/news/singapore/singapore-australia/2760034.html|work=Channel NewsAsia|archive-url=https://web.archive.org/web/20161031151307/http://www.channelnewsasia.com/news/singapore/singapore-australia/2760034.html|archive-date=31 October 2016|url-status=dead|access-date=29 October 2024}}{{cbignore}}</ref>||2015||||
|-
|{{flag|New Zealand}}||[[Agreement between New Zealand and Singapore on a Closer Economic Partnership]]||ANZSCEP||18 August 2000||14 November 2000||1 January 2001||[https://web.archive.org/web/20051030182753/http://www.fta.gov.sg/fta/pdf/anzscep.pdf]
|-
|{{flag|EFTA}}||[[Agreement between the EFTA States and Singapore]]||EFTA-Singapore FTA||11 April 2002||26 June 2002||1 January 2003||[https://web.archive.org/web/20051030182741/http://www.fta.gov.sg/fta/pdf/FTA_ESFTA_Agreement.pdf]
|-
|{{flag|Japan}}||[[Japan–Singapore Economic Partnership Agreement]]||JSEPA||October 2001||13 January || ||[https://web.archive.org/web/20051030182706/http://www.fta.gov.sg/fta/pdf/FTA_SAFTA_Agreement.pdf]
|-
|{{flag|United States}}||[[United States-Singapore Free Trade Agreement]]||USSFTA||{{nowrap|19 November 2002}}||6 May 2003||{{nowrap|1 January 2004}}||[https://web.archive.org/web/20051103052050/http://www.fta.gov.sg/fta/pdf/FTA_USSFTA_Agreement_Final.pdf]
|-
|{{flag|Jordan}}||[[Singapore Jordan Free Trade Agreement]]||SJFTA||29 April 2004||16 May 2004||&nbsp;||[https://web.archive.org/web/20051030182733/http://www.fta.gov.sg/fta/pdf/FTA_SJFTA_Final%20FTA%20text%2015%20May%202004.pdf]
|-
|{{flag|Brunei}}||rowspan=3|[[Trans-Pacific Strategic Economic Partnership Agreement]]||rowspan=3|Trans-Pacific SEP||rowspan=3|&nbsp;||August 2005||rowspan=3|1 January 2006||rowspan=3|[https://web.archive.org/web/20051103052050/http://www.fta.gov.sg/fta/pdf/FTA_USSFTA_Agreement_Final.pdf]
|-
|{{flag|Chile}}||18 July 2005
|-
|{{flag|New Zealand}}||18 July 2005
|-
|{{flag|India}}||[[India–Singapore Comprehensive Economic Cooperation Agreement|India&nbsp;– Singapore Comprehensive Economic Cooperation Agreement]]||India-Singapore CECA||November 2004||29 June 2005||1 August 2005||[https://web.archive.org/web/20051030182713/http://app.fta.gov.sg/data//fta/file/India-Singapore%20Comprehensive%20Economic%20Cooperation%20Agreement.pdf]
|-
|{{flag|South Korea}}||[[Korea-Singapore Free Trade Agreement]]||KSFTA||28 November 2004||4 August 2005||End 2005||[https://web.archive.org/web/20051030182704/https://app.fta.gov.sg/data/fta/file/KSFTA_final_KSFTA.pdf]
|-
|{{flag|Peru}}||[[Peru-Singapore Free Trade Agreement]]||PesFTA||September 2007||29 May 2008||Early 2009||
|-
|{{flag|Sri Lanka}}||[[Sri Lanka-Singapore Free Trade Agreement]]||Sri Lanka-Singapore FTA||2016||23 January 2018||Mid 2018||
|-
|{{flag|European Union}}
|[[European Union–Singapore Free Trade Agreement|European Union-Singapore Free Trade Agreement]]
|EUSFTA
|2018
|19 October 2018<ref name=":2" />
|21 November 2019<ref name=":2" />
|<ref>{{Cite web |title=EU-Singapore : Texts of the agreements |url=https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/singapore/eu-singapore-agreements/texts-agreements_en |access-date=2024-01-23 |website=policy.trade.ec.europa.eu |language=en}}</ref>
|-
|{{flag|United Kingdom}}
|[[Singapore–United Kingdom Free Trade Agreement]]
|SUKFTA
|10 December 2020
|10 December 2020
|1 January 2021
|<ref>{{cite news|title=Joint statement by the UK and Singapore|url=https://www.gov.uk/government/news/joint-statement-by-the-uk-and-singapore|date=10 December 2020|website=[[gov.uk|GOV.UK]]|access-date=10 March 2024|archive-url=https://web.archive.org/web/20201210070222/https://www.gov.uk/government/news/joint-statement-by-the-uk-and-singapore|archive-date=10 December 2020|url-status=live}}</ref><ref>{{cite web|title=UK and Singapore sign post-Brexit free trade agreement|url=https://www.ft.com/content/51b7eb87-5812-4765-a483-d50c2c66f130|date=10 December 2020|website=[[Financial Times]]|access-date=10 March 2024|archive-url=https://web.archive.org/web/20201210072021/https://www.ft.com/content/51b7eb87-5812-4765-a483-d50c2c66f130|archive-date=10 December 2020|url-status=live}}</ref>
|}