The free trade agreement between Singapore and the United States is set to come into force on Thursday, marking the first such agreement between the US and an Asian country.
According to a statement released by the Singapore Trade Ministry, under the terms of the accord (signed by Singaporean Prime Minister, Goh Chok Tong and US President, George W. Bush in May), 78.7% of goods from Singapore will benefit from duty free entry into the United States, rising to 92% in four years.
All US goods coming into Singapore will be duty free from January 1.
The Trade Ministry welcomed the agreement, observing that:
"Together with enhanced investor protection, ease of entry and operation for investors and improved commitments in the services industries, the (FTA) will make it more attractive for US companies to invest in Singapore."
It went on to add:
"Similarly, the (accord) will make it easier for Singapore-based companies...to invest in the US."
According to reports, the agreement is expected to boost Singapore's GDP by 0.5%.
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