Singapore is one of the most highly developed and sophisticated industrial, commercial, financial and consumer economies in the world.  In 2007, real GDP grew 7.7% and the economy is expected to grow by 4% to 6% in 2008, according to official forecast.  With a per capita GDP of more than US$30,000, Singapore is an excellent market for a wide variety of U.S. products and services and is a good first stop for any exporter to Asia.  It is the 11th largest export market and 15th largest trading partner of the United States in 2007, according to trade data from the U.S. Census.  Malaysia is Singapore's top import source while the U.S. ranked second followed by the PRC, Japan, Taiwan, Indonesia, South Korea, Saudi Arabia, Thailand, and Germany.

Reflecting its role as a major entrepot, trade is three and a half times Singapore's GDP.  The country retained its position as the world's busiest container port in 2007.  Singapore serves as a major distribution center for U.S. companies interested in selling not only to Singapore but also to the region.  The World Bank's report, "Doing Business 2007:  How to Reform," ranked Singapore as the easiest country in which to do business.  More than 1,500 U.S. firms operate in Singapore and many have their Asia Pacific headquarters here.  The country has an excellent infrastructure, including an airport and seaport that are among the best in the world, an extensive road network and subway system, state-of-the-art telecommunications facilities and reliable public utilities.

The U.S.-Singapore Free Trade Agreement that came into effect on January 1, 2004, expanded U.S. market access in goods, services, investment, and government procurement. It also enhanced intellectual property protection, and provided for cooperation in promoting labor rights and the environment.