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Singapore welcomes US Senate approval of free trade agreement.
(From Agence France Presse)
The Singapore government welcomed the US Senate's approval of the two nations' historic free trade agreement (USSFTA), saying the deal will dramatically boost the city-state's economy.
"The USSFTA will increase the flow of trade, investment, talent, ideas and technology across the Pacific," the Singapore government said in a statement shortly after the US Senate voted 66-32 to approve the deal.
"It sets new standards in areas such as services, intellectual property rights and electronic commerce, which are critical for the next phase of our economic growth."
Trade and Industry Minister George Yeo said the agreement, which is expected to come into force by January next year, would bring many benefits to Singapore.
"It will help us in our economic restructuring and make us more competitive in the global marketplace," Yeo said.
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