Joint Leaders Statement Notes US's 'Consistent Trade Surplus' With Singapore
The U.S.’s “consistent trade surplus” with Singapore was highlighted in a joint statement after Singapore Prime Minister Lee Hsien Loong visited the White House on Oct. 24. Loong and President Donald Trump noted “the important role” the U.S.-Singapore Free Trade…
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Agreement has had in “strengthening the robust economic relations” between the two countries, including trade expansion. “Bilateral trade has almost doubled from pre-FTA levels to reach more than $68 billion in 2016, with a consistent trade surplus for the United States,” the statement says. Both sides also welcomed Singaporean efforts in “strategic trade control initiatives,” including its “trial” of the World Customs Organization’s Cargo Targeting System to strengthen global supply chain security, the statement says. The U.S. and Singapore also “decided to consider exploring new areas of cooperation to prevent the global transportation sector from being abused by proliferators.” Finally, the leaders agreed that the “strong commercial relationship” between their nations was demonstrated by the signing for a Singapore Airlines purchase of 39 Boeing wide-body aircraft valued at $13.8 billion, the statement says.