Singapore and the United States have had a working Free Trade Agreement since 1st January 2004. Over the last decade the agreement has become a landmark in the economic relationship between the 2 countries with a 70% increase in bilateral trade of goods and services, currently totalling US $68 billion per annum. This amounts to US $25 billion in trade from Singapore to the United States and US $43 billion in trade from the United States to Singapore. Both Singapore and the United States are English speaking, multicultural, free market countries with a global outlook. Both countries are committed to good governance, transparency, and the rule of law. These countries have maintained diplomatic relations since Singapore’s independence in 1965.
Singapore’s 1st Prime Minister, Lee Kuan Yew, implemented many excellent policies that contributed to the financial success of Singapore, including making English the main official language. Today, Singapore has a creative and innovative economy that has grown over last 50 years from a small fishing village to one of the world’s major financial centres and the world’s 2nd busiest port. It is currently the top destination for US investment in Asia. It is also the 3rd largest Asian investor in the United States. There are over 2000 American companies operating in Singapore with many companies using Singapore as a base for their regional and sometimes global operations.
Manufacturing is a booming industry in Singapore, accounting for 25% of Singapore’s economy. It attracts many international companies to base their manufacturing operations in Singapore. This is mainly as a result of Singapore’s strong laws protecting intellectual property rights.
Financial Trading Rules and Regulations in Singapore
Most types of financial trading, including binary options trading and other forms of online trading, are legal in Singapore. Many financial trading companies from all over the world have chosen to do business in Singapore. In the last 5 years, Singapore has been ranked as the most pro-business economy by the World Bank and as the most open economy by the World Economic Forum. Binary options trading in Singapore is regulated by the Monetary Authority of Singapore and binary options trading is subject to the security futures regulations (SFR) of Singapore which requires a capital markets services (CMS) licence in order to legally be able to conduct any business activity in Singapore. This includes transactions in which a business solicits customers who are residents of Singapore and there is no business activity because the sales were not successful. These regulations are part of the Security and Futures Act (SFA) of Singapore.