Singapore is a member of ASEAN, whose members agreed in 1992 to establish the ASEAN Free Trade Area (AFTA) by 2008 (subsequently, in 1995, accelerated to 2003) and introduced the Common Effective Preferential Tariff (CEPT) in 1993 as the core mechanism for implementing AFTA.
Singapore is a major tourist destination; the balance of travel has recorded continuous surpluses over the past decade, though the share of this surplus in GDP decreased during the early 1990s.
Singapore's trade also enjoyed robust growth; it was ranked as the 12th largest exporter and importer in 1994 by the WTO, from the 18th and 15th positions held respectively in 1990.
Stockexchanges differ from country to country in eligibility requirements and in the degree to which the government participates in their management.
Under the 1934 Act, every stockexchange is subject to registration with the Securities and Exchange Commission, which may be denied unless the exchange adopts rules providing for the discipline, suspension, or expulsion of a member who engages in conduct inconsistent with just and equitable principles of trade.
Examples are Australian StockExchange (1998), Euronext (2000, as of 14 June 2006 in talks to a proposed merger process with the New York StockExchange), NASDAQ (2002) and the New York StockExchange (2005).
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