Singapores main legislation on FTZs is embodied in the Free Trade Zones Act which came into effect in 1966 and was last amended in 2014The law outlines. Open Level Up Bonus account and get 70 free in FBS Personal Area and 140 free in the FBS Personal Area app. Singapore Signs A Free Trade Pact With Sri Lanka Singapore Pact Trading In response to this the WTO may say that free trade has been an important engine of growth for developing countries in Asia. . Before you pass on expanding into foreign markets consider some of these potential advantages of international trade. The authorities in charge of verifying the activities of companies operating in the FTZs namely the Free Zone Advisory Committee the Director of the Singapore Customs and the Ministry for Trade and Industry. One located in Colón segregated from the city by a wall and the other relatively new in the harbor area which is designated for warehouses covering 053 km 2 130.