1. Time Trends

2. Importer/Exporter Fixed Effects Accounted For

3. Singapore/New Zealand Bilateral Trade and FTA Controlled For

4. Bilateral FTAs affect export and import behavior via price and income elasticities of export/import demand

5. Counter-factual states: How would trade between Singapore and Japan progressed in the absence on the JSEPA? Controls for GATT/WTO membership are included.