Singapore said on Monday that its external trade will double by 2015 to 1.6 trillion Singapore dollars (about 1.05 trillion U.S. dollars) from 810 billion dollars last year.

International Enterprise (IE) Singapore, the government agency to promote external economy, said it aims to hit the target through a series of strategies, including uncovering new markets, local television Channel NewsAsia reported.

IE Singapore Chief Executive Chong Lit Cheong told Channel NewsAsia that the key to realizing the targets is to help local firms such as small- and medium-sized enterprises (SMEs) to become competent exporters.

It also expects to sign more free trade agreements (FTAs) with key growth markets to further boost Singapore's trade.

Chong noted that there is a lot of work going on to seal an FTA with China which is already Singapore's top five trading partner.

Aside from China, the agency has also identified India, Vietnam and the Middle East as key growth markets.