Singapore to sign free trade agreement with Pacific Alliance next year
12 December, 2020
Singapore plans to sign a free trade agreement with the Pacific Alliance, which comprises Chile, Colombia, Mexico and Peru, subsequent year, Prime Minister Lee Hsien Loong's press secretary said found on Friday (Dec 11).
A good "substantial conclusion" has been reached in the agreement after 3 years of negotiations, Ms Chang Li Lin said.
Mr Lee Hsien Loong on Friday attended the 15th Pacific Alliance Summit via video conference, his first participation in the gross annual meeting. Singapore was invited as a Candidate Associate State of the alliance.
"After 3 years of negotiations, we've manufactured significant progress and the Pacific Alliance-Singapore FTA possesses were able to reach substantial conclusion," Ms Chang said.
Strengthened economical links between Singapore and the alliance will enhance trade and investment, provide increased opportunities for businesses and strengthen ties between the two regions, she added.
"We anticipate the signing of the PASFTA up coming year also to the deepening of financial ties."
In a news release issued after the summit, Minister for Trade and Industry Chan Chun Sing said the agreement will allow greater usage of the Pacific Alliance markets for Singapore businesses.
The Pacific Alliance is collectively the eighth-largest economy and seventh-largest exporter on the globe. In 2019, Singapore’s total trade in things with the alliance was S$6.1 billion, which accounted for 33.2 per cent of its total trade found in goods with Latin America.
Chilean President Sebastian Pinera hosted the summit. Colombia President Ivan Duque, Mexican President Andres Manuel Lopez Obrador and Peruvian President Francisco Sagasti were also present.
Source: www.channelnewsasia.com
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