Container loading and unloading at Pasir Panjang port in Singapore. (Photo: Xinhua/VNA)Singapore (VNA) - Singapore will sign a free trade agreement (FTA) with the Pacific Alliance (PA), a trading bloc of four LatinAmerican nations - Chile, Colombia, Mexico and Peru, at the end of this year.
Minister of State for Trade and Industry Alvin Tan said theagreement will enable businesses on both sides to access market opportunitiesand foster greater cooperation in areas such as e-commerce, customs, tradefacilitation and maritime services.
In 2019, the total value of Singapore's goods trade with PAreached 6.1 billion SGD (4.5 billion USD), accounting for 33.2 percent ofSingapore's total merchandise trade turnover with countries in the Latin American region.Meanwhile, the turnover for service trade with the PA in 2018 reached 2.6billion USD, accounting for 28.2 percent of Singapore's total service tradeturnover with this region.
The PA was formally established in June 2012. Singapore became anObserver State to the PA in 2014 and a Candidate Associate State in 2017.
Singapore already has existing agreements withthree of the four PA countries - Chile, Mexico and Peru - that are also memberstates of the Comprehensive and Progressive Agreement for Trans-PacificPartnership./.
Minister of State for Trade and Industry Alvin Tan said theagreement will enable businesses on both sides to access market opportunitiesand foster greater cooperation in areas such as e-commerce, customs, tradefacilitation and maritime services.
In 2019, the total value of Singapore's goods trade with PAreached 6.1 billion SGD (4.5 billion USD), accounting for 33.2 percent ofSingapore's total merchandise trade turnover with countries in the Latin American region.Meanwhile, the turnover for service trade with the PA in 2018 reached 2.6billion USD, accounting for 28.2 percent of Singapore's total service tradeturnover with this region.
The PA was formally established in June 2012. Singapore became anObserver State to the PA in 2014 and a Candidate Associate State in 2017.
Singapore already has existing agreements withthree of the four PA countries - Chile, Mexico and Peru - that are also memberstates of the Comprehensive and Progressive Agreement for Trans-PacificPartnership./.
VNA
