Singapore (VNA) – Singapore and the Pacific Alliance (PA) have concluded negotiations on a free trade agreement , towards the signing of the deal in late 2021, the Singaporean Ministry of Trade and Industry announced on July 22.
The Pacific Alliance, which comprises four Latin American nations of Chile, Colombia, Mexico and Peru, is the eighth-largest exporter in the world, with a combined population of 230 million, a per capita gross domestic product of 19,000 USD and annual exports totalling 627 billion USD.
It is also the eighth-largest economy worldwide, attracting 56 million tourists, making up 41 percent of the GDP of Latin America and the Caribbean, and accounting for 38 percent of its foreign direct investment.
In 2019, Singapore’s total trade in goods with the PA was 6.1 billion USD, or around a third of its total trade in goods with Latin America.
Minister of Trade and Industry Gan Kim Yong said the Pacific Alliance-Singapore Free Trade Agreement (PASFTA) complements Singapore's existing bilateral and multilateral links with each PA country, including the Trans-Pacific Strategic Economic Partnership Agreement, the Peru-Singapore FTA, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The Ministry of Trade and Industry said that Singapore will continue working with the alliance to officially sign the deal at the PA Summit in December in Colombia./.
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