Singapore, Pacific Alliance work towards bilateral FTA
Singapore and the Pacific Alliance, a Latin American trade bloc grouping Mexico, Peru, Chile and Colombia, are accelerating negotiations on a free trade agreement between them.
Senior Minister of State for Trade and Industry Chee Hong Tat of Singapore (Source: straitstimes.com)
Singapore (VNA) –Singapore and the Pacific Alliance, a Latin American trade bloc grouping Mexico,Peru, Chile and Colombia, are accelerating negotiations on a free tradeagreement between them.
If realised, the FTA will createa huge market with 210 million consumers and combined Gross Domestic Product of4.05 trillion USD.
Senior Minister of State forTrade and Industry Chee Hong Tat of Singapore said the FTA will open upinvestment opportunities across a range of sectors, especially in foodproduction.
He also highlighted potentialfor cooperation in modern services, information and communication technologyand urban solutions.
While Singapore already hasFTAs with three of the four countries in the alliance, an eventual FTA with thegrouping "will provide an additional platform for Singapore to engagewith... the Pacific Alliance as a group", said the Ministry of Trade andIndustry in a statement on July 6.
Trade between Singapore andthe AP stood at 5.9 billion USD last year. –VNA
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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Senior Minister of State for Trade and Industry Chee Hong Tat of Singapore (Source: straitstimes.com) 
