Singapore has signed a free trade agreement with the Pacific Alliance, a bloc made up of Chile, Colombia, Mexico, and Peru, in a deal that will open up a market worth a combined $2 trillion for the city-state and Asia.
Minister for Trade and Industry Gan Kim Yong and his counterparts from the bloc signed the PA-Singapore free trade agreement along with a joint declaration at the 16th Pacific Alliance Summit in Colombia.
The deal will support cooperation in digital, logistics, infrastructure, and food industries across the countries, according to Singapore’s Ministry of Trade and Industry (MTI).
Singaporean firms will get to enjoy freer access to Latin American markets with reduced tariffs and export barriers under the agreement, the statement added.
The move also marks Singapore as the South American bloc’s first “associate” member, according to the MTI. “Singapore is honored to be the first Associate State of the Pacific Alliance,” Prime Minister Lee Hsien Loong said through video.
The agreement will come into force when at least two member countries of the Pacific Alliance have ratified it.
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