La Pacific Alliance and Singapore Negotiations to reach a Free Trade Agreement between the two countries ended on Wednesday (21.07.2021), reported the regional integration mechanism made up of four member countries: Chile, Colombia, Mexico and Peru.
The agreement was announced by the Ministers in charge of Trade María Ximena Lombana (Colombia), Claudia Cornejo (Peru), Tatiana Clouthier (Mexico) and Andrés Allamand, Minister of Foreign Affairs of Chile, as well as members of the Pacific Alliance and Gan Kim Yong, Minister of Trade and Industry of Singapore.
The Pacific Alliance is made up of countries that together have a population of 230 million, a GDP per capita of 19 billion dollars and exports reaching 627 billion dollars, making the Alliance the eighth largest exporter in the world.
It is also ranked as the eighth largest economy, attracting 56 million tourists, accounting for 41 percent of Latin America and the Caribbean's GDP and 38 percent of its foreign direct investment.
The Minister of Commerce, Industry and Tourism of Colombia, in her capacity as President of the Pacific Alliance, announced the closing of the ALCAPS negotiations and highlighted the strengthening of trade partnership ties with Singapore.
“This Free Trade Agreement marks a milestone for the Pacific Alliance as it is a major step in our integration with the Asia Pacific Region that allows us to grant Singapore the status of first Associate State to the Pacific Alliance”, he pointed out. On a specific point he said: “This instrument will allow exploring areas of collaboration in technology and digital economy which may include linking Singapore’s national Single Window with those of the Alliance, port management and logistics, infrastructure and urban solutions, energy collaboration and food trade.”
For his part, Gan Kim Yong said: “We agree with the Pacific Alliance that the Associated State provides a platform for collaboration in various areas, such as energy collaboration, food trade, digital economy, infrastructure and urban solutions, port management and logistics, and the Linking of National Single Windows".
The Pacific Alliance was formally established in June 2012 and granted Singapore Observer State status in 2014 and Candidate Associate State status in 2017. The parties will work towards a formal signature as an Associate State during the Pacific Alliance Summit in December 2021. (Pacific Alliance Press Release)
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