Mercosur and Singapore concluded a round of negotiations in Montevideo on Friday (05.10.2018) to assess the interests of both parties in view of a future trade agreement, the Uruguayan Foreign Ministry reported.
This was the "first meeting" since the two parties announced the start of negotiations in Puerto Vallarta, Mexico, on July 25, the statement said.
"The parties took note of their interests in a possible future trade agreement and exchanged comments and consultations on their positions regarding the main issues under negotiation such as trade in goods, rules of origin, sanitary and phytosanitary measures, customs cooperation and trade facilitation, services, investments and government purchases," the text states.
Advantages
The start of negotiations between Mercosur and Singapore will have "benefits other than negotiations with other counterparties"such as the European Union, the European Free Trade Association (EFTA), Canada and the Republic of Korea. The bloc is committed to "opening up new markets, oriented towards dynamic markets with more demanding regulations."
Reaching an agreement with Singapore will allow Mercosur to "start negotiations with an Asian country," net food importer and, in addition, a member of the Association of Southeast Asian Nations (ASEAN). The Ministry of Foreign Affairs added that "it will allow for the expansion of economic and commercial relations in areas such as investments and improving the possibilities of accessing that market«.
Source: Ministry of Foreign Affairs of Uruguay
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