SINGAPORE: Pacific Alliance FTA Negotiations Concluded

The country has successfully concluded negotiations with Chile, Colombia, Mexico and Peru, with regard to the establishment of the Pacific Alliance – Singapore Free Trade Agreement (PASFTA). The deal will also see Singapore become the first Asia Pacific associate state of the Pacific Alliance once the treaty is formally signed during this December’s Pacific Alliance Summit in Colombia. 

As a result of the agreement, Singapore will gain access to the world’s eighth-largest exporting bloc with annual exports totaling about US$627 billion, and a 230 million-strong consumer market with a per capita GDP of US$19,000. As a result, Singapore-based exporters and investors will gain entitlement to tariff concessions, preferential access to particular sectors and faster market entry.