Singapore, Pacific Alliance work towards bilateral FTA hinh anh 1Senior 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 trade agreement between them.

If realised, the FTA will create a huge market with 210 million consumers and combined Gross Domestic Product of 4.05 trillion USD.

Senior Minister of State for Trade and Industry Chee Hong Tat of Singapore said the FTA will open up investment opportunities across a range of sectors, especially in food production.

He also highlighted potential for cooperation in modern services, information and communication technology and urban solutions.

While Singapore already has FTAs with three of the four countries in the alliance, an eventual FTA with the grouping "will provide an additional platform for Singapore to engage with... the Pacific Alliance as a group", said the Ministry of Trade and Industry in a statement on July 6.

Trade between Singapore and the AP stood at 5.9 billion USD last year. –VNA
VNA