Singapore (VNA) – Singapore will commence negotiations on a free trade agreement (FTA) with a bloc of eight East African countries, its first such agreement with an African partner.
The announcement was made by Singaporean President Tharman Shanmugaratnam on June 9 during his state visit to Tanzania from June 8 to 10.
Speaking alongside Tanzanian President Samia Suluhu Hassan, he said Singapore welcomes the East African Community (EAC)'s intention to pursue an FTA with the city-state, emphasising that it will be an important step towards enhancing trade flows between the two sides and creating new growth drivers.
President Shanmugaratnam said the agreement is particularly significant because it will connect Singapore not only with Tanzania but also with the other seven EAC members: Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, Somalia, South Sudan and Uganda.
He said the FTA between the EAC and Singapore comes at a timely moment as countries seek to diversify trade networks amid current global geopolitical tensions.
The agreement will facilitate market access, boost the exchange of goods and services between the two sides, and help East African exporters gain deeper access to the ASEAN market through Singapore.
Beyond traditional sectors, the FTA could also open up new opportunities for cooperation in the digital economy and emerging technologies, the Singaporean leader added.
For her part, President Hassan welcomed Singapore's intention to enhance cooperation with the East African region through an FTA.
She said Tanzania wishes to expand cooperation with Singapore in education, skills development, innovation and the digital economy in order to create more opportunities for its young people. She also invited Singapore to establish an embassy in Tanzania.
During the visit, the two leaders witnessed the exchange of several cooperation agreements covering trade, carbon credits, skills development and investment.
Singapore and Tanzania also agreed to strengthen cooperation in developing carbon markets through information exchange, experience sharing and the promotion of projects aimed at reducing greenhouse gas emissions.
In addition, the two countries' foreign ministries signed an agreement to strengthen bilateral consultations, comprehensively review cooperation and exchange views on regional and international issues of mutual interest./.
