Singapore conferred Observer status at the Pacific Alliance
As a reflection of the growing trade and economic ties between Singapore and 4 Latin American countries along the Pacific, Singapore has been conferred an Observer status at the Pacific Alliance. This decision was made by the Pacific Alliance’s founding members – Chile, Colombia, Peru and Mexico, at a recent meeting on 10 February 2014 in Cartagena, Colombia.
2 Mr Lim Hng Kiang, Minister for Trade and Industry said: “We are pleased to participate in the development of the Pacific Alliance as an Observer. Singapore shares the Alliance’s commitment to free trade and economic integration. Singapore’s participation will strengthen the existing ties between Singapore and the member countries of the Pacific Alliance, and helps to connect Latin America and Southeast Asia.”
3 The Pacific Alliance aims to establish the free movement of goods, services and people. It represents a combined market of 210 million, GDP of US$ 2.9 trillion and a foreign trade volume of US$ 1 trillion. This makes it the 9th largest economy in the world, representing 36% of Latin America’s total GDP for 2012. For more information about the Pacific Alliance, please refer to www.alianzapacifico.net/en/
4 Singapore has a number of agreements, concluded or already in force, with members of the Pacific Alliance, such as Investment Guarantee Agreements, Avoidance of Double Taxation Agreements, Free Trade Agreements and Air Services Agreements. Singaporean companies have been increasingly active in the Pacific Alliance countries, particularly in the urban planning, education, commodities, and food and beverage sectors. Singapore’s observer status offers a platform to foster greater collaboration with the Pacific Alliance countries.
MINISTRY OF TRADE AND INDUSTRY
12 FEBRUARY 2014