Country’s trade pact with Pacific Alliance member states–comprising Chile, Colombia, Mexico, and Peru–aims to ease market access and explore opportunities in e-commerce and technology innovation, amongst others.
Singapore has inked a multilateral trade pact with Chile, Colombia, Mexico, and Peru, that aims to ease market access and explore opportunities in e-commerce and technology innovation, amongst others. The agreement will pave the way for Singapore companies to enjoy lower export costs with the four markets and see the development of various processes and regulations to drive trade. The agreement with the four Pacific Alliance (PA) member states also establishes Singapore as the bloc’s first associate member. This enables the nations to explore trade cooperation in sectors of mutual interest, such as digital economy, logistics and infrastructure, and food trade, according to Singapore’s Ministry of Trade and Industry (MTI). Comprising Chile, Colombia, Mexico, and Peru, the PA is the world’s eighth largest economy, with a combined GDP of more than $2 trillion in nominal terms. This accounts for 40% of the Latin America and Caribbean region’s total GDP and is projected to grow 3.3% over the next five years, above the regional average of 2.5%, said MTI, citing 2021 figures from World Bank and S&P Global Ratings.
