The Pacific Alliance (PA) and Singapore concluded negotiations for a Free Trade Agreement between the Pacific Alliance and Singapore (ALCAPS).
This was announced by the ministers in charge of Commerce of Colombia, María Ximena Lombana; from Peru, Claudia Cornejo; from Mexico, Tatiana Clouthier and Andrés Allamand, Minister of Foreign Affairs of Chile, as members of the Pacific Alliance and Gan Kim Yong, Minister of Commerce and Industry of Singapore, through a videoconference on July 21.
The Pacific Alliance is made up of Chile, Colombia, Mexico and Peru.
Together, it has a population of 230 million, a GDP per capita of US $ 19,000, and exports reaching US $ 627,000 million, making the Alliance the eighth largest exporter in the world.
In 2019, Singapore’s total goods trade with the Pacific Alliance was $ 6.1 billion, representing 33.2% of our total goods trade with Latin America.
The Pacific Alliance is also positioned as the eighth largest economy, attracting 56 million tourists, representing 41% of the GDP of Latin America and the Caribbean, accounting for 38% of its foreign direct investment. In addition, both the World Competitiveness Center and the Doing Business qualify our countries as the most competitive in the region.
Singapore became an Observer State of the Pacific Alliance in 2014 and Associate State Candidate in 2017. This event fulfills the mandate of the presidential declaration of the Presidents of the Pacific Alliance and the Prime Minister of Singapore at the Santiago Summit on last december.
Singapore and the Pacific Alliance will work towards a formal signature during the Pacific Alliance Summit in December 2021 in Colombia. Singapore will become the first Associate State of the Pacific Alliance after the signing of the ALCAPS.
The Pacific Alliance and Singapore hope to use this platform to stimulate closer people-to-people ties and greater economic cooperation in areas of mutual interest, such as infrastructure, digital technology and innovation, energy and food trade.
María Ximena Lombana, Minister of Commerce, Industry and Tourism of Colombia, in her capacity as Pro Tempore President of the Pacific Alliance, announced the closing of the ALCAPS negotiations and highlighted the strengthening of our commercial association ties with Singapore.
“This Free Trade Agreement marks a milestone for the Pacific Alliance as it is a great step in our integration with the Asia Pacific Region that allows us to grant Singapore the status of the first Associated State of the Pacific Alliance. In 2017, the Pacific Alliance began negotiations with Singapore, Australia, New Zealand and Canada, candidates to be Associate States to develop economic and trade integration instruments, highlighting our commitment to effectively enter the Asia Pacific Region,” she said.
The Pacific Alliance and Singapore concluded negotiations for a Free Trade Agreement (ALCAPS), both parties reported.