Within the framework of the XVI Summit of Presidents of the Pacific Alliance, held on January 26th 2022, in Bahía Málaga-Buenaventura, Colombia, the Ministers of Foreign Trade of Chile, Colombia, Mexico and Peru and the Minister of Foreign Trade of Singapore signed the Free Trade Agreement.
The agreement includes 25 chapters in disciplines such as: market access for goods, sanitary and phytosanitary measures, rules of origin, technical barriers to trade, economic and trade cooperation, trade facilitation, investment, e-commerce, cross-border trade in services, maritime services, telecommunications, temporary entry of business persons, state enterprises, government procurement, competition policy, good regulatory practices, gender, SMEs, and legal and institutional matters.
The signing of this agreement marks a milestone for this integration initiative because Singapore will become the first Partner State of the Pacific Alliance.
The negotiations with Singapore complement the trade relationship, provide incentives to attract investment, facilitate government procurement contracts and enhance access for service providers in a wide range of sectors.
Likewise, the Pacific Alliance and Singapore signed a Joint Declaration that will allow them to identify cooperation opportunities in areas such as investment, trade and tourism, digital economy, trade facilitation measures, culture, economy/inclusive growth, among others.
Singapore become an Observer State of the Pacific Alliance in 2014 and candidate for Partner State in 2017. The negotiations for Trade Agreement ended in July 2021, after to four years of negotiation.