New pact brings Singapore and Pacific Alliance closer

PM Lee Hsien Loong speaking virtually at the Pacific Alliance (PA) Summit where the PA-Singapore Free Trade Agreement was signed, on Jan 26, 2022. PHOTO: LEE HSIEN LOONG/FACEBOOK
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Singapore will become the first Associate State of the Pacific Alliance (PA) with the entry into force of the PA-Singapore Free Trade Agreement (PASFTA), signed in Colombia on Jan 26. This agreement will provide new opportunities for expanding markets, attracting investments, boosting access for service suppliers, and deepening cooperation in a range of sectors.

PA, which brings together Chile, Colombia, Mexico and Peru, was founded in 2011 and has become one of the most successful economic blocs of Latin America, with more than 60 countries as observer states, a GDP of more than US$2.1 trillion (S$2.9 trillion), a combined population of 230 million, a per capita GDP of US$19,000 and more than US$600 billion in exports.

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