Progress in free trade plan

Progress in free trade plan

SINGAPORE (DPA): Trade officials from Singapore and Japan hailed the "excellent progress" made on Wednesday toward a bilateral free trade agreement (FTA) between the two countries.

The Joint Study Group exploring the initiative held "substantive and broad-ranging discussions on the merits of a FTA and the mutual benefits it will bring to both countries," said a statement following two days of meetings.

Singapore is also seeking FTAs with Canada, Mexico and New Zealand.

"Excellent progress was achieved in the discussions," the group said, with the next session to be held in Japan on August 28.

Singapore has been leaving no stone unturned in pursuing FTAs, assuring its neighbors the proposed endeavors will speed up the pace of liberalization for the region.

The conclusions of the detailed study into a Singapore-Japan FTA are due to be completed by November.