S'pore committed to ASEAN free trade area: Minister

S'pore committed to ASEAN free trade area: Minister

SINGAPORE (AFP): Singapore's moves to launch free trade
agreements with countries outside Southeast Asia will not detract
it from commitments to the region, Trade and Industry Minister
George Yeo said Wednesday.

"Singapore remains committed to ASEAN (Association of South
East Asian Nations) and the establishment of a strong ASEAN Free
Trade Area that is attractive to investors," Yeo told parliament.

Singapore has begun talks to have free trade agreements with
New Zealand and Mexico.

Apart from Singapore, ASEAN comprises Brunei, Cambodia,
Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand and
Vietnam.

Malaysia and Indonesia particularly have called for an ASEAN
probe to determine whether Singapore's moves to forge free trade
agreements outside the region was in line with an ASEAN plan to
knock down tariffs.

ASEAN states are involved in a free trade plan in which the
six senior members would have their tariffs reduced to zero to
five percent by 2002.

Yeo said the proposed free trade agreement with New Zealand
was based on an "open-ended membership" and Singapore would
welcome other Asia-Pacific economies to come on board if they
were interested.

To a question on the possibility of a free trade agreement
with China, he said China represented "the greatest free trade
area in the world" due to its massive market of more than 1.2
billion people.

"I don't think it is in China's interest for the time being to
enter into an FTA (free trade agreement) with us, it will of
course be in our interest to enter into an FTA with China," Yeo
said.