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.