S'pore, Panama to discuss FTA

S'pore, Panama to discuss FTA

SINGAPORE: Singapore and Panama announced on Tuesday they had decided to start negotiations on a bilateral free trade agreement (FTA) with the aim of completing talks within a year.

The proposed agreement would be the first between Singapore and a Central American country and between Panama and a Southeast Asian country, the governments of both nations said in a joint statement released on Tuesday.

"The Panama-Singapore FTA will be a valuable platform from which to unlock the benefits of deeper economic ties between two strategically located trading centers, one serving the Americas and the other the Asia-Pacific," the statement said.

"Beyond promoting trade and investment flows, an FTA will promote greater synergy between two economies with complementary strengths in the logistics, transport and maritime sectors."

The announcement came after Panamanian Vice-President Arturo Vallarino and Minister of Commerce and Industry Joaquin Jacome Diez met Singaporean Trade Minister George Yeo here on Tuesday.

Singapore has aggressively pursued FTAs with countries around the world, having already signed agreements with New Zealand, Japan, the European Free Trade Association, Australia and the United States.

It is also in discussions to close agreements with Mexico, Canada, South Korea, India, Jordan, Sri Lanka and Chile.

Singapore, with virtually no agricultural sector to support its population of 4.3 million people, is heavily reliant on trade and has a reputation for a strong high-end electronics export sector.

Panama is similarly recognized as having a very open economy with a strong financial sector.--AFP