S'pore wants free trade agreement with Europe

S'pore wants free trade agreement with Europe

SINGAPORE (Agencies): Singapore wants to establish a free trade agreement with Europe in addition to the pacts it is forming with the U.S., Japan, Mexico, Australia and Canada, a top trade official said Tuesday.

"We would ... like to establish free trade with Europe," said Trade and Industry Minister George Yeo.

European Free Trade Association - a free trade pact between Switzerland, Norway, Liechtenstein and Iceland - has already said it would like to negotiate a free trade agreement with Singapore, Yeo said.

"I hope we will be able to interest the European Union as well," Yeo said in a speech at a trade forum organized by Singapore's Trade Development Board.

Meanwhile, a team of U.S. trade experts have arrived in Singapore to check out local practices before the resumption of free trade negotiations in Washington later this week.

The U.S. team includes specialists in competition policy, customs and textile export practices, labor and environment standards.

They will meet their Singapore counterparts "and will be briefed on Singapore's policies and system," the government said in a statement.

Singapore and the United States began talks last month on a free trade deal -- a pact that would be a first for an Asian state with Washington.

Although they failed to meet their end-of-year target to seal an agreement, both sides remained confident a deal would be reached.

"The visit of the U.S. team to Singapore and the start of the second round of negotiations in Washington DC reflect the commitment of both countries to build on the substantial progress that was achieved during the first round of negotiations," the Singapore government said.

Both Singapore and the United States have stressed their proposed accord will not undermine the World Trade Organization after some critics said such deals could include bilateral clauses that could clash with multilateral commitments.