1. Senior Minister of State for Trade and Industry Chee Hong Tat visited Lima, Peru from 4 to 6 July 2019 to represent Singapore at the Ministerial Meeting between the Pacific Alliance (PA) and Observer States at the 14th Pacific Alliance Summit (PA Summit).
2. At the summit, Mr Chee welcomed the progress made by the PA in its economic integration efforts and development of an enabling ecosystem and infrastructure that opens up and catalyses business opportunities for our companies. Mr Chee also highlighted the importance of connectivity between Singapore and the PA, including through an eventual PA-Singapore FTA that is currently being negotiated, which can facilitate trade, deepen economic cooperation, and open up investment opportunities across a diverse range of sectors, notwithstanding the geographical distance.
3. Mr Chee also spoke at the PA CEO Summit, a high-level business seminar organised by the PA Business Council, on “Fostering Trade within the Pacific Alliance and the World”. He highlighted the potential for inter-regional partnerships between businesses in Singapore and the PA countries in areas such as food, modern services, infocomm technology and urban solutions, and encouraged companies in the PA to consider Singapore a base from which to enter markets in Asia and Southeast Asia.
4. Mr Chee said, “The Pacific Alliance comprises 210 million people with a combined GDP of US$4.05 trillion while ASEAN represents a market of 640 million people with a combined GDP of US$2.6 trillion. As a trusted and well-connected hub in Southeast Asia, Singapore can play a role in facilitating more collaboration, trade and investments that will benefit businesses from both regions.”
5. Mr Chee also met with his counterparts from Canada, Chile, Colombia, Peru, Mexico and Spain.
6. The PA is a Latin American grouping comprising Chile, Colombia, Mexico and Peru. Singapore is a Candidate Associate State of the PA and has existing FTAs with three of the four PA countries – Chile, Mexico and Peru.
MINISTRY OF TRADE AND INDUSTRY
6 JULY 2019