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Ministry of Trade and Industry
2. Speeches

Welcome Remarks by MOS Alvin Tan at the Pacific Alliance-Singapore Free Trade Agreement entry into force Networking Reception

7 May 2025

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Your Excellencies,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

Thank you for joining me tonight.

  1. 3rd of May was an important date for Singapore. The Free Trade Agreement between Singapore and the Pacific Alliance entered into force for Singapore, Chile and Peru. The PASFTA, as we call it, is Singapore’s 28th free trade agreement.

  2. On behalf of the Ministry of Trade and Industry, and all friends and colleagues who were involved in bringing this FTA to fruition, thank you for celebrating this important milestone with us.

Our Journey So Far

  1. The PASFTA’s entry into force is another significant development in Singapore’s journey with the Pacific Alliance – a progressive and dynamic economic bloc on the other side of the Pacific.

  2. Some of you will recall that Singapore became an Observer State to the Pacific Alliance in 2014, eleven years ago. PASFTA negotiations were launched three years later, in 2017. In January 2022, we concluded negotiations and signed the Agreement. On 3 May 2025, the PASFTA entered into effect for Singapore, Chile and Peru. We hope that Colombia and Mexico will ratify the Agreement soon, and we look forward to formally becoming the Pacific Alliance’s first Associate State thereafter.

Sailing the Seas Together

  1. At a dinner to commemorate the Latin American Chamber of Commerce’s 10th anniversary last year, I spoke about how we can trace the origins of trade between Asia and the Americas to the Manila Galleons in the 16th century – the ships which sailed the Pacific and connected our two regions.

  2. The invitations that all of you received to our event tonight featured two ships as a tribute to our shared history.

  3. This evening, I would like to reinforce this analogy and highlight the three elements for a successful voyage – one that we are taking together to bridge the two sides of the Pacific.

 A Strong Ship

  1. First, we need a strong ship – one that is sturdy, well-designed, and built for efficiency and resilience. Like the ships of the Manila Galleon which transported cargo and crew, our trade architecture – the frameworks and agreements that govern and support trade, investment and economic cooperation between Singapore and Latin America – must also, like these ships, be strong and enduring.

  2. With the PASFTA’s entry into force, we have reinforced this ship. This FTA serves as a platform for our businesses to access new markets and new opportunities. It fosters an environment of predictability and fairness, which is crucial for our investors and businesses to make decisions, operate with confidence, and thrive.

  3. Beyond the PASFTA, Singapore and our partners in Latin America are engaging on Avoidance of Double Taxation Agreements and frameworks to facilitate digital trade and green economy collaboration. These efforts further expand the network of trade-enabling agreements between Singapore and Latin America, and strengthen our ship further.

A Capable Crew

  1. But with a strong ship, we also need a capable crew. Over the years, our crew comprising skilled and dedicated partners from governments and industry, has worked tirelessly onboard this ship, all with a common vision of bringing Latin America and Southeast Asia closer together.

  2. Many crew members are here tonight: our friends in the Latin American diplomatic community, our trade associations and chambers, our companies. The Singapore Government is also a part of this crew, working together with you to forge connections, establish trade architecture, and translate these agreements into practical commercial opportunities.

  3. In the process, we have built a strong spirit of shared mission and camaraderie. It is heartening to witness this spirit of friendship and close partnership through your presence this evening.

Favourable Winds

  1. Finally, as I said last year, no ship, however strong, and no crew, however capable, can sail successfully without favourable winds. These are key trends in our global operating environment that our crew must harness to uncover new opportunities and propel our ship forward.

  2. However, instead of favourable winds, we now find ourselves sailing through stormy conditions and choppy waters. Geopolitical tensions are rising, trade barriers are going up, and supply chains are fracturing. Businesses today are navigating a volatile and uncertain world.

  3. So what can we do? We must reinforce our ship,strengthen our crew and sail to more ports and cities. In today’s environment, the PASFTA takes on added significance. It remindsus of the importance of international engagement and cooperation, and of upholding rules-based trade architecture that the world has painstakingly built over the decades.

  4. At the same time, we must continue to work together to look for those favourable winds, whether it is digitalisation or the race to net zero, and catch these winds.

Conclusion

  1. Tonight, we celebrate a new FTA which will reinforce the trade and investment ties between Singapore and the markets of the Pacific Alliance. This is not just a milestone, but the start of the next phase of our trans-Pacific voyage. My colleagues and I look forward to continuing this meaningful journey with all of you.

  2. Muchas gracias and I wish all of us fair winds, fair sails and fair crew.

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