26th Jan 2022

AFTER four years of negotiations, Singapore has finally signed the Pacific Alliance-Singapore Free Trade Agreement (PASFTA) and is the first associate member of the Pacific Alliance. This was announced at the 16th Pacific Alliance Summit at Bahía Málaga, Colombia on 26th January 2022. Prime Minister Lee Hsien Loon in his pre-recorded message at the Summit said that it was a “landmark moment” in Singapore’s partnership with the Alliance. He highlighted that the Pacific Alliance accounts for one-third of Singapore’s total trade and investment with Latin America and the Caribbean. More than 100 Singapore companies do business in Pacific Alliance countries that span very diverse sectors. He also expressed Singapore’s hope that “More companies from the Pacific Alliance will  use Singapore as a gateway to uncover markets and seize business opportunities in our region.”