Peru & Singapore Partners in Free, Fair & Open Trade

Both countries share deeply a commitment to promote free and fair trade – to show international society that a world with open markets will bring more peace and equality

PERU and Singapore maintain a close and strong bilateral relation since the establishment of diplomatic relations among both countries in 1980. Some years after, in 1992, Peru established its resident Diplomatic Mission in Singapore.

Peru and Singapore show a common interest in the promotion of free and fair trade, not only to boost the growth of their economies and the welfare of their respective populations but only as a way to show to the international society that a world with open markets will bring more peace and equality.

The above message was delivered by Peru and Singapore in several international forums and agreements in which both countries participate or are State Parts, such as the Asia-Pacific Economic Cooperation forum – APEC and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – CPTPP.

The path followed by Singapore to become the First Associate State to the Pacific Alliance (similar to ASEAN) and the improvement of connectivity between Southeast Asia and Latin America, are concrete aspects that show both countries common mind-set and reinforce the bilateral ties between them.

Other areas of mutual interest are cooperation in topics such as control and prevention of drug trafficking and associated crimes; defence and security, particularly in maritime issues; science and technology; education; environmental issues and sustainable management of water resources; and tourism and cultural promotion.

In the realm of economics, Singapore and Peru have forged a strong partnership. They are bound together by the Free Trade Agreement between Peru and Singapore, signed in 2008. Both nations are active members of the CPTPP and APEC, further solidifying their commitment to open trade and economic cooperation.

Notably, in February 2022, a significant milestone was reached with the signing of a Free Trade Agreement between the Pacific Alliance and Singapore. The said agreement has already been ratified by both Peru and Singapore. Presently, both signatories await the ratification of a third state, which will set the stage for the agreement to take full effect. It is important to emphasize that once all signatory countries have ratified the agreement, Singapore will officially become the First Associated State of the Pacific Alliance.