Singapore and Peru celebrate the Pacific Alliance-Singapore Free Trade Agreement (PASFTA), enhancing bilateral trade and cooperation.

Singapore, 3 May 2025 – H.E. Francisco Tenya Hasegawa, Ambassador of Peru to Singapore, highlighted the strong and evolving relationship between Singapore and Peru under the newly enforced Pacific Alliance-Singapore Free Trade Agreement (PASFTA). Peru has taken pride in being the first nation to ratify this agreement with Singapore, further cementing ties between the two countries.

In his remarks, Ambassador Hasegawa stated, “Peru and Singapore are champions of free trade. Therefore, Peru welcomes Singapore as the new partner of the Pacific Alliance Free Trade Agreement – for Peru and Chile, marking a milestone that is no longer just a promising opportunity but a long-awaited reality.”

He further emphasised that these actions reflect Peru’s unwavering commitment to strengthening ties with Singapore, not only in trade but also in environmental and strategic areas. “We are also partners through the bilateral Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),” he added.

Ambassador Hasegawa also reaffirmed Peru’s strong support for Singapore becoming the first Associated State of the Pacific Alliance. He noted that PASFTA’s alignment with Singapore’s strategic vision, as highlighted by Prime Minister Lawrence Wong during the Rajaratnam Lecture on 16 April 2025, underscored the importance of strengthening global partnerships amid global challenges.

The PASFTA, now in force for Singapore, Chile, and Peru, is expected to significantly boost trade through the Chancay Megaport in Lima, a world-class facility capable of direct shipping routes to Asia. The ambassador pointed out that this port will reduce transit times for Peruvian exports, including agricultural products, superfoods, rare minerals, and metals, by 10 to 15 days.

“Only the four Pacific Alliance co-founder countries – Chile, Colombia, Mexico, and Peru – represent 40% of the GDP of Latin America and the Caribbean, making them the world’s ninth-largest economy. With the anticipated PASFTA ratification by Colombia and Mexico, the benefits of this agreement will further extend across the member nations,” he concluded.

Source: IN Diplomacy Reporters