SINGAPORE (AFP) — Singapore and Peru have concluded negotiations for a free trade agreement and the bilateral accord will be signed in the next few months, the two nations said Tuesday.
The talks were concluded after the countries' trade ministers met on the sidelines of the Asia-Pacific Economic Cooperation forum meeting in Sydney, a joint statement said.
Singapore Minister for Trade and Industry Lim Hng Kiang and Peru's Minister for Foreign Trade and Tourism Mercedes Araoz were involved in the free trade agreement (FTA) talks.
"The Peru-Singapore FTA will enhance the relations between Peru and Singapore and form another economic link across the Pacific between Latin America and Asia," the statement said.
Under the proposed FTA, more than 87 percent of Singapore's exports bound for Peru will enjoy duty free status with the remaining tariffs to be phased out over a 10-year period.
Total trade between the two countries was valued at 45.2 million US dollars in 2006, an increase of 55 percent from 2005, the statement said.
The wealthy Southeast Asian state has signed a plethora of FTAs with its trading partners including the United States, Japan and Australia to boost its trade-led economy.
It is also in the middle of negotiations with other countries, including Ukraine and Canada, for similar accords.
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