Singapore, Panama agree to launch negotiations for FTA.SINGAPORE, Feb. 17 Kyodo
Singapore and Panama agreed Tuesday to start negotiations for a bilateral free trade agreement (FTA), with a target of concluding the pact within a year.
Panamanian Vice President Arturo Vallarino Arturo Ulises Vallarino is a Panamanian politician who served as the First Vice President of President of Panama Mireya Moscoso. The Second Vice President under President Moscoso was Dominador Kaiser Baldonero. and Commerce and Industry Minister Joaquin Jacome Diez reached the agreement in a meeting with Singaporean Trade and Industry Minister George Yeo in Singapore, a joint statement said.
''During this meeting, both parties agreed to initiate negotiations for a bilateral FTA,'' it said. ''Negotiations are expected to be completed within a year.''
The FTA will be the first between Singapore and a Central American country Noun 1. Central American country - any one of the countries occupying Central America; these countries (except for Belize and Costa Rica) are characterized by low per capita income and unstable governments
Central American nation , and between Panama and a Southeast Asian country, the statement said.
The Panama-Singapore FTA will be a valuable platform from which to unlock the benefits of deeper economic ties between the two strategically located trading centers, one serving the Americas and the other the Asia-Pacific region, it said.
Beyond promoting trade and investment flows, an FTA will promote greater synergy between the two economies with complementary strengths in the logistics, transport and maritime sectors, the statement said.
Singapore, which has been actively pursuing bilateral FTAs in recent years due to disenchantment dis·en·chant
tr.v. dis·en·chant·ed, dis·en·chant·ing, dis·en·chants
To free from illusion or false belief; undeceive.
[Obsolete French desenchanter, from Old French, with the slow progress of global trade talks, has signed FTAs with the United States, Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Japan and the European Free Trade Association, which groups Liechtenstein, Switzerland, Iceland and Norway.
Singapore is currently negotiating FTAs with Mexico, Canada, South Korea, India, Jordan and Sri Lanka. It is also holding talks with New Zealand and Chile for a so-called ''Pacific Three'' free trade pact.