The Ministry of Trade and Industry ( MTI ) announced on Monday that a free trade agreement (FTA ) between Singapore and the Pacific Alliance would become effective on May 3.
Chile, Colombia, Mexico, and Peru are a part of the Latin American trade union known as the Pacific Alliance.  ,
Colombia and Mexico’s approval processes are first, followed by the FTA for Singapore, Peru, and Chile.
With a community of 235 million, the Pacific Alliance is the ninth-largest economy in the world overall.
Singapore’s Minister for Trade and Industry, Gan Kim Yong, and his peers from the Pacific Alliance part state signed the agreement in January 2022.
The deal was ratified by Singapore and Peru in July 2022 and February 2023, both. Chile ratified the agreement on March 4, putting it into effect.
Singapore’s 28th free trade agreement is here.  ,
More than a third of Singapore’s total trade with the Latin American and Caribbean region was S$ 12.5 billion ( US$ 9.6 billion ) in bilateral trade with the Pacific Alliance in 2024.  ,
The top-selling items include electronic equipment, enhanced metal products, coco products, wine, and seafood.
In the Pacific Alliance’s industry, there are also about 100 Singapore companies active in industries like port management and shipping, as well as technology and the modern economy.  ,
It is Singapore and Colombia’s second FTA. Through the CPTPP, the CPTPP, and the intergovernmental Peru-Singapore FTA, Singapore is currently a FTA partner with Chile and Mexico.