The trade agreement will help promote exports and improve trade opportunities for micro and small businesses.
Peru has become the first country —of the four members of the Pacific alliance: Chile, Mexico, Colombia and our nation—in ratifying, through a supreme decree, the free trade agreement with Singapore (PASFTA, for its acronym in English). This trade aims to “promote value-added exports to Singapore and the creation of productive value chains,” which will help the social and economic development of the countries that make up the bloc, the Peruvian embassy said.
“Congratulations to Peru for being the first country to @A_delPacifico in ratifying the Pacific Alliance-Singapore FTA, an association that will promote greater economic cooperation between our regions, in areas of mutual interest!”, can be read on the networks of the Ministry of Commerce of Singapore.
Along these lines, PASFTA will create trade and investment opportunities for Peruvian micro, small, and medium-sized businesses. In addition, it will promote innovation, electronic commerce, public purchases, temporary entry of business people and a greater participation of Peru in global value chains.
Currently, between Peru and Singapore there is a bilateral trade agreement in force since 2009 and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) ratified in 2021, which aim to contribute to the growth of exports and integration commercial and economic with the Pacific markets.
Summit of the Pacific Alliance will be held in Peru on December 14
It should be noted that, for the new PASFTA agreement to enter into force, the ratification of the four members of the alliance is required.
Source: Larepublica
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