Peru and Singapore today announced the launch of negotiations for a bilateral free trade agreement (FTA). The announcement was made following a meeting between Singapore’s Prime Minister Lee Hsien Loong and Peruvian President Alejandro Toledo Manrique at the sidelines of the APEC Economic Leaders’ Meeting in Santiago, Chile. Negotiations for the FTA are targeted to commence in the first quarter of 2005 and are expected to be completed within a year.

The proposed FTA will further enhance ties between Peru and Singapore, and strengthen each other’s economic links across the Asia Pacific region. In line with these two countries’ commitment to trade liberalization within the multilateral trading framework of the WTO, both sides have expressed the aim that the Peru-Singapore FTA will be a high-standard and WTO-consistent agreement, which will further liberalise trade in goods, services and investments, and contribute to APEC’s Bogor Goals of free and open trade in the Asia Pacific region.

Immediately after the APEC Economic Leaders’ Meeting, Singapore’s Minister for Trade and Industry Lim Hng Kiang will lead a delegation of officials to Peru to explore the opportunities that the agreement can open up for Singaporean and Peruvian businesses. During his two-day visit, Minister Lim will be meeting Peruvian President Alejandro Toledo, Minister of Foreign Trade and Tourism Alfredo Ferrero, Minister of Foreign Affairs Manuel Rodriguez, Minister of Transportation and Communications Jose Ortiz, as well as key members of the private sector.