Pacific trade deal gives greater access to Latin America

BOOSTING access to multiple regional markets in one swoop, Singapore and the Pacific Alliance countries of Chile, Colombia, Mexico and Peru signed a collective Pacific Alliance-Singapore Free Trade Agreement (PASFTA) this January – and there is already “growing interest amongst Singapore companies to know more about how they can tap on PASFTA”, said Singapore Business Federation chief executive Lam Yi Young.

Firms in the green economy might particularly stand to benefit, with countries such as Chile and Colombia making high-profile investments in clean energy transition.

Angela Torres-Andresen, executive director of the Latin American Chamber of Commerce, told The Business Times: “When we talk about renewable energy, clean energy goals, in particular with development of green hydrogen, there are a lot of new possibilities that are opening with the entrance of Singapore with the Pacific Alliance.”