Colombia in negotiations with Singapore on free trade deal

Colombia has begun negotiations with Singapore on a free trade agreement (FTA), local press said Monday.

If the talks go on well, the agreement would be signed in 2012, Colombian Commerce, Industry and Tourism Minister Sergio Diaz-Granados told the La Republica newspaper.

The negotiations were launched not after Colombia announced the establishment of a commercial office in the Southeast Asian country.

Diaz-Granados said that the FTA with Singapore will bring Colombia closer to the Asia-Pacific Economic Cooperation Forum (APEC).

"Colombia has more than 1,300 kilometers of coast in the Pacific, it has more than 45 million consumers and with an economy in recovering. When our country joins it, it will be the 16th biggest economy of the APEC and the 12th in size," he said.

From the 21 APEC economies, Colombia has ties with 15 countries.

"That is why I offered my Singapore's counterpart, Lim Hng Kiang, a visit next year and establish a cooperation agreement, such as the agreements in customs and procedures simplification. Those would be the first steps for the FTA, which I think would be ready in 2012 and 2013," he added.
(Source:xinhua)