14:06 | Singapore (Singapore), Feb. 23.
The Ministry of Trade & Industry (MTI) of Singapore
on Thursday congratulated Peru for being the first Pacific Alliance
Member State to ratify an FTA with the Asian country.
Thus, Peru has become the first nation in the PA to ratify the treaty which —once it enters into force for the four Member States (Chile, Colombia, Mexico, and Peru)— will make Singapore the first Associate State of said bloc.
According to the MTI
, said treaty will boost economic cooperation between both regions.
"Congratulations to Peru for being the first Pacific Alliance country to ratify the Pacific Alliance-Singapore Free Trade Agreement –a partnership that will catalyse greater economic corporation between our regions, in areas of mutual interest!" it expressed via Twitter.
Said entity included a graph with the main benefits of the PASFTA
Trade in Goods
-Tariff elimination on the majority of tariff lines.
-Improved transparency and smoother processing in customs procedures.
-Materials originating in another party can contribute towards the originating status of a good produced to qualify more easily for preferential tariffs.
-Transparent and non-discriminatory rules for developing technical regulations, and sufficient time given to businesses so as to meet any new technical regulations.
Trade in Services and Investment
-Singaporean service providers and investors to be treated as favorably as other service providers and investors present in the Pacific Alliance.
-Singaporean service providers are not required to establish or maintain a local representative office in the Pacific Alliance for sectors which have been committed for liberalization.
-Mutual recognition of qualifications or certifications, with a view to facilitating trade in professional services.
-Efficient transfers and payments for cross-border supply of services.
-Singaporean companies operating in the Pacific Alliance are not required to appoint individuals of any particular nationality to senior management or their board of directors.
Government Procurement Opportunities
-Singaporean companies can bid for the Pacific Alliance's government procurement projects.
-No customs duties on electronic transmissions.
-Companies which sell products with embedded software are not obliged to release their source code.
International Maritime Transportation Services
-Cooperation in maritime activities with the removal of barriers to the supply of maritime transportation services.