Today, within the context of the 13th Pacific Alliance Summit held in Puerto Vallarta, Mexico, negotiations between MERCOSUR and Singapore were formally opened.
The Argentine delegation was headed by Deputy Foreign Minister Daniel Raimondi and included the Undersecretary for International Economic Relations, Pablo Quirno, and the Argentine Ambassador to the United Mexican States, Ezequiel Sabor. The Singaporean delegation was headed by the Minister of State for Trade and Industry, Chee Hong Tat.
Representatives of both parties signed a joint statement which concludes exploratory dialogue and directs their representatives to begin trade negotiations with a view to achieving a comprehensive free trade agreement.
Singapore is currently the world's third most open economy with GDP per capita of USD 57,714 and global investments of around USD 800 billion. Singaporean investments in Argentina amount to USD 149 million and the agreement is expected to increase them.
In 2017, Argentina's exports to Singapore amounted to USD 38 million, including goods such as Patagonian toothfish, poultry, wine, enzyme preparations and whey. Singapore is the trade hub of one of the most dynamic regions of the world's economy; therefore, the development of trade relations is expected to create opportunities for Argentine goods and services in Southeast Asia.
The negotiation with Singapore is the first negotiating experience of the regional bloc with a Southeast Asian -and ASEAN member- country, and adds to the schedule of ongoing trade negotiations of Mercosur with the European Union, Canada, EFTA and Korea.