Panama and Singapore sign free trade agreement

Panama and Singapore signed a free trade agreement Wednesday that will allow companies in both countries greater access to each other's markets, as well as enhance collaboration in areas such as investment promotion and science and technology.

Photo: Panama and Singapore sign free trade agreement

Panama and Singapore sign free trade agreement

The agreement was signed by Chan Soo Sen, Singapore's junior minister for trade and industry and Panama's Vice-Minister of Commerce and Industry, Carmen Gisela Vergara.

Chan said the agreement "will enable Singapore and Panama to leverage on each other's strengths to enhance their access to the Latin American and Asian markets respectively."

"There is great scope for Singapore and Panama to enhance collaboration in a variety of fields such as maritime logistics, infrastructure development and knowledge industries," he said.

Panama is already Singapore's largest trading partner in Latin America, with trade in 2005 valued at US$1.96 billion ( Ђ 1.64 billion), while the Southeast Asian city-state was Panama's sixth-largest trading partner in 2004, the two governments said in a statement, reports the AP.

I.L.