ID :
182516
Mon, 05/16/2011 - 15:40
Auther :

FTA TALKS WITH EU, TPP PROGRESSING WELL, SAYS SINGAPORE MINISTER

By Tengku Noor Shamsiah Tengku Abdullah

SINGAPORE, May 16 (Bernama) -- Singapore's talks on free trade agreement
(FTA) with the European Union (EU) and the nine-member Trans Pacific Partnership
Agreement (TPP) are progressing well.

Its Trade and Industry Minister, Lim Hng Kiang, said the city-state was
committed to free trade and its network of FTAs has served it well.

"With the EU, the largest market for our exports, we are at an advanced
stage of our negotiations and it is possible that we could conclude them later
this year," he said at the opening of the Global Trader Summit here Monday.

Lim said with Malaysia joining the TPP negotiations last year, it has become
a partnership spanning both sides of the Pacific.

"These these FTAs, when concluded, will deepen Singapore’s position as the
leading centre of business in Asia," he said.

He said Singapore's strong financial infrastructure played a key role in
supporting the growth of the trading sector.

Lim said the city-state has also established itself as one of the key
insurance hubs in Asia, with a diverse mix of insurance players offering
sophisticated risk management solutions.

"Currently, there are more than 200 insurance players in Singapore, well
supported by a vibrant network of ancillary service providers such as brokers,
actuarists, lawyers and others," he said.

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