Singapore's trade with Latin America is growing - led by Panama and Brazil. And it will likely grow further thanks to new trade deals.
BY CHRONICLE STAFF
Latin Americas trade with Singapore is growing faster than the regions trade with the United States and Europe, according to a Latin Business Chronicle analysis of data from IE Singapore, the US Census Bureau and Eurostat.
"More Singapore companies are looking beyond physical distance, language and cultural differences to forge increased economic engagement with Latin America," says Jose Antonio Rios, chairman of Global Crossing Latin America and honorary business representative in Miami for IE Singapore. Temasek, Singapores state-owned investment arm, holds a majority stake in Global Crossing.
Singapores free trade agreement with Peru signed in June - its second bilateral FTA in Latin America - is expected to boost trade with the South American country, while an MOU on trade and investment with Mercosur last year is expected to do so with that area.
Total Singapore trade with Latin America reached 13.4 billion Singapore dollars (US$9.3 billion) last year, an increase of 13.1 percent from 2006, according to IE Singapore data. "While this constitutes only 1.58 percent of Singapore’s total trade, there is tremendous potential for growth," Rios says. "For Singapore, these burgeoning trade flows spell opportunities ...for a wide...
Keywords: Argentina, Bolivia, Brazil, Chile, Colombia, Honduras, Mexico, Panama, Peru