Singapore signed a free-trade agreement with Panama March 1, the city-state's first pact with a Latin American nation. The Panama-Singapore Free Trade Agreement (PSFTA) will cover issues such as trade in goods and services, customs procedures, telecommunications, financial services and investments, a Singapore government statement said.
The accord also aims to enhance collaboration between the two countries in investment promotion and in science and technology.
Under trade in goods, tariffs on 98% of Singapore exports to Panama will be eliminated while it has committed to provide duty-free access for Panamanian goods.
Panama is Singapore's biggest trading partner in Latin America, with total trade in 2005 worth US$ 1.96 billion. Singapore was Panama's sixth largest trading partner in 2004.
Copyright Agence France-Presse, 2006