Tuesday 02 December
2008, San José, Costa
Rica
Dollar Exchange
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Port Major Bottleneck To
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Singapore, Costa Rica To
Start Talks On Free
Trade Agreement
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Singapore, Costa Rica To
Start Talks On Free
Trade Agreement
By S Ramesh, Channel
NewsAsia
Singapore and Costa Rica
have decided to use a
Free Trade Agreement (FTA)
which Singapore has with
other Latin American
countries as the basis
for their negotiations.
A joint statement from
the Trade Ministries of
both countries says
Singapore and Costa Rica
share a growing
bilateral economic
relationship.
Last year alone, Costa
Rica was Singapore's
seventh largest Latin
American trading partner
with total trade
standing at us$372.9
million.
From January to October
this year, the figure
was a 14 per cent
increase over the same
period in 2007, standing
at us$348.3 million.
Both countries say the
launch of the FTA is a
testament to their
growing economic ties
and they are confident
it will increase
bilateral trade and
investment and provide
confidence to investors
in both countries.
Singapore and Costa Rica
have also pledged to
continue working in
support of the prompt
conclusion of the Doha
Round and achieve
comprehensive and
ambitious results for
the greater
liberalization of world
trade.
At a lunch on Tuesday
for visiting Costa Rican
President Oscar Arias
Sanchez, Prime Minister
Lee Hsien Loong said
once concluded, the FTA
would pave the way for
closer economic links
between Singapore and
Costa Rica.
It is also a signal of
the countries'
commitment to free
trade, even in the midst
of an economic downturn.
Lee said: "We will need
all our wits and
resources to meet the
challenges brought about
by the global economic
crisis. An unprecedented
storm is sweeping the
world, affecting the
economies of both
developed and developing
countries. Neither of
our countries can avoid
the fallout.
“But if we persevere
with policies that help
our economies to adjust
to the new environment,
and build capabilities
for the longer term, we
can pull through and
emerge stronger from the
crisis."
Lee said Singapore
enjoys good networks in
Asia and is interested
to strengthen
relationships with Latin
America.
Costa Rica has also
stepped up efforts to
diversify its links, and
has turned its attention
on Asia Pacific.
Lee hopes Aria's meeting
with Singapore's
business community will
encourage more companies
to invest in Costa Rica.
Similarly, Singapore
welcomes Costa Rican
companies to use it as a
gateway to the Asia
Pacific.
With Singapore's
strategic location,
favourable business
climate and extensive
knowledge of the region,
Costa Rican companies
can forge meaningful
business links in Asia
through Singapore.
Lee said: "Costa Rica
and Singapore share
similar economic
outlooks. We both
support free trade and
open markets as the way
to continued growth and
development.
“In this crisis, when
the temptation is for
countries to take
protectionist measures
in a misguided attempt
to protect jobs, it is
important that we take a
strong stand in support
of trade
liberalization."
Meanwhile a separate
statement from the
Singapore Foreign
Affairs Ministry says
Lee and Arias also
exchanged views on
education and port
development during their
talks at the Istana.
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