SINGAPORE, Feb. 16 (UPI) -- There is no stopping Singapore's thirst for free trade agreements. Having just negotiated one with Japan, the island-state is in the process of finishing another with the United States, beginning one with Canada, and now has
proposed one with the European Union.
On Friday, Singapore Minister for Trade and Industry George Yeo hosted a working lunch for EU Trade Commissioner Pascal Lamy to discuss
political and economic developments in the region, as well as ways to strengthen the links between both regions.
Yeo wrote to Lamy last month proposing an EU-Singapore Free Trade Agreement. Lamy responded positively to Yeo's proposal and the EU will now begin a process of consultation with the business community in Europe and will respond to Singapore's proposal after that.
Both sides indicated that such FTA would have to be consistent with the World Trade Organization and include "significant liberalization of
services."
Singapore is already in the final stage of negotiating a free trade pact with the European Free Trade Association states of Iceland, Liechtenstein, Norway and Switzerland.
Last month, the island-state started similar negotiations with Canada.
A deal signed with Japan removed import and export
tariffs on 98 percent of goods traded between the two countries.
Singapore also has negotiations under way with Australia and Mexico.
Singapore first signed a trade pact with New Zealand in 2000.
