NEWS RELEASES
CANADA AND SINGAPORE TO EXPLORE POSSIBLE FREE TRADE DEAL
June 5, 2000 (9:45 a.m. EDT) No. 135
CANADA AND SINGAPORE TO EXPLORE
POSSIBLE FREE TRADE DEAL
International Trade Minister Pierre Pettigrew announced today that officials from
Canada and Singapore will begin exploring the possibility of negotiating a bilateral free
trade agreement. Minister Pettigrew made the announcement after a meeting with
Singaporean Trade and Industry Minister George Yeo in Darwin, Australia, on the
margins of the Meeting of APEC Ministers Responsible for Trade.
Singapore, like Canada, is a trading nation, with about a three percent share of world
merchandise trade. In 1999, Canada exported $367 million in goods to Singapore and
imported about $1.2 billion. The largest sector in Canada-Singapore trade is information
technology and telecommunications equipment, which illustrates the emphasis both
countries place on developing knowledge-based economies.
Key sectors emerging as opportunities for Canadian business in Singapore are the agri-food, aerospace, defence, life sciences, construction and environment industries.
Canadians invested about $2.4 billion in Singapore in 1999, primarily in service sectors,
notably banking and other financial services. Direct investment by Singapore into
Canadian businesses totalled about $152 million last year.
"Given the tremendous economic benefits Canada has achieved through trade
liberalization, I'm a firm believer that we should continue our efforts to reduce trade
barriers at all levels - multilateral, regional and bilateral," said Mr. Pettigrew.
The Government of Canada will now embark upon a broad and comprehensive
consultation process with the provinces and territories, the Canadian public, businesses
and non-governmental organizations to explore the feasibility of pursuing such an
agreement.
Canada already has free trade agreements in place with the United States and Mexico
through the North American Free Trade Agreement, and bilateral agreements with Chile
and Israel. Canada is also currently pursuing a free trade deal with the European Free
Trade Association, exploring the idea of an agreement with Costa Rica, and continuing
to work toward greater liberalized trade on a larger scale through the Free Trade Area
of the Americas and the World Trade Organization.
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For further information, media representatives may contact:
Sylvie Bussières
Office of the Minister for International Trade
(613) 992-7332
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
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