Regional and Bilateral Initiatives
Canada - Singapore - Free Trade Agreement Negotiations
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As Singapore is a strategically placed trading partner, a free
trade agreement (FTA) has the potential to yield meaningful economic
benefits for Canada, especially in the areas of investment and services.
An FTA would not only raise Canada’s profile in Singapore,
but would facilitate goods and services trade, as well as improve
Canada’s ability to participate in global value chains by
taking advantage of Singapore’s position as a pre-eminent
hub in the region.
Update on Negotiations
Following a meeting on the margins of the 2006 Asia-Pacific Economic
Cooperation (APEC) ministerial meetings, Minister of International
Trade David L. Emerson and his Singaporean counterpart, Minister
Lim Hng Kiang, agreed to resume formal negotiations toward a free
trade agreement with a view to concluding by early 2007. This demonstrates
that Canada is serious about strengthening economic relations with
the Asia-Pacific region. The government will continue to consult
with Canadian stakeholders as the talks proceed.
Background
Canada and Singapore announced on June 5, 2000, that the two countries
would begin exploring the possibility of negotiating a bilateral
free trade agreement (News
Release). Canadian and Singaporean officials met twice to discuss
the possible scope of a prospective agreement, and the Government
of Canada launched a comprehensive domestic consultations process.
The Canadian and Singaporean Prime Ministers then announced the
launch of negotiations on October 21, 2001, on the margins of the
APEC Economic Leaders' Meeting in Shanghai, China (News
Release).
Since then, Canada and Singapore have held six rounds of negotiations,
the last of which was in October 2003. Despite progress made, more
work remained on issues such as market access and protection for
services and investment. Officials from both countries are currently
taking steps to renew discussions toward the successful early conclusion
of the agreement. In this regard, on October 10, 2006, Canadian
and Singaporean officials met in Singapore to take stock of outstanding
issues and to discuss the potential parameters under which Canada
and Singapore could resume formal negotiations.
These negotiations have covered a wide range of topics, including:
trade in goods, trade in services, financial services, investment,
government procurement, dispute settlement and competition policy.
Labour and environmental issues have been addressed in parallel
meetings in fulfilment of Canada's intention to pursue side agreements
with Singapore in these areas.
Singapore is already an important trade and investment partner
for Canada in the Asia-Pacific region. In 2005, Canadian merchandise
exports to Singapore were valued at $637 million, while Canada’s
imports from Singapore were $973 million. Canada’s exports
of services to Singapore amounted to $251 million, while services
imports from Singapore were valued at $1 billion in 2004, the latest
year for which this data is available. Canadian foreign direct investment
(FDI) in Singapore is significant totalling $3.6 billion in 2005.
Singaporean FDI into Canada was smaller, valued at $47 million in
2005.
Initial Environmental Assessment
In keeping with the Framework for Conducting Environmental Assessments
of Trade Negotiations, an initial environmental assessment (EA)
of the Canada-Singapore free trade negotiations was conducted to
help negotiators to better integrate environmental considerations
into the negotiating process.
Contact point
If you have questions or comments about this initiative we would
like to hear from you. Please contact Foreign Affairs and International
Trade Canada at:
Regional Trade Policy Division (TBB)
Department of Foreign Affairs & International Trade
Lester B. Pearson Building
125 promenade Sussex Drive
Ottawa, Ontario, K1A 0G2
Fax: 613-944-3489
E-mail : consultations@international.gc.ca
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