Singapore, Mexico Sign Joint Declaration on MSFTASingapore Prime Minister Goh Chok Tong and visiting Mexican President Ernesto Zedillo Ponce de Leon signed a joint Declaration on the Mexico-Singapore Free Trade Agreement (MSFTA) Monday, which highlighted the president's three-day official visit to the city state.The document sets out what has been agreed by negotiators from both sides thus far and what remains to be done in the MSFTA negotiations which started in July following the discussion on the idea between the two leaders during the informal meeting of APEC's economic leaders in Auckland, New Zealand, last year. MSFTA is designed to be comprehensive and covers trade in goods, trade in services, investment, government procurement, intellectual property, a dispute settlement mechanism and any other topics the two sides may wish to include in the future. The joint declaration confirms that the MSFTA negotiations have resulted in previously agreed texts for the topics concerning the subsidies and countervailing measures, technical barriers to trade, sanitary and phytosanitary measures, and dispute settlement mechanism. The document says that progress has been made in the negotiations of the remaining topics of the MSFTA and there have been positive developments in finding suitable compromises to accommodate the concerns of the two countries. In his speech delivered at the signing ceremony, Goh Chok Tong said that the negotiations were not without difficulties and there will be many more tough issues to resolve. He also expressed his belief that these issues are surmountable so long as the political leadership remains committed to the FTA and believes in the benefits it will bring to both countries. On the same occasion, Zedillo said, "I am convinced that sooner rather than later, we will have a Free Trade Agreement Between Singapore and Mexico," adding that Singapore and Mexico will go on working for a world free of barriers in investment and trade and continue to head regional efforts in favor of greater exchanges between the Americas and Asia. Both Singapore and Mexico have shown strong interests in signing bilateral free trade agreements with other countries. Singapore has successfully concluded FTA negotiations with New Zealand, reached agreement with Japan to commence FTA negotiations next year and conclude it by December next year, and is exploring bilateral FTAs with Australia and Canada. Mexico has concluded or engaged in negotiating FTAs with the EU, Israel, the Northern Triangle consisting Guatemala, El Salvador and Honduras and the four countries of the European Free Trade Area (EFTA) Zedillo, who will finish his presidency term in December, arrived here Sunday for an official visit. He held talks Monday with Goh Chok Tong and met with Singapore President S.R. Nathan and Senior Minister Lee Kuan Yew. He will travel to Brunei Tuesday to attend the informal meeting of APEC's economic leaders. |
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