RIO DE JANEIRO, BRAZIL – With the local representation of the chief negotiators of the Mercosur-Singapore Economic Partnership Agreement, negotiations are progressing to close the deal during the first semester of Paraguay’s pro tempore presidency of the South American regional bloc.
Singapore has a significantly liberalized economy with a vast network of trade agreements involving the leading global players such as the United States, the European Union, China, South Korea, Japan, and India, according to the Directorate of Integration of the Ministry of Finance.
In addition to being a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Association of Southeast Asian Nations (ASEAN), and the Regional Comprehensive Economic Partnership (RCEP), Singapore recently became the first Associated State of the Pacific Alliance, a trade bloc comprising Colombia, Chile, Mexico, and Peru, of which Paraguay is an observer member.
Paraguay could profit from the bilateral trade, especially in the meat complex, rice, essential oils, and vegetable oils.
Singapore was ranked the most competitive country in the world according to the Global Competitiveness Index of the World Economic Forum for 2019.