In brief
On Sunday, Singapore and Argentina ratified the Mercosur‑Singapore Free Trade Agreement, the last step that fully implemented the pact among the four Mercosur states. The deal removes tariffs on almost 96 % of goods for up to 15 years and opens a market for Singapore in food, energy, infrastructure, logistics, technology and services. Singapore’s Ministry of Energy, Trade and Industry and the Argentine Embassy said the agreement boosts food resilience and offers new commercial opportunities.
SINGAPORE, Nov. 2 (Xinhua) – Singapore and Argentina have officially brought the Mercosur‑Singapore Free Trade Agreement into force, completing its implementation with all four founding Mercosur member states.
The agreement had earlier taken effect with Paraguay, Uruguay and Brazil, marking a milestone in Singapore’s economic engagement with Latin America. It covers trade in goods and services, investment, government procurement, digital trade, intellectual property and economic cooperation.
Under the pact, Mercosur will eliminate import tariffs on about 96 percent of products over up to 15 years, with around 25 percent of tariff lines receiving immediate duty‑free access. It also establishes common rules of origin and more transparent customs procedures.
The statement from Singapore’s Ministry of Energy, Trade and Industry and the Argentine Embassy read:
Argentina’s position as a major agricultural and food producer supports Singapore’s efforts to diversify food import sources and strengthen food resilience. There are also opportunities in sectors such as energy, infrastructure, logistics, technology and services.
Singapore sees the agreement as a chance to broaden its supply chain for food and open new markets in emerging sectors. Argentina acknowledges that the pact will help it tap into Singapore’s robust digital trade and logistics expertise.
