Negotiations on a possible free trade agreement between the Pacific Alliance and Singapore began in 2017 and were completed in July 2021, thus evidencing one of the guiding principles of the Pacific Alliance: the economic integration of Member States in other regions. The Pacific Alliance is an international organization made up of four Latin American states: Peru, Colombia, Chile and Mexico. It was created in 2011 and its main objectives are:

• To build an area of deep economic integration with a view to the free movement of goods, services, capital and people.
• Promote greater economic growth, development and competitiveness of the Member States, with the objective of closing socioeconomic inequality gaps.
• To become a platform for political, economic and commercial articulation with projection to the rest of the world, especially to the Asia-Pacific region.

In this context, Singapore will become the first Associated State of the Pacific Alliance, that is, the first State with which all the members of the Alliance enter into and put into force a binding agreement of high standards in economic and trade matters, which will contribute to the achievement of the objectives established in the Pacific Alliance Framework Agreement. This will not only strengthen trade ties and regional integration between Latin America and the Asia-Pacific region, but will also serve as an additional strategy in the context of the post-pandemic economic and international trade reactivation.

Notably, Singapore is a particularly important ally for the Member States of the Pacific Alliance due to its geographic location, its logistical and technological development, and for being a recognized innovation hub. In 2020, Singapore ranked among the 15 largest importers and exporters in the world, so it is undoubtedly a strategic partner for the Latin American region and especially for Colombia. The trade agreement to be signed will then be an instrument of access to new markets, enjoying lower barriers and preferential conditions that generate attractive and competitive exchanges between both regions.

It should be pointed out that the conclusion of the negotiations is only the first stage prior to the drafting and signing of the trade agreement. However, these negotiations settled essential points such as the chapters on good regulatory practices, environment, state-owned enterprises, cooperation, technical barriers to trade, gender and labor trade, and temporary entry of persons, among others. In this sense, the negotiations will be reflected in the final agreement, which could be signed in December 2021, at the Pacific Alliance Summit to be held in Bogota.

Finally, it is expected that the conclusion of the negotiations with Singapore is only the first of several that the Pacific Alliance is currently holding with different potential economic allies. Among them are Australia, New Zealand and Canada.