On 16 October, the Colombian Ministry of Foreign Affairs submitted to the Congress of the Republic draft bills to ratify the Free Trade Agreement between the Pacific Alliance and Singapore (PASFTA) and the Second Amending Protocol to the Additional Protocol to the Framework Agreement. Through this initiative, the country aims to expand trade and investment opportunities and strengthen its economic integration with the Asia-Pacific region.
According to data from 2024, the Pacific Alliance constitutes a market of 239.1 million potential consumers and accounts for 43 per cent of GDP and 57 per cent of total trade in Latin America and the Caribbean. The PASFTA includes provisions on trade in goods and services, investment, public procurement, e-commerce, telecommunications and the temporary entry of business travellers. It also incorporates cumulation of origin that can facilitate production chains between member countries and Singapore.
During the meeting, Colombia supported the development of a roadmap to strengthen the Pacific Alliance’s external relations, particularly with the Asia-Pacific region, and to expand opportunities for trade, investment and cooperation. Furthermore, as coordinator of the implementation of the work plan between the Pacific Alliance and the Association of Southeast Asian Nations (ASEAN), it highlighted its extension until 2027 and the preparation of a new cooperation agenda for the period 2028–2031.
