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Chinaview.cn : Singapore embraces free trade to respond to the challenges of globalization, Minister for Trade and Industry Lim Hng Kiang said here Monday. Speaking at the opening of the first APEC (Asia-Pacific Economic Cooperation) Business Advisory Council Meeting of 2006, Lim said trade remains a cornerstone of the city state's economy with the total trade value reaching more than three times that of the gross domestic product (GDP). "We pursue trade liberalization using a three-pronged approach. First, we actively engage in WTO (World Trade Organization) negotiations. Second, we participate in regional economic liberalization efforts such as those under the APEC forum. And lastly, we supplement these efforts through the pursuit of bilateral trade agreements," Lim noted. He said that the ongoing multilateral WTO negotiations are Singapore's key priority because the city state "believes that the successful completion of the Doha Agenda would result in new dev...

Business Times MALAYSIA has finally signed what is essentially its first Free Trade Agreement after having dragged its feet for the last few years. Earlier this month, Malaysia and Japan agreed to remove or cut tariffs on practically all goods flowing between them within 10 years under the landmark Japan-Malaysia Economic Partnership Agreement. The agreement is significant as Japan is Malaysia's third largest trading partner, after the US and Singapore, with total trade exceeding RM110 billion. In sealing the agreement, Malaysia has joined a growing number of countries in creating a web of FTAs to help boost bilateral trade. For instance, Singapore has signed FTAs with nine major trading partners that include the US, Australia, New Zealand, Japan and South Korea. Bilateral FTAs are necessary as trade negotiations under the World Trade Organization move at a glacial pace. WTO talks achieved only modest progress at its last meeting in Hong Kong recently due to perennial differences o...