22 February 2005
Singapore, Saudi Arabia to explore possibility of bilateral FTA
SINGAPORE : Singapore and Saudi Arabia are exploring the possibility of promoting trade and investment, either through a bilateral or multilateral Free Trade Agreement (FTA) with other countries in the Gulf.
This was among the issues discussed between Senior Minister Goh Chok Tong and Saudi Arabia’s Finance Minister Abdul Aziz Al-Assaf.
So far Singapore has signed an FTA with Jordan and has agreed to negotiate pacts with Bahrain, Qatar, Egypt, Iran and Kuwait.
Both leaders also discussed various potential areas of cooperation, including transportation, investment and trade, and are looking forward to the signing of the Investment Guarantee Agreement in Singapore.
Other issues discussed include the updating of double taxation agreement between both sides.
Senior Minister Goh also called on the Governor of Riyadh, Prince Salman Abdul Aziz. - CNA