Singapore, Kuwait aim for free-trade pact
SINGAPORE (AP) - Singapore has added Kuwait to the growing list of countries where it wants a free-trade pact, as it seeks to strengthen commercial and political ties with the Middle East.
The initiative came as Kuwaiti Prime Minister Sheik Sabah Al Ahmed Al Sabah on Tuesday concluded a two-day visit to Singapore, where he met with his counterpart, Goh Chok Tong, President S. R. Nathan and lower-level ministers, a joint statement issued late Monday said.
The Southeast Asian city-state is focusing fresh attention on the Middle East, saying its potential for increased trade and investment has been overshadowed in the past by Singapore's drive to develop better links with booming China and India.
Trade ministers from Singapore and Kuwait would look to start "negotiations for a comprehensive, bilateral free trade agreement for goods and services,'' the statement said. No timetable was given.
Singapore signed a free-trade agreement with Jordan in May, and officials have said they hope to forge similar deals with Bahrain, Qatar, Egypt and Oman.
Singapore has been on a concerted push to sign free-trade deals with trading partners in recent years to roll back tariffs and improve market access.
The pacts can also carry symbolic diplomatic weight, underscoring a desire for closer political ties.
Singapore said it was interested in generating Kuwaiti investment in its banking sector, the statement said.
The gulf state wanted Singaporean help to develop its ports and airport.
Last year, the Middle East accounted for just 5 percent of Singapore's total trade with the world - and more than 80 percent of that was accounted for by oil and petroleum products, according to official data.
In addition, of the S$130 billion (US$76.5 billion) that Singapore companies have invested globally, projects in the Middle East account for less than 3 percent.
"We are now reviewing our policy on the Middle East and will give the region greater importance in future,'' Trade and Industry Minister George Yeo said earlier this month. - AP
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