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LIMA, PERU: Singapore and Peru are in talks for a possible Air Services Agreement that will improve transport links between the two countries.
The initiative is one of several under the recently signed Singapore-Peru Free Trade Agreement.
Both sides underscored their deepening relations when Singapore Prime Minister Lee Hsien Loong met Peruvian President Alan Garcia Perez on the sidelines of the Asia Pacific Economic Cooperation (APEC) Meeting in Lima.
Mr Lee also received Peru's Order of the Sun (la Orden El Sol del Peru) - an award that recognises his contributions in forging closer ties between Peru and Singapore.
The Order of the Sun is a distinction created almost 200 years ago by Peru's freedom fighters. It has been conferred on other leaders including former Philippine president Fidel Ramos and former Thai prime minister Chuan Leekpai.
In remarks to the media, Mr Lee said both sides also hope to start talks on a double taxation agreement. This will encourage more Peruvian businesses to invest in Singapore.
Currently, Peruvian companies would be taxed double if they set up a business in Singapore, which has a relatively low tax rate.
Mr Lee said: "In these trying times, we need to work together to keep global markets open to promote regional integration and to actively support APEC and the WTO (World Trade Organisation), particularly the Doha negotiations."
Speaking in Spanish, President Garcia said he sees Singapore as a role model of development and modernity. He added Peru is interested in exploring business opportunities in Singapore's port sector.
The grand ceremonial welcome by the Peruvians given to Mr Lee is testament to the deepening friendship between both sides.
While investment between the two countries is still relatively small, it is hoped that the recently-concluded Free Trade Agreement will give an added boost to trade links.
In fact, Peru has already indicated it is interested to come on board the P4 agreement between Singapore, New Zealand, Brunei and Chile to create a trans-Pacific Free Trade zone.
Singapore established diplomatic relations with Peru in 1980.
Officials from Peru have visited Singapore for study trips and training courses, including those in civil aviation, finance, information technology, trade promotion, productivity as well as waste and water management.
On the trade front, Peru is Singapore's sixth largest trading partner in South America and 17th in Latin America.
Singapore is Peru's largest destination for manufactured exports in Southeast Asia.
- CNA/ir
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