Wednesday, July 14, 2004

Forbes.com: Singapore Plans Free Trade Pact With Iran

Forbes.com: Singapore Plans Free Trade Pact With Iran: "Singapore Plans Free Trade Pact With Iran
07.14.2004, 01:34 AM

Singapore said it may pursue a free trade pact with Iran, making the Islamic nation the sixth in the Middle East the wealthy city-state wants to forge close economic ties with.

The announcement came while Singapore Prime Minister Goh Chok Tong was on a five-day trip to Iran. He met Iranian President Mohammad Khatami on Monday.

'The two expressed satisfaction over the current state of relations between Iran and Singapore and agreed there was great untapped potential, particularly for businesses of both countries,' said a statement issued by Goh's press secretary in Tehran late Tuesday.

'Such a framework could have three pillars: a free trade agreement, an investment guarantee agreement and avoidance of double taxation agreement,' it said.

Singapore has made free trade agreements a cornerstone of its economic policy, and has already signed a trade pact with Jordan and will soon begin negotiations with Bahrain, Qatar, Oman and possibly Egypt. "

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