On 19 November 2004, during the APEC leaders' meeting in Santiago, Chile, the governments of Peru and Singapore announced that they would commence negotiations towards a free trade agreement in the first trimester of 2005. On 22 November 2004 the two governments issued a declaration to this effect.
The fist round of negotiations took place in Singapore from 14-17 February 2006. The second round was held in Lima, Peru in June and the third meeting was held in Singapore in September 2006. The two countries concluded their fourth round of negotiations in the area of services from 27-29 June 2007. Peru and Singapore concluded their bilateral negotiations on 29 August 2007. On 29 May 2008, Peru and Singapore sign a free trade agreement that is expected to enter into force in 2009.
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