Japan and Singapore began a two-day inaugural meeting here Tuesday to study the feasibility of Singapore's proposed bilateral free-trade agreement.
A team of government officials, academics and private-sector representatives from the two countries gathered to discuss the proposal, made by Prime Minister Goh Chok Tong during a meeting with Prime Minister Keizo Obuchi in Tokyo last December.
"Both sides hope that it (the meeting) will help to enhance bilateral economic integration and cooperation as well as complement the efforts of the two countries to strengthen the multilateral trading system," a statement from Singapore's Foreign Ministry said.
The two leaders agreed to study the possibility of drawing up a free-trade pact to complement World Trade Organization arrangements.
Japan's team includes Foreign Ministry, Finance Ministry, and Ministry of International Trade and Industry officials, as well as academics and business representatives.
The Singaporean team includes officials from the Foreign Ministry, Trade and Industry Ministry, Trade Development Board, and Ministry of Communications and Information Technology, as well as academics and bank and shipping representatives.
Singaporean trade chief George Yeo told the legislature in January that his country is aiming for a free-trade agreement with Japan.
It would focus on liberalization and cooperation in high-growth service sectors, including transport, finance, and information and communications technology.
Yeo said having a free-trade agreement with Japan would deepen bilateral ties, promote stability and prosperity in Southeast Asia and spur trade liberalization in the Asia-Pacific region.
Singapore is also studying the feasibility of free-trade agreements with New Zealand, Chile and South Korea.