Amid Trump tariffs, UAE, Singapore to form trade group of small nations
The new group, the Future of Investment and Trade Partnership (FIT-P), is expected to include around 10 countries, with the UAE, Singapore, and New Zealand being founding members.
The United Arab Emirates, Singapore and other small nations are set to form a new group that will strengthen their trade links against the backdrop of high tariffs introduced by US President Donald Trump.
The new group, the Future of Investment and Trade Partnership (FIT-P), is expected to include around 10 countries. The United Arab Emirates, Singapore and New Zealand will be its founding members, the Financial Times reported on Friday, citing officials from Asia, Latin America and Australasia involved in the group’s genesis.
The officials said that a final list has not been confirmed, but other potential members include Morocco, Rwanda, Norway, Uruguay, Costa Rica, Panama, Paraguay and Malaysia.
The group looks to bolster economic ties between countries while adhering to international trade rules, the newspaper reported. The FIT-P is due to be formally announced in September.
