SINGAPORE, The just signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, Chile, on Thursday will complement Singapore's existing network of bilateral free trade agreements, according to its MInistry of Trade and Industry (MTI).
It said as a key regional agreement, the CPTPP will expand Singapore's economic space, boost trade and investment flows, make it easier for its companies to do business in the region, and unlock economic development opportunities.
The signing of the CPTPP is a concrete demonstration of the signatories' commitment to the collective goals of greater trade liberalisation, regional economic integration, and better opportunities for our people, said Singapore Minister for Trade and Industry (Trade), Lim Hng Kiang in a statement here today.
Lim signed the CPTPP on behalf of Singapore.
This is a significant step toward realising the benefits of the agreement. Singapore companies will be better placed to tap growth opportunities and increased market access in the Asia-Pacific.
With its high standards and business facilitative trade rules, the CPTPP establishes a new regional standard for future free trade agreements. Singapore looks forward to its implementation, said Lim.
The statement said countries will now work on their respective ratification processes, toward an expeditious entry into force of the agreement.
The CPTPP is made up of 11 members, namely Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
According to MTI, the CPTPP incorporates all commitments from the original TPP, except for a limited number of provisions which have been temporarily suspended.
Negotiations on the CPTPP concluded in January 2018 in Tokyo, Japan.
The agreement will strengthen trade among countries in the Asia-Pacific, through the substantial elimination of tariffs and non-tariff barriers for goods, improved access for service suppliers in a wide range of sectors, greater facilitation of investments, enhanced access to government procurement contracts, and modern rules to address emerging trade challenges.
The CPTPP is open and inclusive, with the door open for like-minded parties to join, once it comes into force, said MTI.
Source: NAM News Network