SBF welcomes the conclusion of the Trans-Pacific Partnership negotiations
- The TPP is a catalyst for growth for the Asia-Pacific
- Hope that the deal struck will provide a good basis for all negotiating countries to approve it quickly
06 October 2015 [Singapore] - The Singapore Business Federation (SBF) welcomes the conclusion of negotiations of the Trans-Pacific Partnership (TPP) in Atlanta after seven years of negotiations. The TPP is a landmark agreement that bridges 12 countries on both sides of the Pacific. Collectively, these countries account for about 40% of the global economy and one third of world trade.
This is good news for the Singapore business community. The comprehensive TPP agreement is envisaged to be of high quality and the sealing of the agreement will provide a confidence boost to companies and present more opportunities for doing business in Asia Pacific.
Mr Ho Meng Kit, CEO of SBF, said “We are pleased that the negotiators managed to demonstrate flexibility and bridged the differences to bring to conclusion this important agreement.”
“The TPP will serve as the catalyst for advancement and provide an important framework and opportunities to enable businesses to achieve new growth.”
The TPP is envisioned as a high-quality 21st century trade agreement that will boost regional economic integration and improve market access for Singapore’s exports. It will also serve as a pathway towards a Free Trade Area of the Asia-Pacific (FTAAP).
With global growth still below pre-financial crisis level, businesses need a comprehensive and ambitious TPP which could open up new opportunities, strengthen trade and investment rules, as well as improve business conditions in the region. More importantly, it could effectively help to address the “behind the border” issues which many businesses face in today’s complex environment.
Notably, the agreement has special provisions for SMEs, which aim to help them integrate into the global supply chain and facilitate their business expansion. Addressing these issues will allow SMEs to invest, expand and also create jobs.
Mr Ho added “While we welcome the conclusion of the TPP negotiations, we hope that the deal will be swiftly approved by all participating countries. Following this, we also need to have insights on the details of the trade pact to better examine what are the benefits and implications for Singapore business community. We will work with our trade negotiators to provide more information to our business community.
It is excellent that the TPP is not an exclusive agreement. It has provisions to allow other trading nations in Asia to join later. With this, it can fulfill its role as an important and effective building block for APEC’s long term vision of FTAAP.”