SBF welcomes the signing of the Trans-Pacific Partnership by ministers from its 12 member nations4 February 2016 [Singapore] - The TPP was signed was by the ministers from its 12 member nations in a ceremony in Auckland earlier today. The Singapore Business Federation (SBF) welcomes this new development as it brings the agreement one step closer to realisation.
The TPP is one of the biggest multinational trade deals to-date that bridges 12 countries on both sides of the Pacific, namely the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru. Collectively, these countries account for 800 million people, about 40% of the world’s GDP and a quarter of the world’s trade. The agreement promotes economic growth and creates new job opportunities by opening up trade in goods and services, protecting investments and intellectual property rights, as well as promoting fair competition.
This latest development is good news for the Singapore business community, especially against the current backdrop of poor global economic outlook and trade growth. The TPP is a high quality agreement that will hopefully provide a boost of confidence in the current environment as it will present more opportunities for companies seeking to do business in the Asia Pacific and catalyse new growth. The agreement will also serve as a pathway towards a Free Trade Agreement of the Asia-Pacific (FTAAP).
Mr Ho Meng Kit, CEO of SBF, said “We welcome this latest development and hope that the deal will be swiftly ratified by all participating countries following this. The sooner the deal is ratified, the better, as the agreement will provide additional pathways of growth for our companies.”