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SINGAPORE – Singapore has ratified the global and progressive agreement for the Trans-Pacific Partnership (CPPP), becoming the third nation to do so after Mexico and Japan
The Ministry of Commerce and Trade. Industry said Thursday in a statement (July 19) that the PCTPC is a high-quality agreement that will reduce trade barriers and promote trade in a combined market of 500 million people with a gross domestic product of $ 10 trillion ($ 13 trillion Canadian) The trade agreement lays down rules in new areas, such as e-commerce, and will come into effect 60 days after six of the 11 signatories have ratified the agreement.
Mexico was the first to ratify the agreement in April. July 6th. Other countries in the bloc are Australia, Brunei, Canada, Chile, Malaysia, New Zealand, Peru and Vietnam.
The CPTPP negotiations ended on January 23 in Tokyo, Japan. The agreement was subsequently signed on March 8 in Santiago de Chile
The CPPP is a revision of the original Trans-Pacific Partnership from which the United States withdrew in January 2017.
In the statement, the Minister of Trade and Industry Chun Sing called the CPTPP an important agreement that will complement the existing network of bilateral free trade agreements of Singapore
"It will strengthen trade between the countries of the region Asia-Pacific, ensuring a smoother flow of goods, services and investment ". He added:
In the current context of trade tensions and anti-globalization sentiments, the CPPP also sends a strong signal of Singapore's commitment to the liberalization of trade and a system. rules-based trading. The CPPP is an open and inclusive agreement, and Singapore welcomes like-minded parties to join the CPPP after its entry into force.
Prime Minister Lee Hsien Loong said in March He demonstrated that these countries "know how to conclude a win-win deal" at a time of rising nationalism, protectionism and the threat of trade wars, he said. declared.
Singaporean companies interested in business and investment opportunities in CPPO countries can contact Enterprise Singapore at [email protected] or visit the MTI website for more information.
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