SINGAPORE: Moving along without the United States, the remaining 11 countries of the Trans-Pacific Partnership (TPP) on Thursday (Mar 8) signed a new version of the multilateral trade pact, resuscitating a landmark deal that would slash tariffs and foster trade in a market with a combined output of US$10 trillion (S$13 trillion).
The inking of the Comprehensive and Progressive Agreement for TPP (CPTPP) in Chile followed the conclusion of talks in January and marked a turnaround of fate after Washington’s withdrawal a year ago left it in limbo.
“The CPTPP will establish a new standard for other regional economic integration agreements, and even for future negotiations in the WTO (World Trade Organisation) and in APEC (Asia-Pacific Economic Cooperation),” said Chile’s foreign ministry.
“We’re very proud to show the world that progressive trade is the way forward,” said Canadian Trade Minister Francois-Philippe Champagne as officials gathered for the signing ceremony.
Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang described the signing as a “concrete demonstration” of commitment to the collective goals of greater trade liberalisation and regional economic integration.
