SINGAPORE: The sweeping trade deal signed yesterday in Chile has unlocked considerable potential for Singapore firms, the Ministry of Trade and Industry (MTI) said yesterday.
Minister for Trade and Industry (Trade) Lim Hng Kiang, who was in Santiago for the signing, noted: “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.”
The 11 member countries will now work on their respective domestic ratification processes for the CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as the pact is known.
The Singapore Business Federation (SBF) said it will promote opportunities that the trade deal offers to local firms, especially for small and medium-sized enterprises.
Over the last five years, exports of goods to CPTPP countries have accounted for more than a fifth of Singapore’s total goods exports, noted SBF chief executive officer Ho Meng Kit.
