Singapore welcomes US’s decision to engage TPP

SINGAPORE : Singapore has welcomed the decision by the US to engage the Trans—Pacific Strategic Economic Partnership Agreement (TPP) partners.

A statement by the Ministry of Trade and Industry Ministry said with this commitment, the TPP now has the potential to expand to an eight—member grouping with Australia, Peru, US and Vietnam joining the original four members of Brunei, Chile, New Zealand and Singapore.

It added that the TPP is a potential building block for a larger free trade area of the Asia Pacific.

Singapore’s Trade and Industry Minister Lim Hng Kiang said that the US announcement sends a strong message of US economic engagement with the Asia Pacific region.

The TPP is currently the only regional free trade agreement that spans both sides of the Pacific, linking Asia with the Americas.

Earlier Saturday, the US announced that it is committed to engage the TPP partners.

Addressing the APEC CEO summit, US Trade Representative Ron Kirk said continued integration of the economies in this region would benefit workers, consumers, and businesses in other parts of the world.

As such, President Barrack Obama earlier announced in Tokyo on Saturday that the US will engage with the TPP.

Mr Kirk added that this would be done in close consultation with the US Congress and with stakeholders back in the US.

And he believes that further engagement in the TPP would give participating economies the opportunity to address gaps in its current agreements, and to set the standard for 21st—century trade agreements going forward.

A high—standard regional trade agreement under the TPP, said Mr Kirk, could help bring to the American people the jobs and economic prosperity that come with trade.

Mr Kirk was speaking in place of President Obama at the CEO Summit on Saturday morning. — CNA /ls