Business community in Singapore welcomes US engagement with TPP
By Hoe Yeen Nie, Channel NewsAsia | Posted: 15 November 2009 0037 hrs

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SINGAPORE: The business community in Singapore has welcomed the US decision to engage the Trans-Pacific Strategic Economic Partnership or TPP.

Chairman of the American Chamber of Commerce Steve Okun said the move demonstrates the Obama government's commitment to the Asia-Pacific region "by linking the US economy more closely to the region... that will be the key to global economic growth."

The free trade area currently comprises Brunei, Chile, New Zealand and Singapore.

US President Barack Obama had stated his intention to have the US included in the partnership in a speech in Japan on Saturday - a message that was echoed by his trade representative, Ron Kirk, the same day at the APEC CEO Summit in Singapore.

The APEC Business Advisory Council said the TPP is "the most practical way for the US to be engaged" in the region.

Its chairman, Teng Theng Dar, added that the council will work with the US to improve conditions for trade and investment.

The US had spoken of joining the TPP last September, but plans were put on hold in January as the Obama administration reviewed its trade policies.

- CNA/ir