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SINgAPORE : Singapore, Brunei, Chile, New Zealand and the US have warmly welcomed the announcement by Australia and Peru that they intend to join negotiations on the Trans-Pacific Strategic Economic Partnership (TPP).
The TPP is a free trade agreement (FTA) among Singapore, Brunei, Chile and New Zealand.
Singapore's Ministry of Trade and Industry (MTI) said the TPP is among the highest-quality of the Republic's FTAs.
In a statement, the MTI said the FTA achieves significant trade liberalisation, eliminating tariffs on all trade products within 12 years. It also sets out to eliminate tariffs on 90 per cent of trade in goods among parties immediately.
The US announced its decision to join TPP negotiations in September this year.
At the sidelines of the APEC Ministerial Meeting in Lima, Peru, all seven economies affirmed the TPP Agreement as a potential building block for a Free Trade Area of the Asia-Pacific.
"The joint announcement is especially timely amidst the current economic difficulties," said Singapore's Trade and Industry Minister Lim Hng Kiang.
"It signals our shared commitment to resist protectionism and accelerate regional economic integration," he said.
The TPP, which came into force in 2006, is the only regional FTA that spans both sides of the Pacific, linking Asia with the Americas.
MTI said the expansion of the TPP to include other APEC members will place renewed focus on regional economic integration in 2009, when Singapore takes over the chair of APEC.
It will also give a strong boost to the trade liberalisation agenda and complement efforts to achieve a successful conclusion to the stalled WTO Doha negotiations.
The first round of negotiations for the expanded TPP Agreement will be held in March 2009 in Singapore. - CNA /ls
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