Singapore to pursue other trade agreements after US pullout from TPP

Singapore to pursue other trade agreements after US pullout from TPP

Without the participation of the US, the Trans-Pacific Partnership agreement as signed cannot come into effect, the Ministry of Trade and Industry says.

SINGAPORE: Singapore will continue to participate in other regional trade integrations initiatives, after the United States indicated it will put out of the 12-country Trans-Pacific Partnership (TPP), its Ministry of Trade and Industry (MTI) said on Tuesday (Jan 24).

On Monday, newly installed US President Donald Trump signed an executive order to remove the country from the trade pact, making good on a pledge to scrap a deal he denounced as a "job killer" and a "rape" of US interests.

The TPP trade pact was promoted by Mr Trump's predecessor and the agreement was signed in 2015 by participating countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Brunei - but it had not been ratified.

"Singapore is committed to pursuing a rules-based trading system and greater regional integration. The agreement that the TPP parties has negotiated is one such pathway to achieve stronger trade linkages that will promote growth opportunities and job creation in all the member countries," MTI said.

Commenting on Monday's development, an MTI spokesperson said on Tuesday that without the participation of the US, the TPP agreement as signed cannot come into effect.

However, there are other regional integration initiatives still ongoing, including the Regional Comprehensive Economic Partnership and the proposal for a Free Trade Area of the Asia-Pacific, the ministry added.

"Singapore will continue to participate in these initiatives," the spokesperson said.

Source: CNA/kk

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