Singapore: What Is the New Trade Pact CPTPP?
The remaining 11 countries of the Trans-Pacific Partnership (TPP) which make up more than 13% of the world’s GDP, signed a new version of the multilateral trade pact on Thursday the 8th of March without the United States. The members include Singapore, Canada, Brunei, Chile, Peru, Australia, Japan, Malaysia, New Zealand, Mexico and Vietnam.
The signing of the pact resuscitates a milestone deal which would drastically cut tariffs and foster trade in a market with a combined output of USD $10 trillion (S$13 trillion).
According to sources, the economies of the members of the CPTPP will increase by 1.7% on average by 2030.
The signing of the CPTPP in Chile followed the end of talks in January and so, marked a turnaround after Washington’s withdrawal in 2017 left it in limbo.
Lim Hng Kiang, Singapore’s Minister for Trade and Industry, characterised the signing as a clear indication of commitment to the collective goals of regional economic integration and greater trade liberalisation.