International Business & Economy Singapore will ratify the TPP but trade deal may be difficult to...

Singapore will ratify the TPP but trade deal may be difficult to implement without US

Author

Date

Category

- Advertisement -

Prime Minister said in his Facebook that his government will ratify the Trans-Pacific Partnership (TPP) early next year. He said that he would do this despite the US President-Elect ’s strong opposition to the trade deal to maintain momentum on the pact and demonstrate that TPP benefits all 12 member countries – including the United States of America (US).

PM Lee is not alone with this view. Mexico’s Economy Minister Ildefonso Guajardo had earlier expressed similar views. “We determined that our countries will press ahead with this agreement independently of what Washington decides,” he said.

According to news reports, six of the twelve TPP-countries – Mexico, Japan, Australia, Malaysia, New Zealand and Singapore – have indicated that they will continue with the TPP with or without the US.

The benefit for Singapore from the TPP is believed to be only incremental as it already has 21 free trade agreements with all TPP-countries except Canada and Mexico. But the successful conclusion of TPP is important to the Singapore government to cement its status as a global player, as it signals that the country is not a follower, but part of the decision-making community.  The TPP is also expected to give Singapore an edge over Hong Kong which was close ties with China.

- Advertisement -

But excluding the US from the TPP may prove difficult even if Singapore ratifies the trade deal. Alan Bollard, the APEC secretariat’s executive director, explained that “there were concessions given to the U.S. in those negotiations that they may not want to sign up to without the U.S. in it.” He added:”Without the U.S., it does change the economics of the whole thing quite a bit.”

Which is why PM Lee is hoping that the incoming administration will not totally write-off the trade pact, but give it due consideration.

“We had come so far, and we hoped we only had a little way more to go. But we find ourselves facing a twist in the road. I share President Obama’s hope that after the new administration has settled in, deliberated on the matter, and taken advice, it will in due course take a considered decision.” –

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Calvin Cheng: We have very little. We are a tiny city-state. Our existence depends on us being open.

Singapore — Former Nominated Member of Parliament (NMP) Calvin Cheng has taken to Facebook to speak about vaccinations and exiting Covid-19 restrictions in Singapore. He starts by saying that having an approved vaccine is better than not having a vaccine at all....

Lim Tean questions if Singapore’s foreign worker population will be larger than local labour force

Singapore — Lawyer and opposition leader Lim Tean posed a question on Facebook regarding the population of foreign workers in Singapore. Mr Lim put up a post with a short caption, "Will The Number Of Foreign Workers Soon Surpass Singaporean Workers?" In his...

Ex-PAP candidate accused of trying to smear Sarah Bagharib but shows the wrong woman

Singapore – Former People's Action Party (PAP) election candidate Shamsul Kamar is under fire for sharing a picture purportedly of Ms  Sarah Bagharib but that turned out to be of someone else. Ms Sarah has recently been embroiled in a controversy with...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent