Singapore to discuss Trans-Pacific Partnership with partners after US quits
SINGAPORE's Ministry of Trade and Industry (MTI) has declared that the island state is still committed to "pursuing a rules-based trading system and greater regional integration", with the intension of discussing the way forwards with the other Trans-Pacific Partnership members now that the United States has formally withdrawn from the 12-nation TPP.
The TPP agreement cannot come into effect without the US, said the Ministry of Trade and Industry (MTI) after US President Donald Trump withdrew from the pact, reported Singapore's TODAY.
"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," said a ministry spokeswoman.
"We will have to discuss the way forward with the other TPP partners. Each of the partners will have to carefully study the new balance of benefits," she said.
Singapore has actively backed the TPP, but analysts have noted that its demise will not be a significant blow to the Singapore economy and the Republic could, in fact, enhance its status as a trade link between the US and Asia as a result.
In his New Year's message, Prime Minister Lee Hsien Loong said Singapore will continue to pursue other avenues of economic cooperation, such as the Regional Comprehensive Economic Partnership (RCEP). The China-led RCEP involves 10 members of the Association of Southeast Asian Nations as well as six regional trading partners China, Japan, South Korea, Australia, New Zealand and India.