Singapore has become the third country to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a statement by its Ministry of Industry and Trade on July 19.
Singapore Trade Minister Chan Chun Sing. (Photo: AFP/VNA)
Hanoi (VNA) – Singapore has become thethird country to ratify the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), according to a statement by its Ministry of Industryand Trade on July 19.
“Against the current backdrop of global tradetensions and protectionism, the CPTPP sends a strong signal of our commitmentto trade liberalisation and a rules-based trading system,” Singapore Trade MinisterChan Chun Sing said.
He added that Singapore welcomes other like-minded countries to join the freetrade framework after it takes effect.
Before Singapore, the agreement was ratified byMexico and Japan.
The pact will enter into force 60 days after sixof the signatories have ratified it.
The original Trans-Pacific Partnership (TPP) wassigned by 12 countries in February 2016, but US President Donald Trump pulledhis country from the deal upon his inauguration in January 2017.
The remaining 11 countries – namely Australia,Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore,and Vietnam – signed the pact and renamed it the CPTPP during their meet-up inMarch 2018 in Chile.
The pact is expected to boost economic growth,create more jobs, reduce poverty, and improve the quality of life for people inthe member countries.
The deal will create one of the world’s largestfree trade blocs with a combined market of 499 million people and GDP of around10.1 trillion USD, accounting for 13.5 percent of the global GDP. -VNA
Japan fulfilled domestic procedures on July 6 for the ratification of the Comprehensive and Progressive Agreement for Transpacific (CPTPP), becoming the second member to do so after Mexico.
Malaysian companies will be at a huge disadvantage and lose out to Vietnam in terms of trade investment inflow if the country chooses not to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said a local official.
As a country engaged in the development of the global value chain, Vietnam is likely to be affected by the US-China trade war, stated Minister of Industry and Trade Tran Tuan Anh.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
Singapore Trade Minister Chan Chun Sing. (Photo: AFP/VNA)
