28 March 2018
On 9 March 2018, representatives from 11 countries, namely, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) in Santiago, Chile.
The CPTPP incorporates all commitments from the original Trans-Pacific Partnership (TPP), except for a limited number of provisions which have been temporarily suspended. The CPTPP will strengthen trade among countries in the Asia-Pacific through the substantial elimination of tariffs and non-tariff barriers for goods, improved access for service suppliers in a wide range of sectors, greater facilitation of investments, enhanced access to government procurement contracts, and modern rules to address emerging trade challenges.
The CPTPP will complement Singapore’s existing network of bilateral free trade agreements and make it easier for companies to do business in the region and unlock economic development opportunities. According to Singapore Minister for Trade and Industry (Trade) Mr Lim Hng Kiang, Singapore companies will be better placed to tap on growth opportunities and increased market access in the Asia-Pacific.
The signatory countries are now working on their ratification processes to bring the CPTPP into force in the respective countries.