A year after the United States withdrew from the Trans-Pacific Partnership (TPP), Singapore, along with 10 other countries signed the revised trade pact on Thursday (8 March) in Santiago, Chile.
The other 10 countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Vietnam.
The newly inked Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will further strengthen trade through the substiantial elimination of tariffs in a market that together boast a total of US$10 trillion dollars - equivalent to 13.5% of the global Gross Domestic Product (GDP).
"The signing of the Agreement enables us to move to the next phase. Ministers expressed their determination to complete their domestic processes to bring the Agreement into force expeditiously," said the ministers in a joint ministerial statement by CPTPP signatories.
"The CPTPP will complement Singapore’s existing network of bilateral free trade agreements. It will expand Singapore’s economic space, boost trade and investment flows, make it easier for our companies to do business in the region, and unlock economic development opportunities," added Singapore’s Ministry of Trade and Industry (MTI) in a statement.