Officials of CPTPP signatories pose for a photo together in Chile in March (Photo: VNA)
 
Singapore (VNA) – The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is expected to take effect in December this year, will bring great opportunities for business cooperation with Singapore firms, said a statement from Singapore’s Ministry of Trade and Industry on November 20.

CPTPP, formerly named the Trans-Pacific Partnership (TPP), accounts for 13 percent of the global economy and will become effective on December 30, 2018.

On January 1, 2017, the US withdrew from the TPP as US President Donald Trump believed that the deal might harm the employment of US citizens.

The agreement includes tax cuts to agricultural and industrial products, reducing investment limitation, and strengthening intelligence property protection.

Among the 11 CPTPP members, seven have already ratified it, including Vietnam, Australia, Canada, Japan, Mexico, New Zealand, and Singapore, meanwhile the remaining members who have yet to complete ratification procedures are Brunei, Chile, Malaysia, and Peru.

Singapore’s Ministry of Trade and Industry said that after it becomes effective, the country’s enterprises will strengthen export activities to enter the goods and service markets of other CPTPP members. –VNA