Business representatives from Trans-Pacific Partnership (TPP) member economies, gathered for the on-going 16th round of TPP negotiations in Singapore, are putting their consolidated efforts in support of the speedy conclusion of the negotiation.

In a joint statement issued on March 8 following the TPP Stakeholder Event, which was attended by business representatives, government negotiators and other representatives of civil society, the 10 business chambers and leading business organisations urged negotiators to show flexibility and narrow the range of differences so that the negotiations can be brought to conclusion as soon as possible.

“It is to the businesses’ interest that the negotiation should be concluded sooner than later so that companies could benefit and help their businesses to grow,” the statement quoted Ho Meng Kit, Chief Executive Officer of the Singapore Business Federation, as saying.

Business organisations supporting the call to bring TPP to a substantive conclusion as soon as possible include the Asia Pacific Chambers of Commerce, Canadian Agri-food Trade Alliance, Canadian Manufacturers & Exporters, Emergency Committee for American Trade, Foreign Trade Association of Peru, National Center for APEC, New Zealand International Business Forum, Singapore Business Federation, US-ASEAN Business Council and Vietnam Chamber of Commerce and Industry.

“We support TPP because it can provide the framework which enables business to create the conditions for growth in the region”, said Calman Cohen, President of the Emergency Committee for American Trade, in the statement.

“TPP is about eliminating barriers to trade and investment, reducing the costs of doing business and enhancing the operation of regional supply chains,” he said adding that addressing these issues will allow business to invest, expand and support and create jobs.

The statement added that Hoang Van Dung, First Vice President of the Vietnam Chamber of Commerce and Industry, noted that with the high quality and inclusive nature, the TPP should benefit all participating parties.

Jayson Myers, President & CEO of Canadian Manufacturers & Exporters, said in the statement: “The bottom line is that businesses need a comprehensive and ambitious TPP that opens up opportunities, strengthens trade rules and improves business conditions in the region just as much as the world trading system needs a 21st century trade agreement that effectively addresses behind the border issues.”

The 11 TPP members are Australia , Brunei, Canada , Chile, Malaysia , Mexico , New Zealand, Peru , Singapore, the United States , and Vietnam.-VNA