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Singapore becomes third country to ratify CPTPP

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 becomes third country to ratify CPTPP ảnh 1Singapore 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
VNA
#Singapore #third country #ratify #Comprehensive and Progressive Agreement for Trans-Pacific Partnership #CPTPP #Trade Minister Chan Chun Sing #trade liberalisation #protectionism #global trade tensions #Vietnam News Agency #Vietnamplus Singapore
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