Singapore Trade Minister Chan Chun Sing. (Photo: AFP/VNA)

Hanoi (VNA) – 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.

“Against the current backdrop of global trade tensions and protectionism, the CPTPP sends a strong signal of our commitment to trade liberalisation and a rules-based trading system,” Singapore Trade Minister Chan Chun Sing said.

He added that Singapore welcomes other like-minded countries to join the free trade framework after it takes effect.

Before Singapore, the agreement was ratified by Mexico and Japan. 

The pact will enter into force 60 days after six of the signatories have ratified it.

The original Trans-Pacific Partnership (TPP) was signed by 12 countries in February 2016, but US President Donald Trump pulled his 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 in March 2018 in Chile.

The pact is expected to boost economic growth, create more jobs, reduce poverty, and improve the quality of life for people in the member countries.

The deal will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around 10.1 trillion USD, accounting for 13.5 percent of the global GDP. -VNA