US, support the Trans-Pacific Partnership: PM Lee

Washington’s response still uncertain.

Prime Minister Lee Hsien Loong’s recent visit to the United States found him urging the business community to egg on the Trans-Pacific Partnership’s (TPP) ratification by the end of 2014 lest Washington decides to say no.

PM Lee said the TPP will be a high-standard agreement, and will be a game-changer because it will integrate 40% of the world’s GDP, and one-third of the world’s trade. He adds that it will add 700,000 jobs in the US by 2025, 10 times more than what the Korea-US FTA achieved, and that there will be improved market access, which will mean cheaper products for consumers, and more export opportunities for producers.

The TPP is part of the USSFTA (US-Singapore Free Trade Agreement) which came into effect in 2004, under Bush’s administration.

Here’s more:

Negotiating the TPP is a complex undertaking because it goes well beyond the usual staple of reducing tariffs or even non-tariff barriers. The parties have to make some very difficult decisions, and consider how far and how fast they are willing to go in areas with major domestic and political ramifications. Therefore the negotiations have been very demanding and we in Singa¬pore alone have been privileged to have hosted three consecutive ministerial meetings since last December. Perhaps if we have to host another ministerial, we will organise a midnight golf game! But nevertheless we are almost there and I am encouraged by President Obama’s promise to constructively resolve the remaining issues and I think we should be able to conclude it this year.