Singapore to pursue other free trade initiatives as TPP collapses

MTI will discuss the way forward with other TPP partners.

Singapore is shifting its gears to other regional free trade initiatives as the United States ditches the Trans-Pacific Partnership.

The Ministry of Trade and Industry said in a statement that the US has indicated that it will pull out of the TPP agreement.

"Without the participation of the US, the TPP agreement as signed cannot come into effect," the trade ministry said.

It noted that there are other regional integration initiatives still ongoing, including the Regional Comprehensive Economic Partnership and the proposal for a Free Trade Area of the Asia-Pacific.

"Singapore will continue to participate in these initiatives. We will have to discuss the way forward with the other TPP partners first. Each of the partners will have to carefully study the new balance of benefits," MTI noted.