Singapore signs revised trans-pacific trade deal

It is the third of 11 countries to ratify the deal with revised rules on e-commerce.

Singapore ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) today, becoming the third nation to do so after Mexico and Japan. The CPTPP will enter into force 60 days after six of the 11 signatories ratify the agreement.

According to an announcement, the CPTPP will reduce market barriers and foster trade in a combined market of 500 million people with a gross domestic product (GDP) of US$10t. The agreement establishes rules in new areas such as e-commerce.

Negotiations on the CPTPP were concluded on 23 January 2018 in Tokyo, Japan, and the agreement was subsequently signed on 8 March 2018 in Santiago, Chile.

Trade and industry minister Chan Chun Sing said, “The CPTPP is an important agreement that will complement Singapore’s existing network of bilateral free trade agreements. It will strengthen trade among countries in the Asia-Pacific, resulting in a more seamless flow of goods, services and investment.”

Chan added, “Against the current backdrop of trade tensions and anti-globalisation sentiments, the CPTPP sends a strong signal of our commitment to trade liberalisation and a rules-based trading system. The CPTPP is an open and inclusive agreement and we welcome like-minded parties to join the CPTPP after it has entered into force.”