Trans-Pacific Partnership is good news for local businesses, says SBF

It will help boost trade growth.

The recently-signed Trans-Pacific Partnership (TPP) will help Singapore-based businesses weather slowing economic growth and provide a boost of confidence despite the difficult global backdrop, according to a statement from the Singapore Business Federation (SBF).

The SBF said that the TPP will present more opportunities for companies seeking to do business in the Asia Pacific and will provide additional pathways of growth for Singaporean companies.

“This latest development is good news for the Singapore business community, especially against the current backdrop of poor global economic outlook and trade growth,” the SBF’s statement said.

The TPP was signed was by the ministers from its 12 member nations in a ceremony in Auckland earlier today.

The TPP is one of the biggest multinational trade deals to-date that bridges 12 countries on both sides of the Pacific, namely the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru. 

Collectively, these countries account for 800 million people, about 40% of the world’s GDP and a quarter of the world’s trade. 

The agreement promotes economic growth and creates new job opportunities by opening up trade in goods and services, protecting investments and intellectual property rights, as well as promoting fair competition.