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Singapore vows to continue with regional economic integration

Singapore will continue participating in other free trade initiatives, despite the US withdrawal from the Trans-Pacific Partnership (TPP) agreement, said a spokesman of the Singaporean Ministry of Industry and Trade (MIT) on January 24. ​
Singapore vows to continue with regional economic integration ảnh 1RCEP and TPP partners (Photo: aseantuc.org)
Hanoi (VNA) – Singapore will continue participatingin other free trade initiatives, despite the US withdrawal from theTrans-Pacific Partnership (TPP) agreement, said a spokesman of the SingaporeanMinistry of Industry and Trade (MIT) on January 24.
The initiatives include the Regional Comprehensive EconomicPartnership (RCEP) and the proposal for a Free Trade Area of Asia-Pacific(FTAAP).

The spokesman noted that Singapore is committed to pursuing arule-based trading system and greater regional integration.

The agreement the TPP parties negotiated is one pathway to strongertrade links that will promote growth and job creation in all member countries,he added.

The MIT spokesman stressed that each TPP partner will have tocarefully study the new balance of benefits.

After the US withdrawal, the TPP consists of 11 countries, includingAustralia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,Singapore and Vietnam.

Japan was the first country to fulfill procedures to ratifythe TPP. Meanwhile, Australia and New Zealand declared to continue the deal withoutthe US. -VNA

VNA
# free trade initiatives#TPP#RCEP#FTAAP
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