It will allow businesses to trade with other member countries sans tariffs and non-tariffs barriers.
Singapore has signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, and Vietnam.
The deal will eliminate tariffs and non-tariffs barriers for goods, improve access for service suppliers in a wide range of sectors, facilitate investments, and enhance access to government procurement contracts for CPTPP members.
“Singapore companies will be better placed to tap on growth opportunities and increased market access in the Asia-Pacific. With its high standards and business facilitative trade rules, the CPTPP establishes a new regional standard for future free trade agreements. Singapore looks forward to the implementation of the CPTPP,” said Minister for Trade and Industry Lim Hng Kiang, in a press release.
The CPTPP is an open and inclusive agreement, which means other countries can join once it is fully implemented. Countries will now work on their respective ratification processes of the agreement.
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