CPTPP to bring great chances for Singaporean businesses
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is expected to take effect in December this year, will bring great opportunities for business cooperation with Singapore firms, said a statement from Singapore’s Ministry of Trade and Industry on November 20.
Officials of CPTPP signatories pose for a photo together in Chile in March (Photo: VNA)
Singapore (VNA) – The Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), which is expected to take effect in December this year,will bring great opportunities for business cooperation with Singapore firms,said a statement from Singapore’s Ministry of Trade and Industry on November20.
CPTPP, formerly namedthe Trans-Pacific Partnership (TPP), accounts for 13 percent of the globaleconomy and will become effective on December 30, 2018.
On January 1, 2017,the US withdrew from the TPP as US President Donald Trump believed that thedeal might harm the employment of US citizens.
The agreement includestax cuts to agricultural and industrial products, reducing investmentlimitation, and strengthening intelligence property protection.
Among the 11 CPTPPmembers, seven have already ratified it, including Vietnam, Australia, Canada,Japan, Mexico, New Zealand, and Singapore, meanwhile the remaining members who haveyet to complete ratification procedures are Brunei, Chile, Malaysia, and Peru.
Singapore’s Ministryof Trade and Industry said that after it becomes effective, the country’senterprises will strengthen export activities to enter the goods and servicemarkets of other CPTPP members. –VNA
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Officials of CPTPP signatories pose for a photo together in Chile in March (Photo: VNA) 
