Singapore’s Prime Minister Lee Hsien Loong has urged US businesses to voice their support to persuade the US Congress to ratify the Trans-Pacific Partnership (TPP) agreement.
Singapore’s Prime Minister Lee Hsien Loong (Photo: AFP/VNA)
Hanoi (VNA) – Singapore’s Prime Minister Lee Hsien Loong has urged US businesses to voice their support to persuade the US Congress to ratify the Trans-Pacific Partnership (TPP) agreement.
Speaking before 200 businesses and visitors at the US – ASEAN Business Council in Washington on August 1, the PM said Singapore wants to attract new investment from the US .
He acknowledged economic anxieties among Americans and called on the US to resist protectionism and secure its economic future by ratifying the TPP – the world’s largest free trade pact.
The PM said that the TPP is strategically “vital” to the US ’s engagement in the Asia-Pacific.
The agreement will enable the US and its TPP partners to shape regional economic architecture by setting a high bar for future trade agreements, he said.
PM Lee Hsien Loong is on an official visit to the US . The one-week visit is taking place on the anniversary of 50 years of diplomatic relations between the two countries.
The TPP is a free trade agreement between 12 countries, namely Canada, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Australia, the US, Japan and Vietnam, which aims to remove tariff barriers for its members.
Once in force, the pact will create a free trade area of 800 million population and account for 30 percent of global trade and about 40 percent of the world’s economy.-VNA
Vietnam should complete labour standards and relations in order to fulfill its commitments to employment and trade union in the Trans-Pacific Partnership (TPP) agreement.
Over 65 percent of tariff lines will be lowered to zero for the products Vietnam imports from Mexico, right after the TPP becomes effective, stated Vietnam's Ambassador to Mexico Le Linh Lan.
The National Assembly, the Government and offices still have a lot of works to do to put TPP into practice, and to create a new motivation for the nation during its integration process.
A conference on the Trans-Pacific Partnership (TPP) and its impacts on Vietnam’s economic, financial and intellectual property sectors took place in Vinh city, the central province of Nghe An.
A group of trade representatives of the Trans-Pacific Partnership (TPP) members in Mexico will be set up in an effort to boost trade ties with the host country.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Singapore’s Prime Minister Lee Hsien Loong (Photo: AFP/VNA)
