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.
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
Vietnam will be able to access a huge market of 3.4 billion people when it joins the Regional Comprehensive Economic Partnership (RCEP).
Countries in RCEP will have a combined GDP of 21 trillion USD, accounting for 29 percent of the world's GDP, said Nguyen Anh Duong, Deputy Director of the Central Institute for Economic Management (CIEM).
Speaking during a workshop held in Hanoi on July 17 on the impact of RCEP on Vietnam's economy and the opportunities and challenges it would pose, Duong said regulations on origin in RCEP would be simpler and more liberal than in other economic pacts. In addition, the parties would make more commitments on freedom of trade in goods and services and investment.
US President Donald Trump signed a decree to withdraw his country from the Trans-Pacific Partnership (TPP) trade deal on his first official working day in the White House on January 23.
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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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RCEP and TPP partners (Photo: aseantuc.org) 
