Channel NewsAsia
Updated: 02/22/2014 18:29 | By Channel NewsAsia

Trade Ministers from Trans-Pacific Partnership countries meet in S'pore

Trade Ministers from Trans-Pacific Partnership countries meet in S'pore


Trade Ministers from Trans-Pacific Partnership countries meet in S'pore

SINGAPORE: Trade Ministers and officials from the 12 Trans-Pacific Partnership (TPP) countries are in Singapore for the TPP Ministerial Meeting from February 22 to 25.

The countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, the United States, Vietnam and Singapore.

The Ministry of Trade and Industry (MTI) said at the last ministerial meeting held in Singapore in December 2013, the ministers had a good discussion on the potential way forward for many outstanding issues in the text.

The TPP is envisioned as a high-quality and comprehensive trade agreement that will go beyond tariff elimination and other traditional trade issues to address emerging challenges faced by modern businesses.

MTI added that the agreement will cover both new and traditional trade and investment issues, and seeks to create jobs and promote economic development.

The TPP aims to tackle issues such as trade liberalisation in goods, services, investments, and government procurement.

It will also include areas such as intellectual property rights, technical barriers to trade, sanitary and phytosanitary standards, competition policy, labour and environment.

The TPP will incorporate new trade facilitation elements like the promotion of regulatory coherence, enhancement of cross-border supply chain connectivity, and the facilitation of small and medium enterprises among TPP members.  - CNA/gn

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