Despite the United States pulling out of the Trans-Pacific Partnership (TPP), the remaining 11 countries have expressed unity in taking the partnership forward.
In a joint statement by the 11 TPP signatories, who met at the sidelines of the AsiaPacific Economic Cooperation (APEC) Ministers Responsible for Trade, the Ministers agreed on the value of realising the TPP’s benefits.
They also reaffirmed the balanced outcome and the strategic and economic significance of the TPP. The partnership aims to promote regional economic integration, contribute positively to the economic growth prospects of its member countries, and create new opportunities for workers, families, farmers, businesses and consumers.
"Singapore is encouraged by our partners’ commitment to the TPP. This will have a positive spillover effect on economic integration in the region, and the Agreement will also provide for others to join in when ready," the Ministry of Trade and Industry said in a press statement on 21 May, 2017.
Minister of Trade and Industry (Trade) Lim Hng Kiang said, “Singapore supports the joint efforts by the 11 to sustain the TPP. It is important that we keep up momentum. Singapore will participate constructively in this collective process to harvest the TPP’s benefits.”
The 11 countries are Australia, Brunei Darussalam, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore and Viet Nam.