S’pore to amend legislation to bring TPP into effect next year

LIMA (PERU) –– Singapore is pushing ahead to amend its legislation and bring into effect the Trans-Pacific Partnership (TPP) by early next year, said Prime Minister Lee Hsien Loong on Sunday (Nov 20), as he and other TPP leaders pledged to double efforts to implement the trade pact amid uncertainties over its future following United States President-elect Donald Trump’s staunch opposition to the deal.

Noting that both Japan and New Zealand are already ratifying the agreement, Mr Lee urged the TPP-nations to “maintain the momentum” and to show that the agreement benefits “all of us”.

“While the circumstances have changed, the fundamental rationale for the TPP has not changed. It remains important, both economically and strategically. It will integrate our economies and set a high standard for future regional trade agreements, especially in the Asia Pacific and foster prosperity, security and stability in the whole region,” he said during a meeting of TPP leaders held at the sidelines of the Asia-Pacific Economic Cooperation (Apec) Economic Leaders’ Meeting.

The meeting was also attended by outgoing United States President Barack Obama, who has championed the trade pact, but now faces the uncertainty that it would not be ratified in Congress after Republican congressional leaders confirmed last week that the TPP is essentially dead.

Mr Lee yesterday recounted how all countries have worked extremely hard for the TPP and had last year celebrated the conclusion of the negotiations.

“We had come so far, and we hoped we only had a little way more to go. But we find ourselves facing a twist in the road. I share President Obama’s hope that after the new administration has settled in, deliberated on the matter, and taken advice, it will in due course take a considered decision,” he added.

Writing on his Facebook page later, Mr Lee said he “hope(s) everyone can take a long term view, stay the course and not undo the good work that has been done over the past six years”.

The TPP signatory nations are scrambling to save the TPP, after Mr Trump vowed to scrap the accord once he takes office in January, claiming that the deal would harm the US economy and costs jobs. The agreement, which accounts for around 40 per cent of global output, is still pending ratification by the signatory nations.

Besides Singapore, Japan, New Zealand and the US, the accord includes Australia, Brunei, Canada, Chile, Mexico, Malaysia, Peru and Vietnam.

At the meeting on Sunday, the leaders of the 12 signatory nations affirmed their intentions to continue with their plans to ratify the agreement.

Although it is unclear whether accord will come into force under a new Trump administration, the leaders did not discuss the possibility of implementing the TPP without the participation of the US, according to a senior Japanese official.

Mr Obama was quoted by the official as saying his administration will continue efforts to win domestic support for the pact.

The White House in a statement early on Sunday said Mr Obama “discussed his support of high-standard trade agreements like TPP, which level the playing field for American workers and advance our interests and values in the economically dynamic and strategically-significant Asia-Pacific region” during his meeting with the signatory nations’ leaders.

Mr Obama “urged his fellow leaders to continue to work together to advance TPP,” it said. AGENCIES