[TOKYO]Exactly one year to the day United States President Donald Trump pulled the US out of an ambitious Pacific Rim trade deal, the other 11 countries – including Singapore – came to an agreement to move forward on a new version after two days of talks in Tokyo ended on Tuesday (Jan 23).The countries will now work towards inking the deal, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and dubbed the TPP-11, by early March. Japanese public broadcaster NHK reported March 8 as the date being mooted for the signing ceremony to be held in Chile.Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang said in a statement on Tuesday: “Singapore is pleased by the good outcome on the CPTPP. We have made significant efforts to uphold the spirit and substance of the original agreement, while maintaining its high ambition and overall balance.”The deal, when entered into force, will substantially lower tariffs on a wide range of goods. Even without the US, it will be attractive for Singapore companies which will gain access to a market of 500 million people with a combined output of US$10 trillion (S$13.2 trillion).Apart from Japan and Singapore, the… Read full this story
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