Singapore, Japan vow to maintain CPTPP’s high standards

Wednesday, 2022-01-12 20:49:32
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A worker at an automobile factory in Aichi, Japan (Photo: AFP/VNA)
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NDO/VNA - Trade ministers of Singapore and Japan on January 12 pledged to maintain the high standards of market access and rules of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Japanese Minister of Economy, Trade and Industry Hagiuda and Singaporean Minister for Trade and Industry Gan Kim Yong reiterated their countries’ commitment to “building a free and fair rules-based trading system including by maintaining” high standards for the trade agreement, Kyodo cited in a joint statement as saying.

The two ministers said they aim to expand the trade pact to those who are able to fully meet, implement and adhere to its high standards.

The statement was issued after Hagiuda visited Singapore during a tour of Southeast Asian countries including Indonesia and Thailand starting last week.

Singapore is chairing the CPTPP Committee, the bloc’s decision-making body this year, following Japan’s mission in 2021.

The CPTPP covers 13 percent of global GDP and groups together Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

The UK and China applied to join the trade deal last year while the Republic of Korea and the Philippines expressed their interest in joining.