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AmCham Singapore Champions the Trans-Pacific Partnership

2015-11-06 12:09

SINGAPORE, Nov. 6, 2015 /PRNewswire/ -- The American Chamber of Commerce in Singapore (AmCham) welcomes the White House's announcement of President Barack Obama's intention to sign the Trans-Pacific Partnership (TPP) and the release of the complete text.  AmCham urges Congress to support this historic trade agreement that will support regional stability, economic growth, and stronger multilateral relations among the TPP nations. Already other governments not party to the TPP negotiations have indicated intent to join; notably Indonesia President Joko Widodo made an announcement during his recent visit to Washington, DC; representatives of the Philippines and Thailand previously indicated their interest as well.

The TPP will expand the international reach of American goods and services, creating new opportunities for companies in a partnership that encompasses 40% of global GDP.  The elimination of tariffs on more than 18,000 Made in America exports will level the playing field for both small and large American companies.

The TPP will also stimulate profound transformation for ASEAN signatories of the TPP -- Brunei, Malaysia, Singapore and Vietnam. These countries stand to benefit from increased foreign investment and reduced tariffs for exports, thereby opening new avenues for enhancing supply chain efficiencies to promote further integration in the region.  TPP parties as a whole will gain as the superior standards embedded in the TPP will attract trade and investment.

Importantly, the TPP is the first free trade agreement with a dedicated focus on helping small and medium sized enterprises (SMEs), with a chapter on SMEs that focuses on increasing accessibility to the TPP's benefits and reducing burdensome regulations.

AmCham Singapore Chairman James Andrade stated, "The TPP will promote job creation and investment in regional economies that will increase opportunities for American businesses, which in turn will strengthen the American economy."

"The TPP will create the world's largest free trade zone.  We are confident that the TPP will deliver unparalleled gains for all parties and that these gains will expand still further as additional countries join the partnership," added AmCham Singapore Executive Director Judith Fergin.

This landmark agreement is large not only in scope but also in ambition.  It protects intellectual property rights, addresses digital trade, and promotes e-commerce.  It sets the strongest enforceable labor standards of any FTA in history and makes the enforcement of strong environmental standards compulsory. For additional information, visit the U.S. Trade Representative TPP website

AmCham Singapore has created a TPP Task Force that will advocate for the passage of the TPP based upon its economic and strategic importance to AmCham members overall. Details of the Task Force are available here: http://www.amcham.org.sg/tpp/

Background

The American Chamber of Commerce in Singapore is the leading international business association in Singapore with over 5,000 members representing more than 750 companies.  American companies' direct investment in Singapore exceeds an estimated US$179 billion.

For further information, contact:

Thomas H. McNutt
Head of Government & Public Affairs
Phone: +65-6597-5732
Email: tmcnutt@amcham.org.sg

Source: The American Chamber of Commerce in Singapore
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