Sunday, April 21, 2013

Singapore welcomes Japan as a participant in TPP negotiations

Singapore warmly welcomes Japan's participation in the Trans-Pacific Partnership (TPP) negotiations, said the Ministry of Foreign Affairs (MFA) on Sunday.

Singapore is confident that Japan will be a valuable partner in the development of a high quality agreement to spur economic growth across the Asia-Pacific region, it added.

Singapore has consistently and strongly expressed support for Japan's early participation in the TPP.

MFA said Japan has long played a crucial role in the development of the Asia Pacific and thus maintaining its stability.

As the world's third largest economy, Japan's inclusion has further raised the strategic and economic significance of the TPP and reinforced the agreement's strategic vision of advancing regional economic integration and promoting regional development and stability.

MFA added that Japan's membership in the TPP will also encourage Japan's domestic growth and help its overall economic revitalisation.

Singapore also looks forward to Japan participating as soon as possible and contributing to the negotiations.

With Japan's inclusion, the TPP's membership has expanded to 12 countries representing nearly 40 per cent of the global economy and one-third of world trade.

The TPP is envisioned as an inclusive agreement that will lead to an eventual Free Trade Area of the Asia-Pacific.

MFA said that Singapore welcomes all countries in the region that will contribute to the TPP's objective of advancing regional economic integration.-Channel News Asia (April 21, 2013)

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