Asia-Pacific Business Chambers Want TPP on Agenda
Issued on behalf of AmCham Singapore, AustCham
Singapore, the New Zealand Chamber of Commerce in Singapore
and the Singapore Business Federation
Singapore,
October 28, 2009 – As Singapore prepares to host the APEC
Summit, four business chambers have expressed their support
for negotiations of the Trans-Pacific Strategic Economic
Partnership Agreement (TPP).
The trade agreement,
which currently includes signatories Brunei, Chile,
Singapore and New Zealand, is designed to accommodate new
members and, say the chambers, expanding the agreement to
include Australia, Peru, and Vietnam and the US “could
result in a mutually-beneficial trade agreement amongst
like-minded economies.”
Trade discussions at the
2009 APEC Leaders’ Meeting could potentially pave the way
to a strong and comprehensive Trans-Pacific Strategic
Partnership Agreement (TPP). Each of the four chambers will,
therefore, encourage their respective government to place
the TPP negotiations at the top of their trade policy
agendas.
Explains Chairman of AmCham Singapore,
Steven R. Okun:
“Living in Singapore, we see
first-hand the speed with which Asian economies are emerging
from the global economic downturn. A firm and increasing
commitment by the US to the region via TPP negotiations will
keep US companies connected to the world’s fastest-growing
region. AmCham members are aware of the potential benefits
the TPP can bring to the US economy, its businesses and
workers.”
The TPP has the potential to improve
access to key markets and to influence the pace and terms of
regional integration. It is seen as an ideal conduit for
advancing free trade for the benefit of businesses, workers,
and consumers.
The leaders of the American,
Australian and New Zealand chambers and the Singapore
Business Federation began meeting in early September this
year as part of an initiative spearheaded by The American
Chamber of Commerce in Singapore (AmCham Singapore).
According to Singapore Business Federation CEO, Ten
Theng Dar:
"The TPP will make the APEC region a
faster, easier, and cheaper place to do business. It will
especially benefit small and medium-sized enterprises, which
have more difficulty understanding the complexities and
interactions of the many current free trade agreements
across APEC."
"The TPP can be a revolutionary
agreement by going beyond the scope of most bilateral trade
agreements to cover services, new technologies, and
behind-the-border trade barriers. It can truly benefit
businesses of all sectors and sizes by providing a more
manageable framework than many competing bilateral trade
agreements," says President of the New Zealand Chamber of
Commerce in Singapore, Stefan Focas.
"There is a raft
of short term benefits that will flow to Australian
businesses if Australia enters the TPP. But the real win
will be in the longer term if our entry, along with that of
the US and Vietnam, encourages others to join and generates
momentum toward an Asia-Pacific free Trade Zone,” said
Nicholas Cocks, President of the AustCham Singapore.
Currently, there are more than 40 bilateral trade
agreements operating across APEC and a TPP, say the
chambers, is a natural progression toward multilateral
agreements.
Moreover, a TPP could be a vehicle for
incremental progress toward a Free Trade Area of the
Asia-Pacific incrementally. As the hosting of APEC moves
from Singapore to Japan to the US in 2011, there is a
three-year window which can result in concrete achievements.
The chambers collectively represent over 1,200
foreign companies operating in Singapore and more than
15,000 local companies. Together, they represent billions of
investment in Singapore and the region.
About AmCham
Singapore
AmCham Singapore is the leading
international business association in Singapore, with 3,700
members representing over 650 American, Singaporean, and
other international companies. The US has over USD106
billion of investment in Singapore.
About AustCham
Singapore
The Australian Chamber of Commerce,
Singapore (AustCham) is an organisation with 550 members
which fosters, and provides a forum for, business links
between Australia and Singapore.
About the New
Zealand Chamber of Commerce in Singapore
The New
Zealand Chamber of Commerce (Singapore) operates on behalf
of its 280 members, assisting and serving business interests
to benefit both countries.
About the Singapore
Business Federation
The Singapore Business Federation
is the apex business chamber that champions the interests of
the Singapore business community in trade, investment and
industrial relations. It represents more than 15,000
companies as well as the local and foreign business chambers
and key national and industry associations from business
sectors that contribute significantly to the Singapore
economy.
ENDS