Trans-Pacific Partnership can build on success of US-Singapore FTA

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The Partnership is a proposed regional free-trade agreement between 12 countries responsible for about 40 per cent of the world’s GDP and 26 per cent of its trade.

It has been 10 years since the US-Singapore Free Trade Agreement (FTA) came into effect. During this period, bilateral ties between the two countries have made significant progress and business leaders say they are looking forward to greater cooperation between both sides through multi-lateral agreements like the Trans-Pacific Partnership (TPP).

ExxonMobil is one of the American companies that has increased investments here, particularly since the US-Singapore FTA kicked in. Over the years, it has invested about S$13 billion in Singapore, and last week broke ground on two new specialty units facilities on Jurong Island.

“The stocktake of the US Singapore FTA after 10 years is nothing short of impressive,” said Mr Ho Meng Kit, CEO of the Singapore Business Federation. “Bilateral trade between the US and Singapore has grown by 60 per cent over the 10 year period. Also, US direct investments here at the end of 2013 was at US$154 billion. This is several times the investment number in 2003.” Total trade between Singapore and the US was at S$78 billion in 2013.

Given the success of the free-trade pact, there has been a push for even more cooperation at the multi-lateral level, in forms such as the TPP. This Partnership is a proposed regional free-trade agreement between 12 countries responsible for about 40 per cent of the world’s GDP and 26 per cent of its trade.

American Chamber of Commerce Executive Director Judith Fergin urged negotiating parties to complete the TPP as soon as possible, while maintaining or exceeding the high standards established by the US-Singapore FTA. Calling Singapore an “enduring partner”, United States Ambassador to Singapore Kirk Wagar said his team here and their Washington colleagues are “firmly committed” to ensuring the TPP is a comprehensive deal.

The agreement should provide “new and meaningful market access for goods and services, strong and enforcable labour standards and environmental commitments, new rules designed to ensure fair competition between state-owned enterprises and private companies, commitments to improve its transparency, consistency of the regulatory environment to make it easy for small- and medium-sized businesses to operate across the region, a robust intellectual property rights framework to promote innovation and a thriving digital economy”, he said.

Industry leaders note that while the US continues to play a leadership role in this region, its focus can no longer be one-dimensional. Said Singapore’s Ambassador-at-Large Tommy Koh: “The US policy towards Asia cannot be uni-dimensional. It cannot be focused only on security and the military. It has to be a comprehensive engagement involving all sectors, including business, economics, culture, education, environment, gender equity and so on. We need more investment from America. We want more trade with America.”

 

 

 

Source : Channel News Asia | October 29, 2014

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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