Singapore is among the twelve Pacific Rim countries party to the Trans-Pacific Partnership (TPP). The full text of this landmark Free Trade Agreement (FTA) has been released, and it spans 30 chapters and over a thousand pages. It must now be formally signed and ratified by the twelve countries.
Whilst there has been much negative commentary and criticism on the TPP in part due to the opacity of the negotiation process, there is strong support for it as well, and the TPP has been heralded as the pathway to unlock the future growth of the countries involved with the pact. It is expected to deepen economic ties; substantially reduce and even eliminate tariffs; open up trade in goods and services; boost investment flows and economic growth; and foster closer relationships and common standards on policy and regulatory issues between the parties to the agreement, which together contribute to 40 percent of the world’s GDP.
The TPP represents the most tangible element of America’s economic ‘pivot’ towards Asia and demonstrates its commitment to leading the region not just in trade, but other aspects of international norm-making as well. The sheer size of the bloc’s total economy – led by the world’s No 1 and No 3 economy, the US and Japan – has resulted in the TPP setting new rules and norms for global trade and commerce. The IP provisions are one such aspect which is said to have ‘set the bar’ for future agreements. When and how can Singapore companies stand to gain from the TPP? What sticking points remain in sealing the deal? How do the TPP’s IP provisions impact Singapore? Has the momentum of trade negotiations shifted from multi-lateral institutes like the World Trade Organisation (WTO) to mega-regional FTAs?
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