Singapore becomes third nation to ratify CPTPPTrade and Export Growth
Singapore has notified New Zealand it has completed its domestic procedures to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
It is the third nation to inform New Zealand, as Depositary for the CPTPP, that it has ratified.
Minister for Trade and Export Growth David Parker congratulated Singapore on the move.
“We welcome Singapore’s commitment to this enlarged grouping and the constructive role it has played in getting us to this point. The CPTPP will further cement our close trading relationship,” David Parker said.
“Like New Zealand, Singapore was part of the P4 pact that grew into the 11-member CPTPP.”
New Zealand and Singapore are also in the process of upgrading our bilateral trade agreement, the Closer Economic Partnership, as part of a wider Enhanced Partnership.
Singapore is New Zealand’s sixth-largest trading partner with two-way goods and services trade of totalled $4.6 billion in the year to March 2018.
“Singapore joins Mexico and Japan, who have also ratified the CPTPP in the past month. We are now halfway towards having the six ratifications required to bring CPTPP into force.”
The CPTPP comes into force 60 days after at least six of the 11 signatories have ratified.
New Zealand hopes to complete its ratification procedures before the end of the year. The Bill which includes the changes necessary for ratification is now before Parliament’s Foreign Affairs, Defence and Trade select committee.
The CPTPP is part of this Government’s broader trade agenda, which has seen recent progress with the EU and the UK’s signal that, once it leaves the EU, it will prioritise a deal with New Zealand.
David Parker heads to Mexico on Saturday for talks with the four-nation Pacific Alliance.
“Businesses and workers can be sure we will support them to achieve greater market access for our exports and wider opportunities under our Trade for All agenda,” David Parker said.