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Date [ 2014-02-25, 09:34 ]

Singapore played host for this crucial trade gathering.

(Kuala Lumpur=Koreanpress) Benjamin Kim = The Trans-Pacific Partnership (TPP) Ministerial Meeting took place from February 22~25, 2014at the Grand Copthorne Waterfront Hotel, Singapore.

The importance of this meeting was reflected in the status of the attendees. Trade Ministers andofficials from the 12 TPP countries - Australia, Brunei Darussalam, Canada, Chile,Japan, Malaysia, Mexico, New Zealand, Peru, the United States, Vietnam andSingapore – came together for the meeting.

Earlier on, chief negotiators and content experts had already met in Singapore from February 17 to 21,2014 to lay the groundwork and agenda for the TPP meeting proper.

Previous ministerial meetings, also held in Singapore, discussed the potential value of manyoutstanding issues in the text. This should allow the TPP to emerge as a high-quality and comprehensive trade agreementthat will go beyond tariff elimination and other traditional trade issues to address
emerging challenges faced by modern businesses.

The agreement will cover bothnew and traditional trade and investment issues, and look into creating jobs and economic development. Besides tackling issues such as trade liberalization in goods, services, investments and government procurement, the TPP will includeareas such as intellectual property rights, technical barriers to trade, sanitary andphytosanitary standards, competitive policies, labour and environment. It will also
incorporate new trade facilitation elements, such as the promotion of regulatorycoherence, enhancement of cross-border supply chain connectivity and thefacilitation of SMEs among TPP members.

Currently the 12 TTP countries are a very large market, accounting for nearly 40 per cent of global GDP and about one-third of all world trade. So it is not surprising the TPP is also conceived as the future pathway to a Free Trade Area of the Asia Pacific.


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