- Singapore owes its current success due to its embrace of free trade right from the island’s founding in 1819. The free trade agreement with the U.S. in 2003 was an important modern achievement and precursor for the Trans-Pacific Partnership.
- The Trans-Pacific Partnership would be the largest trade pact in modern times with 12 nations involved and covers 1/3 of world trade. President Obama recently obtained fast-track authority from the Senate to push through TPP negotiations despite labour union objections.
- While details are not clear, we are likely to see its successful completion by January 2017 as Obama seeks to secure his legacy within his term in office.
- Singapore’s push as an International Arbitration Centre looks like a potential winner for its capable service providers when TPP comes into effect over the next two years.
The Significance of the Trans-Pacific Partnership
Singapore had always been seen as an economic miracle ......