On 3 Jun 05, the trade ministers of Brunei, Chile, New Zealand and
Singapore announced the substantive conclusion of the Trans-Pacific
Strategic Economic Partnership Agreement (“Trans-Pacific SEP”) on the
sidelines of the APEC Ministers Responsible for Trade (MRT) meeting in
New Zealand, Brunei, Chile and Singapore announced a trans-Pacific free trade pact to improve market access between the countries.
Singapore, Chile, New Zealand and Brunei have completed their fifth round of Free Trade Agreement (FTA) negotiations.
The New Zealand, Chile and Singapore governments are promoting a P-3
whose primary - and arguably only - beneficiaries are the transnational companies that
straddle two of the three countries, including opportunists who locate there to take advantage
of the deal. The greatest potential beneficiaries are the agribusiness interests of Fonterra and
Nestle as they promote their shared strategy to dominate Latin America’s dairy industry.
A diplomatic gaffe by "jet-lagged" Trade Minister Jim Sutton is thought
unlikely to deter Chile from signing a three-way trade deal with New
Zealand and Singapore next year.