ChannelNews Asia, Singapore

FTA talks with EU and TPP progressing well, says Trade Minister Lim

16 May 2011

SINGAPORE: Trade and Industry Minister Lim Hng Kiang said Singapore’s negotiations for Free Trade Agreements with the European Union and the nine-member Trans-Pacific Partnership (TPP) are progressing well since talks began last year.

Mr Lim was speaking at IE Singapore’s Global Trader Summit on Monday morning.

He affirmed Singapore’s commitment to become a global trading hub and to grow the sector which now accounts for one-sixth of Singapore’s GDP.

One of the three "pillars" he identified to achieve this was Singapore’s commitment to free trade.

Mr Lim said: "With the EU, the largest market for our exports, we are at an advanced stage of our negotiations and it is possible that we could conclude the negotiations later this year. The TPP has also moved along well. With Malaysia joining the negotiations last year, the TPP has now truly become a partnership spanning both sides of the Pacific."

Mr Lim added that both FTAs will maximise opportunities for companies while catering to 21st century business realities such as supply chain fragmentation.