ASIA-PACIFIC business leaders have called for the US-led Trans-Pacific Partnership (TPP) free trade accord negotiations to be wrapped up in early 2013.

In a joint statement released yesterday, eight prominent business organisations - including the Singapore Business Federation (SBF) - urged TPP leaders to "move forward expeditiously and boldly" to achieve an "ambitious, comprehensive and high-standard" outcome.

The TPP, once concluded, will be the world's largest free trade agreement with a gross domestic product far bigger than that of the entire 27-member European Union. The 14th round of negotiations will take place over 10 days starting today in Virginia.

What began in 2005 as a largely obscure free trade arrangement between Singapore, Brunei, Chile and New Zealand has since seen five more economies - the United States, Australia, Malaysia, Vietnam and Peru - officially enter the talks. Canada and Mexico will join the discussions for the first time in December, while Japan is still mulling over a possible entry.

September 6, 2012

Source: Businesstime.com.sg

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