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Singapore Announces Ratification of Revised Trans-Pacific Partnership

Written by: Bridgewest

Singapore is one of the signatory countries of very important trade deals, which enable it to distribute local products in many foreign countries. This is why, at the middle of July, the Ministry for Trade and Industry (MTI), announced the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – the latest version of the Trans-Pacific Partnership after the withdrawal of the United States. If you want to open a company in Singapore, our local company formation consultants can guide you.

Singapore is the 3rd country to ratify the CPTPP

Mexico and Japan were the first two countries to ratify the new treaty, making Singapore the 3rd country to ratify it, according to the press release of the MTI.

The new Trans-Pacific Partnership now has 11 countries, among which several South American states and some Asian countries. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership offers new possibilities to companies of the signatory states, including Singapore, to enter new markets with a total number of 500 million customers and a combined gross domestic product of 10 trillion USD.

For Singapore, the new agreement represents an important addition to its network of free trade conventions, which now includes provisions on new industries, such as e-commerce.

It is known that the city-state is one of the most advanced countries in the world in terms of e-commerce, so if you want to start such business here, our company formation agents in Singapore can help you.

The CPTPP to enter into force in less than 2 months

Even if there are a few more countries to ratify it, the new trade agreement will be enforced in less than 2 months in Singapore and companies here will be able to access new markets and expand their operations at lower costs than before. The agreement will also lead to a stronger cooperation among Asian countries, an improved trade flow, services, and investments.

Singapore has a wide network of bi- and multi-lateral agreements, among which double taxation treaties which help foreign investors doing business here. If you consider to open a company in Singapore for the purpose of taking advantage of these agreements, please contact our Singapore company formation consultants.

 

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