THE American Chamber of Commerce in Singapore (AmCham Singapore) has urged the US Congress to support the creation of the Trans-Pacific Partnership (TPP) so that it can be successfully implemented.
The landmark free-trade agreement involves 12 countries - including Singapore - and is expected to boost trade volumes and foster stronger economic partnerships within the group. This will bolster job creation and create more growth opportunities for firms, including small and medium enterprises.
James Andrade, AmCham Singapore chairman, said: "The Asia-Pacific region will continue to see high growth rates for years to come. The TPP will enable American companies to take advantage of this environment through deeper trade and investment ties in the region. Increased regulatory coherence will be especially helpful for smaller firms that want to establish operations in multiple locations in the Asia-Pacific region."
AmCham Singapore highlighted that it welcomes the access to markets that the TPP will bring regional companies since the TPP is committed to liberalising trade across all sectors in a non-discriminatory manner. "A successful TPP will revolutionize international trade in the Asia-Pacific region," it said.