Laying the foundation for TPP compliance

THE Trans-Pacific Partnership (TPP) will be formally signed in Auckland, New Zealand on Feb 4, creating the world's biggest free-trade area, bringing together 12 Pacific Rim countries including the United States, Japan, Australia and Singapore.

The TPP aims to reduce trade barriers in these countries, lowering tariffs on goods and ultimately enabling better market access to the free trade area.

The agreement offers significant potential for Singapore. TPP partners account for almost S$300 billion, or 30 per cent of Singapore's total goods trade, according to the Singapore government.