TPP could mean S$1b in tariff savings for Singapore

PM Lee: Other elements of the trade pact, which could take a year or two to ratify, could also bring benefits to S'pore

Published Mon, Nov 16, 2015 · 09:50 PM

Antalya, Turkey

THE Trans-Pacific Partnership (TPP) could be ratified by the US in one to two years, and extend to Singapore an estimated savings of S$1 billion in tariffs annually, said Prime Minister Lee Hsien Loong on Monday in Antalya.

Speaking to Singapore reporters at the end of his three-day trip to Turkey for the Group of 20 (G-20) Summit, he expressed hope that the US will ratify the TPP before or soon after its 2016 presidential election in November.

"So you're talking about one, two years to ratify. Some of the benefits will phase in over a period of time - but that's natural for any FTA (free trade agreement)," he said in response …