February 26, 2024

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Singapore Hosts 6th Trans-Pacific Partnership Commission Meeting

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Singapore hosted Ministers and Senior Officials from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, and Vietnam during the Sixth Meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission.

Gan Kim Yong, Minister of Trade and Industry, presided over the first in-person Commission Meeting after the COVID-19 epidemic, ” “I am pleased that we have collectively achieved the objectives we had set for Singapore’s CPTPP Chairmanship. We have advanced the implementation of the CPTPP and explored further cooperation in areas such as the digital economy and green economy.”

In addition, he applauded Malaysia’s ratification of the CPTPP, which will increase the Agreement’s benefits for all parties. According to him, these outcomes will ensure that the CPTPP remains an ambitious agreement that offers substantial advantages to businesses and people, and this is crucial for achieving a robust, resilient, inclusive, and sustainable economic recovery for all.

A set of non-binding Guidelines for Mutual Recognition Agreements (MRA) for Professional Services was also adopted at the Commission Meeting. It is anticipated that these standards will promote the transparency and uniformity of MRAs negotiated by CPTPP members and contribute to a more business-friendly environment for trade in professional services.

New and developing areas of cooperation in the digital economy and green economy were also highlighted. These areas present potential for members to collaborate more closely to increase trade and investment. Furthermore, the Commission Meeting launched an evaluation of the CPTPP’s impact. CPTPP members’ researchers had done several analytical studies on the Agreement’s impact.

The key findings show encouraging indicators of increased economic cooperation and improved trade and investment flows among the Parties. These findings will help Members decide what steps to take next in the review.

Also agreed to continue efforts to address subsequent accession applications in accordance with the CPTPP Accession Process and notify aspirant economies on whether they can satisfy the CPTPP’s high requirements, considering their trade obligations.

These results, obtained under Singapore’s Chairmanship of the CPTPP Commission this year, demonstrate the importance of expanding economic linkages and engaging in critical trade issues affecting the region.

Furthermore, Minister Gan stated that they commissioned research organisations headquartered in the CPTPP region to perform analytical studies to examine the impact of the Agreement on regional trade and investment flows.

The initial study reveals a substantial rebound in intra-CPTPP trade in goods in 2021, a robust expansion in intra-CPTPP trade in digital services, and an increase in investment flows. Small and Medium-Sized Enterprises (SMEs), women’s employment, and indigenous communities also benefited from expansion, and cross-border R&D activity among CPTPP parties was robust and integrated. Minister Gan emphasised that new and developing areas of cooperation in the digital economy and the green economy will continue to be explored.

On the topic of the digital economy, they discussed digital trade facilitation, emerging technologies, and data, as well as cooperation on digitalisation and data-driven solutions. For the green economy, they will help the potential development of initiatives that promote trade and investment in environmental goods and services, as well as innovations.

On the other hand, aspirant economies are expressing a rising interest in joining the CPTPP, according to member states. In support of the open architecture of the Agreement, they will consider the continuing accession process with the United Kingdom and continue to share their perspectives on the CPTPP’s expansion.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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