Date
17 October 2017
Any bid to tweak the Trans-Pacific Partnership pact would entail the risk of the deal falling apart in its entirety, warns Singapore’s Lim Hng Kiang. Photo: Bloomberg
Any bid to tweak the Trans-Pacific Partnership pact would entail the risk of the deal falling apart in its entirety, warns Singapore’s Lim Hng Kiang. Photo: Bloomberg

Singapore cautions US against any move to amend TPP

Singapore has cautioned against any US move to amend the Trans-Pacific Partnership (TPP) trade pact, warning that the deal could face total collapse if it is sought to be tweaked.

“It’s in the interests of all 12 parties that once we agree on the agreement, that we should not go back and modify any part of it because that runs the risk of unraveling the entire agreement,” Singapore’s trade and industry minister Lim Hng Kiang told Bloomberg.

Any move by the US Congress to modify the pact could be unacceptable for other countries that are yet to ratify it, Lim was quoted as saying in an interview late last week in Mexico City.

The US-led TPP, which does not include China, is yet to be ratified by the US and some other nations including Japan.

The pact has come under a cloud as the two US presidential candidates, Hillary Clinton and Donald Trump, have expressed reservations about the deal.

Opponents of the deal include companies like Ford Motor, which says it should include limits to a country’s ability to manipulate its currency.

Some labor groups have also slammed the deal, saying it would safeguard corporate profits at the expense of workers.

Amid the criticism, some lawmakers have called for the trade pact to be renegotiated.

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