Singapore PM Lee Hsien Loong has admitted that TPP trade deal is quite difficult in the tough election year because American people has doubted over jobs and competition from abroad.
In February, the TPP was signed by the 12 participating governments, including Singapore and administrated by the US President Obama.
Singapore’s prime minister said on Monday, America is looking for the Trans-Pacific Partnership, and desired its approval rather than growing political opposition in the US to the 12-nation free trade deal.
He said, this deal would give better access to the market which is accounted for 40 percent of global economic output and it will intensify its commitment in the Asia-Pacific.
In Tuesday meeting Lee told the US Chamber of Commerce with President Barack Obama at the White House, “For America’s friends and partners, passing TPP is a litmus test of your trustworthiness and seriousness of purpose,”
The TPP deal has been signed by the 12 participating governments, including Singapore, and negotiated by the Obama administration in February but it is yet to be signed by Congress. The deal has been opposed by the Republican presidential contender Donald Trump and his Democratic rival Hillary Clinton.
The deal would eradicate trade barriers and tariffs, modernize standards and encourage investment between the participating countries which includes Japan, Australia, Mexico and Vietnam. Observer says deal would undercut American workers by introducing lower-wage competition and gives huge corporations too much scope.
Lee was appreciating America to support to trade He said: “There are no winners, only losers with protectionism” saying every TPP member had to make sacrifices to accept the agreement.
He said, “We need to know that this engagement will be sustained and we need to know that agreements will be confirm,”
Lee will be honored with a state dinner Tuesday, the first held for a Singaporean leader since October 1985, during the presidency of Ronald Reagan, for Lee’s late father, Prime Minister Lee Kuan Yew.