Business leaders call for successful TPP negotiations

SINGAPORE : Business representatives from the region are urging delegates at the ongoing 16th round of the Trans-Pacific Partnership (TPP) negotiations to bring talks to a substantive conclusion as soon as possible. 

In a joint statement on Friday, ten business organisations from various APEC economies urged negotiators to show flexibility and narrow the range of differences. 

"It is to the businesses' interest that the negotiation should be concluded sooner than later so that companies could benefit and help their businesses to grow. However, bearing in mind that TPP should be a high quality agreement, we don't want to sacrifice substance for speed," said Ho Meng Kit, Chief Executive Officer of the Singapore Business Federation. 

This latest round of negotiations has been tackling some tough issues ranging from the standards for e-commerce to intellectual property rights as the 11-member group look for ways to create a free-trade zone that stretches through the Pacific. 

Business representatives say a successful TPP will be comprehensive with no product exclusions, will have high quality standards that stretch across all sectors, and it will be ambitious in approach to trade, eliminating tariffs and non-tariff barriers in trade on goods and services and investment. 

"We support TPP because it can provide the framework which enables business to create the conditions for growth in the region", said Calman Cohen, President of the Emergency Committee for American Trade. 

"TPP is about eliminating barriers to trade and investment, reducing the costs of doing business and enhancing the operation of regional supply chains. Addressing these issues will allow business to invest, expand and support and create jobs." 

Business leaders also want an innovative and enforceable agreement that will be open to accession by other Asia-Pacific economies. 

"TPP should not be seen as an exclusive club, it is in fact meant to be a living agreement," said Alexander Feldman, President of the US-ASEAN Business Council. 

"While eleven economies are currently involved, we hope others in ASEAN sharing the vision of a high quality, comprehensive, and ambitious agreement will join over time, thus creating a pathway to an even wider agreement in the region". 

Earlier this week, The Japan Times reported that Japanese Prime Minister Shinzo Abe was leading his country towards joining the TPP. 

The member nations include Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.

This latest round of negotiations are expected to wrap up on 13 March. 

The joint statement was issued by business organisations including the Asia Pacific Chambers of Commerce, Canadian Agri-food Trade Alliance, Canadian Manufacturers & Exporters, Emergency Committee for American Trade, Foreign Trade Association of Peru, National Center for APEC, New Zealand International Business Forum, Singapore Business Federation, US-ASEAN Business Council and Vietnam Chamber of Commerce and Industry.

March 8, 2013

Source: Channel News Asia