SINGAPORE – The withdrawal of the US from the Trans-Pacific Partnership (TPP) mega free trade deal is a “setback” but it doesn’t have to be the ultimate outcome for the global trade liberalising agenda.

Trade Minister Lim Hng Kiang made this point in parliament on Monday as the House discussed the fate of the TPP and the impact on Singapore’s economy now that the US is no longer in the picture.

He was responding to questions posed by three members of parliament (MP) – Ang Wei Neng (Jurong GRC), Pritam Singh (Aljunied GRC), and nominated MP Randolph Tan.

Mr Lim made it clear that the TPP agreement – signed by all 12 members in February 2016 after seven long years of negotiations – cannot come into effect in its current form without the US.

Apart from the US, the other TPP nations are Singapore, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Vietnam.

Collectively, they have an annual gross domestic product of nearly US$28 trillion that represents roughly 40 per cent of global GDP and about a third of world trade.

One of US President Donald Trump’s first acts after his inauguration on Jan 20 was to sign an executive order to remove the US from the TPP, effectively killing off any hopes of ratifying the deal.

The new US administration has indicated it will instead push for bilateral trade agreements in the future.

Article 30.5 of the TPP requires at least six countries, representing 85 per cent of the bloc’s combined GDP, to ratify the agreement.

The US, the world’s largest economy, must be one of the six for this to happen.

With the TPP now in a state of limbo, Mr Lim informed the House of three scenarios that could emerge.

The first is for the remaining 11 members to press on with their respective plans to ratify the agreement, and hope that the US will change its mind and rejoin before the February 2018 ratification deadline.

The second is to pursue bilateral trade deals with one another instead, while the third is to go ahead with a so-called “TPP 11”, which would be the original deal but tweaked to exclude the US.

Read also: Trump to sign orders to renegotiate NAFTA, pull out of TPP

“Each TPP partner will now have to carefully study the new balance of benefits without the US’s participation, and consider the value of an agreement among the remaining 11 partners,” said Mr Lim.

As far as Singapore is concerned, the impact of not having the TPP at all is not likely to be very significant, given that Singapore already has a bilateral free trade agreement (FTA) with the US in place.

It also has FTAs with all the other TPP countries except Canada and Mexico.

“What we forgo are incremental benefits that we would have achieved over and above the benefits that we already have, through bilateral free trade agreements with the other nine of the countries in the TPP group,” he said.

Singapore will remain actively engaged in other initiatives that promote regional integration, such as the 16-nation Regional Comprehensive Economic Partnership (RCEP) and the ASEAN Economic Community (AEC).

Singapore is a member of both the RCEP and AEC.

The former is a China-led trade deal that involves all ten ASEAN members and its six dialogue partners – China, India, Australia, New Zealand, South Korea and Japan.

The minister added that Singapore will also continue to work with like-minded partners at the World Trade Organisation as advocates of a rules-based multilateral trading system.

Singapore’s existing network of 21 FTAs also speak to the “deep ties” with key trading partners and this will help the country stay connected as the environment evolves.

“We will also actively pursue other forms of economic co-operation initiatives, including industrial parks and other projects in the region, to create more opportunities for our companies to collaborate and grow,” said Mr Lim.

Earlier in his speech, he stressed that Singapore’s external linkages can make the country more resilient against the growing threat of protectionism, having built up its regional and global connectivity with multiple regions around the world.

“We have also developed an efficient, stable, pro-business environment, with effective and consistent business and investment frameworks. This allows us to tap on the growth opportunities in Asia and elsewhere, for mutual benefit with like-minded partners,” Mr Lim said.

“Amid the current rise of anti-trade sentiments, Singapore will stay the course to remain open and connected, to be an attractive global city that welcomes the best companies, talent and investments.”

Read also: Singapore disappointed TPP is unlikely to be passed under Donald Trump: PM Lee

Chinese officials ‘licking their lips’ at Trump’s decision to kill TPP

leeuwen@sph.com.sg

This article was first published on Feb 07, 2017.
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Like the crime-plagued Gotham City in the Batman comic and movie franchise, Yishun has its fair share of villains who help make the media headlines in Singapore.

While many other heartland towns aren’t exactly sqeaky clean, the Internet quickly picked up on Yishun’s scent and continues to throw a fist-bump everytime something new or sensational about the area makes the news.

From neighbourly spats and animal abuses to gruesome crimes, the heartland town in the North has fast attracted an unintended notoriety that most residents would shun.

Is that being fair to Yishun though?

Probably not, but that didn’t stop multimedia artist Lhu Wen Kai from starting a website called The Yishun Dream which showcases the issues plaguing the town.

Read also

• Latest cat death in Yishun pond raises new concerns
• 26-year-old suspected drug syndicate leader arrested in Yishun
• 2 men caught on video raining blows on each other in Yishun carpark
• Pregnant woman hurt in Yishun accident cries while thanking boy who helped her

“I wanted to see if (reports of incidents in Yishun) was pure media hype or something that bears genuine concern, and while I still feel the town’s notorious reputation was a classic case of over-representation in the alternative media, there are some incidents that really made me scratch my head in awe,” Lhu wrote on his Facebook page.

Describing Yishun as one of ‘Singapore’s most dystopian societies masquerading as a sleepy heartland shopping district’, Lhu centred on its main thoroughfare, Yishun Ring Road, dubbing it ‘The Devil’s Ring’.

“Over half of what grabbed the headlines in Yishun happened within that circle. The other notable spot is along Yishun Ave 2. That road is cursed, period,” the 18-year-old added.

Lhu pinned the incidents in an interactive map, neatly categorising them by the nature of the mishap, such as siao lang (crazies), mother nature, cursed luck, suicides and murders.

For the uninformed, the website has compiled and summarised notable incidents around the Yishun neighbourhood from as far back as 2008, and also accepts submissions from readers.

Lhu is not the first to chronicle the mishaps around Yishun. A forum thread on Hardware Zone’s Eat-Drink-Man-Woman, entitled ‘Why Yishun is the most problematic place in Singapore’ had a map in 2016 detailing the various incidents in the town.

Some Yishun residents, who have been the brunt of jokes for a while, were not amused.

An Eva Tan wrote on Facebook: “Those people who were reported to have ‘weird’ behaviour might have mental troubles, or need help. Instead of coming together to help them, we poke fun at them and laugh at their expense. It’s pretty rude.”

“I’ve lived in Yishun my whole life and there’s a certain charm to it. People who don’t live here, link what they see on the news and think that Yishun is full of crime,” she added.

Agreeing, another Facebook user who goes by the alias Tomato Soup noted that a few winning lottery tickets were bought from Yishun, refuting the idea that the neighbourhood is unlucky.

Thankfully, it’s not all doom and gloom for residents of Yishun.

While there is no caped crusader to keep Yishun residents safe, there are some positive stories, which Lhu categorised as ‘not all heroes wear capes’, such as the recent daring rescue of a drowning cat.

Maybe it’s time to bring back VR Man.

grongloh@sph.com.sg

367725

2017-01-09 21:33:09

Photo Gallery

2 men caught on video fighting in Yishun carpark

Source:

Facebook video screengrabs

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2016-07-10 10:13:21

Photo Gallery

20-year-old arrested over man’s death in Yishun

Source: Stomp, The New Paper

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248663

2016-01-04 21:59:34

Photo Gallery

Fight at Yishun restaurant: 4 injured, 7 arrested

Source: Shin Min Daily News, Lianhe Wanbao

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