Prime Minister Lee Hsien Loong is pushing for the Trans-Pacific Pact (TPP) for Singapore and hoping to see the TPP come into effect within the next 2 years. Speaking at the APEC Summit in Philippines on Wednesday (Nov 18), Lee Hsien Loong said the economic benefits of the TPP have to be explained to stakeholders. However in Singapore, the people are still not informed of the details of the TPP yet and the PM has already given the green light.
“Taken by itself, the TPP will be a net plus for each country although there will surely be winners and losers within each country. It is up to the governments to play our part to make sure the benefits are shared widely, and helping those industries or workers who may be affected by more open markets and greater competition.”
The joint statement issued by the TPP countries did not specify a schedule for the implementation of TPP as most countries like Canada have not obtained approval from their people via proper parliamentary processes. As Singapore is a dictatorship, Prime Minister Lee Hsien Loong have decided Singapore will proceed ahead with the TPP without domestic consultation from the people.
Canada have just seen a new government elected and have reversed the previous government’s decision to proceed ahead with TPP, saying that they are reviewing the TPP and will need more time before committing.
In 2003, the PAP government signed a Comprehensive Economic Cooperation Agreement with India, allowing an influx of cheap foreign Indian nationals to work in Singapore without restrictions. 200,000 Indian nationals flew to Singapore to take up professionals, managers, executives and technicians (PMET) jobs, resulting in rapid job losses, salary depression and retrenchments of Singapore workers. Here are the list of other free trade agreements Lee Hsien Loong signed without consultation from Singaporeans.