According to the numbers released by the Maritime and Port Authority of Singapore in mid-January, Singapore’s port handled a total of 37.5 million twenty-foot equivalent units – an increase of 1.6% from 2020.
In 2021, Singapore handled 599 million tons of freight, more than 2020 but less than pre-COVID times.
The four next-busiest ports are all located in China: Shanghai, Ningbo-Zhoushan, Shenzhen and Guangzhou Harbor.
Photo by Pixabay on Pexels.com
Channel News Asia reported last Thursday that Singapore ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Originally known as the Trans-Pacific Partnership, the name was changed after the Trump Administration withdrew US support for the TPP after some members would not agree to US terms regarding pharmaceuticals and intellectual property protections.
Since the new CPTPP was created, only 3 nations have ratified the agreement (with Mexico and Japan as the only two countries to ratify the agreement. However, last Thursday, Singapore became the third after signing the CPTPP.
Terms of the CPTPP agreement concluded in January 23rd of this year and signed on March 8th. There are still 8 more countries that need to sign in order to ratify the treaty. Once all countries sign, the CPTPP will be in force 60 days later.