Mexico, Singapore leaders back TPP ratification

Mexican President Enrique Pena Nieto said Friday that he and Singaporean counterpart Tony Tan will promote the ratification of a trans-Pacific trade pact.

The two leaders met during Tan's state visit to Mexico, the first by a Singaporean head of state to any Latin American nation.

After talks at the capital's ornate National Palace, Pena Nieto said the two agreed to deepen bilateral relations, bolster ties between Southeast Asia and Latin America and "promote the ratification" of the Trans-Pacific Partnership (TPP).

For his part, Tan praised the series of economic and energy reforms enacted by Pena Nieto since 2012.

"These reforms have created more opportunities for trade and investment, and the ratification of TPP will further increase opportunities," he said.

Once ratified by the 12 participating countries, TPP backers say the deal will slash tariffs and trade barriers for 40 percent of the global economy and establish the largest free trade area in the world.

The 12 signatories are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.