The TPP includes Pacific Rim countries such as the US, Japan and Singapore but excludes China.
The RCEP, first conceived by Asean and which includes Australia, China, India, Japan, South Korea and New Zealand, would account for almost 30 per cent of the world's gross domestic product.
While the Chinese economy is facing some turbulence in the short term with growing concerns among observers over asset bubbles and rising labour costs, its prospects are still bright, Mrs Teo noted in her keynote address.
Singaporean firms can capitalise on their strengths in areas such as financial services, medical treatment, transport and education to take part in the transformation of China's US$10 trillion economy, she said. Developing green and smart cities are also areas where Singaporean firms have a good track record.
"As the Chinese economy shifts towards tertiary industries, urbanisation and domestic consumption will become the main thrusts of China's economic growth in the next decades," Mrs Teo said.
"The increasing number of middle-class consumers will require more and better quality products and services. Singaporean firms have an advantage in these areas."