US Ambassador hails TPP negotiations conclusion

US Ambassador to Vietnam Ted Osius (Photo:VNA)

 US Ambassador to Vietnam Ted Osius on October 8 said in a statement that with the successful conclusion of the Trans-Pacific Partnership (TPP), the United States and Vietnam are poised to become partners in a trading block that represents nearly 40 percent of global GDP.

The TPP is an ambitious, comprehensive, high standard and balanced trade agreement, he added, stating that it represents another important step forward to strengthen the economic ties between the two countries and further deepen the bilateral relationship in the 20th year of normalised bilateral relations.

“We look forward to working with partners in Vietnam and the other TPP member countries to implement the historic agreement,” the ambassador said.

He stressed that the agreement has the power to support jobs, create new opportunities, promote a fair global economic system, and transform the lives of hundreds of millions of individuals to ensure continued peace and stability in a fast changing world.

Trade ministers from the 12 TPP member countries reached final consensus on the world’s largest free trade agreement on October 5 after more than five years of negotiations.

Once it comes into effect, it will delineate the world’s largest free trade area with a population of 800 million people, representing about 40 percent of the global gross domestic product and 30 percent of the global trade turnover.

TPP members states are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.-VNA