Illustrative image (Photo: VNA)

Binh Duong (VNA) – Businesses in Binh Duong province was updated on the EU-Vietnam Free Trade Agreement (EVFTA) and the Trans-Pacific Partnership (TPP) agreement on September 23.

The event was also attended by Herb Cochran – Executive Director of the American Chamber of Commerce in Vietnam (Ho Chi Minh City) and representatives from the European Union Delegation to Vietnam.

It aimed to give local agencies and enterprises the latest information about the two agreements and Vietnam’s international economic integration, so they can make effective integration plans.

Herb Cochran provided participants an insight into important contents in the EVFTA and opportunities and challenges it will bring, along with an overall account of the EU market and the Vietnam-EU trade.

He also spoke about difficulties in the TPP ratification and problems related to the origin of apparel and footwear which are main export products of Vietnam.

As a major industrial hub in the south of Vietnam, Binh Duong contributed 21 billion USD to the country’s export revenue of 162.1 billion USD in 2015.

The EVFTA was officially signed on December 2, 2015, after over three years of negotiation. It is expected to come into force from 2018.

Meanwhile, economic ministers of the 12 TPP members signed the deal in New Zealand on February 4, 2016.

The TPP is now undergoing a two-year ratification period in which at least six countries – which account for 85 percent of the 12 nations’ combined gross domestic production – must approve the final text for the deal to be implemented.-VNA