TPP agreement significant to Vietnam and other members

Washington D.C. (VNA) – Vietnamese Ambassador to the US Pham Quang Vinh said the freshly-concluded Trans-Pacific Partnership (TPP) agreement is strategically and economically important to Vietnam and other member countries, while attending a recent dialogue in Washington D.C.

Jointly held by the Embassies of Vietnam, Canada, Peru and Japan in the US, the dialogue drew hundreds of scholars, experts and press representatives to discuss opportunities and challenges from the upcoming signing, ratification and execution of the world’s largest free trade pact.

The Ambassadors agreed that the TPP is expected to boost the liberalisation of trade in the World Trade Organisation (WTO) and other regional trade agreements.

Most of businesses and people in the four countries supported the TPP due to a number of its benefits such as the elimination of tariff barriers, facilitation of trade and investment, and connection of global supply and value chains.

Vietnamese Ambassador Pham Quang Vinh said Vietnam has actively engaged in the negotiations of the TPP and strived to forge ahead with the ratification and implementation of the trade pact as committed.

However, as a developing country, Vietnam is facing a lot of challenges in meeting TPP high standards, utilising opportunities to expand export markets, and protecting domestic manufacturing sectors from competitive imported goods, he said, adding that Vietnam hopes to receive technical support from other TPP member countries.

The Ambassador expressed his confidence that the TPP will make significant contributions to shaping the global trade in the next 20 years.

Regarding queries on the possibility of the US’s recognition of Vietnam’s market economy status, Ambassador Pham Quang Vinh said many countries, including TPP members, recognised Vietnam as a full market economy, and Vietnam is actively working with the US on this issue.

Regarding the admission of new members to the TPP, Vinh said other countries are able to join the pact as long as they could meet the TPP high standards and commitments and receive agreement from TPP members.

The TPP started out as P-4 with Chile, New Zealand, Singapore and Mexico. The US joined in September 2008 and Vietnam in early 2009. The deal now brings together 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.

The completion of the world’s largest free trade pact on October 5 in Atlanta, the US, has elicited positive responses from many countries. After the signing, the document must receive approval from member countries’ governments and parliaments before taking effect.

The TPP will become a free trade region of 800 million people, accounting for 30 percent of global trade and about 40 percent of the world’s economy. Vietnam is expected to benefit the most among the 12 countries. The pact will help expand Vietnam's GDP by 23.5 billion USD by 2020 and 33.5 billion USD by 2025.-VNA