Conference on TPP in Sydney, Australia on October 25, 2014 (Source: AFP)
Minister of Industry and Trade Vu Huy Hoang is attending a meeting of Trans-Pacific Partnership (TPP) trade ministers, which kicked off in Hawaii, the US, on the morning of July 29 (Vietnam time).
The four-day negotiation round, considered the final opportunity for the 12 participating countries to reach an agreement within this year, focuses on existing difficult issues such as intellectual property rights, operations of enterprises, labour market, and environmental protection.
During the fresh round, the US and Japan – the two largest partners of TPP – expect to resolve remaining differences over market access for farm produce and autos.
Expectations for striking a deal in Hawaii rose higher than ever after US President Barack Obama late last month signed a Trade Promotion Authority bill into a law, making it easier for presidents to negotiate international trade deals with limited interference from lawmakers.
Negotiations on TPP agreement started in 2005, and have so far attracted the participation of 12 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
Once signed, TPP will form a free trade area with the population of 800 million and accounting for 30 percent of global trade turnover and nearly 40 percent of global output./.
