(VOVworld) – Agreements between Vietnam and the US during the General Secretary of the Communist Party of Vietnam’s US visit will generate momentum for concluding the Trans-Pacific Partnership (TPP) negotiation.
The first formal round of TPP negotiations began in March, 2010. Since then further negotiations have been held with the participation of 12 Asia-Pacific economies: the US, Canada, Mexico, Chile, Peru, Australia, New Zealand, Japan, Malaysia, Singapore, Brunei, and Vietnam. Negotiations have been finalized on cooperation and capacity building, small and medium-sized enterprises, environmental policy, customs procedures, telecommunications, competition, food safety and hygiene, and animal and plant quarantine.
Vietnam and the US will soon conclude the TPP negotiation
Party leader Nguyen Phu Trong’s US visit will generate momentum for the TPP negotiation to reach a final deal late this year as scheduled.
The TPP was a major topic of talks between President Barack Obama and General Secretary Nguyen Phu Trong and meetings between Vietnamese and US agencies and businesses.
Minister of Industry and Trade Vu Huy Hoang said that with a frank, constructive, and mutual understanding spirit, Vietnam and the US agreed to work closely with relevant partners to quickly conclude the TPP negotiation. Both sides agreed to take necessary measures to reach a high quality agreement, which will boost bilateral and regional economic, trade, and investment ties.
Vietnam-US economic and trade relations will be broadened
If Vietnam and the US conclude the TPP negotiation, their trade ties will advance to a new stage. Minister Hoang said that in 2014, Vietnam-US trade revenue was over 36 billion USD. The US is the 7th biggest investor in Vietnam.
Hoang said the US expects that following Party leader Nguyen Phu Trong’s visit, Vietnam will apply new incentives for bilateral cooperation. Vietnam has asked the US to remove trade barriers for smooth export of Vietnamese products to the US.
Economic and trade integration
The TPP countries have been working hard to conclude their negotiations this year. The signing of the TPP will benefit Vietnam in many ways. Vietnam will rearrange its market to balance trade relations with foreign markets, develop domestic production of materials and support products, and increase exports to and investment from other TPP countries.
The US is the biggest economy in the TPP. Concluding the Vietnam-US TPP negotiation will open up bilateral cooperative opportunities and prospects for Vietnam’s global economic integration.