Vietnam's exports are calculated to grow an additional 30% by 2030 if the TPP is enacted. (Photo: tinnhanhchungkhoan.vn)
(VOVworld) - Vietnam and Malaysia would post the most benefits from the Trans-Pacific Partnership (TPP) agreement if it is enacted, said the World Bank Group in its recent “Global Economic Prospect” report. Vietnam would get the biggest percentage boost to its economy, about 10% by 2030, as its textiles and apparel industry gets new preferential access to the U.S. and other major markets. The report pointed out risks to the forecast, which include a faster-than-expected slowdown in China and tightening global financing conditions. Malaysia’s economy is forecast to grow 8% while that of Japan will grow 2.7% by 2030 thanks to TPP.

The Trans-Pacific Partnership agreement involves 12 Pacific Rim countries including the US and Vietnam, that account for a combined 40 percent of global GDP. The agreement is expected to eliminate a large number of tariffs on goods and services traded among member countries once it is enacted. The deal’s details were announced last November after 7 years of negotiations.

The World Bank Group consists of five organizations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes.