Ministers of 11 TPP member countries to meet in Hanoi
Ministers from 11 countries joining the TPP are scheduled to gather in Hanoi on May 21, with Japan pushing for the free trade pact to be put into force as soon as possible without the US.
Hanoi (VNA) – Ministers from 11 countries joining the Trans-PacificPartnership (TPP) are scheduled to gather in Hanoi on May 21, with Japan pushingfor the free trade pact to be put into force as soon as possible without the US.
During the meeting, to be co-chairedby Vietnam and New Zealand, the ministers willdiscuss the creation of new rules that would enable Washington to easily returnto the deal if circumstances were to change.
So far, only Japanand New Zealand have ratified the pact. Some countries that hoped to boostexports to the United States may be reluctant to implement just the 11-partyTPP, arguing that without the world’s largest economy, the agreement wouldlittle benefit their economies.
Canada and Mexico have been unwilling toirritate US President Donald Trump by joining the TPP, as they stare down apossible renegotiation of the North American Free Trade Agreement withWashington in the near future.
The TPP was signed by the 12 nations, includingAustralia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru,Singapore and Vietnam.
Under current rules,the TPP requires ratification by nations accounting for 85 percent of thecombined gross domestic product of the 12 countries. The deal was thereforeeffectively dead following the withdrawal of the United States, as the country representsover 60 percent of the trade bloc’s GDP.-VNA
Vietnam’s garment and textile sector is still enjoying good growth in exports to the US market even without TPP, according to Le Tien Truong, Vinatex Director General.
Negotiators from 11 member countries of the TPP agreement gathered for a meeting in Toronto, Canada on May 2 to explore the possibility of putting the trade pact into force without the US.
Vietnam will work with the member states of the Trans-Pacific Partnership (TPP) agreement to reach a consensus on future orientations for the deal, Foreign Ministry’s spokesperson Le Thi Thu Hang said
Industrial land in Vietnam has continued expanding since the beginning of this year, despite uncertainty over the future of the Trans-Pacific Partnership (TPP) after the withdrawal of US support for the deal.
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