APEC 2017: Vietnam’s joining TPP to benefit export firms

Vietnam’s engagement in the Trans-Pacific Partnership (TPP) will benefit her export businesses, President and CEO of the Asia-Pacific Foundation Stewart Beck said.

He described Vietnam as a big exporter of farm produce, aquatics, garment-textile, and processed products in an interview with Vietnam News Agency’s reporters in Da Nang.

Beck advised Vietnamese firms to build proper strategies to make better access to different markets as well as study their culture and prices.

apec 2017: vietnam’s joining tpp to benefit export firms hinh 0
Stewart Beck, President and CEO of the Asia Pacific Foundation of Canada (Source: theglobeandmail.com)

Trade ministers from 11 member countries of the TPP agreed on core elements of the pact, which is from now on called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), at their meeting within the framework of the APEC Economic Leaders’ Week in the central city of Da Nang on November 6-11.

They agreed not to make amendments to the original text but freeze the implementation of some clauses to ensure balance and the quality of the document in the new context.

The CPTPP is a comprehensive and high-standard agreement on the basis of balancing interests of its member countries, with regard to their development levels, they said.

The trade pact was officially inked on February 4, 2016 among 12 countries, including the US, Canada, Mexico, Peru, Chile, New Zealand, Australia, Japan, Singapore, Brunei, Malaysia, and Vietnam. TPP is a new-generation free trade agreement with high level of commitment covering trade and non-trade issues.

However, after taking the office in January, 2017, US President Donald Trump decided to withdraw his country from the pact. The remaining TPP countries are working toward a new deal that can move forward without the US.

VNA

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