President hails US support for TPP negotiations
(VOV) - Vietnam has appreciated the US’s support for its Trans-Pacific Partnership agreement negotiations and pledged to accelerate the negotiation process.
State President Truong Tan Sang made the statement at a reception for ambassador Demetrios James Marantis, Acting US Trade Representative, in Hanoi on April 23.
Sang thanked Marantis for his contributions to Vietnam’s TPP negotiations and noted that the complete agreement will help bolster economic and trade ties between Vietnam and the US.
He briefed his guest on Vietnam’s economic strengths and expressed his belief that during their fact-finding trip Marantis and his entourage will have all-round vision of the country’s investment environment, trade and employment to support negotiations.
The president proposed that both sides increase exchanges to shorten the negotiation process.
Vietnam will try as much as it can and wants to receive technical assistance from the US to speed up negotiations, aiming to elevate the Vietnam-US relations, he said.
Marantis acknowledged Sang’s proposal and said both sides need to make a greater effort to narrow the cognitive gap in the fields of commodities, services, and investment.
He suggested that the US and Vietnam lay down criteria for employment and the environment to settle disputes if they erupt.
The US is willing to provide technical assistance to Vietnam to surmount difficulty in integration, the Trade Representative told Sang.
He said Vietnam needs to create more jobs, boost economic growth and further improve the investment environment.
He asked the President to create favourable conditions for bilateral TPP negotiations to make them a great success.
At another meeting with Deputy Prime Minister Vu Van Ninh the same day, Marantis noted that successful negotiations will offer a chance for the US and Vietnam, as well as other TPP member countries to increase trade, exports and job creation.
TPP will make Vietnam’s investment environment more attractive to big foreign investors, he said.
He reviewed the growing trade ties between the two countries, in recent times, saying the US is Vietnam’s largest goods consumer with two-way trade increasing sharply from just US$2 billion in 2001 to US$26 billion in 2012.
There are currently 11 TPP members, namely Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.