After five years of negotiations, the TPP is nearing conclusion, Khanh said, adding the trade deal would cover everything from reducing barriers on goods and services to strengthening intellectual property rights to introducing investor-state arbitration procedures.
Mr Khanh sees the trade deal, along with the Vietnam-EU FTA trade pact, as the economic cornerstone of the nation’s strategic global integration strategy of expanding the nation’s diplomatic and economic capabilities.
The 12-country TPP pact, which includes Canada, covers 40% of the global economy, with the US leaving the door open for China to join at a later date. It targets phasing in tariff reductions on Vietnam’s exports over an as yet undetermined number of years
If the parties to the TPP can get on the same page they will have an agreement this summer, the Deputy Minister said, providing huge opportunities for the country to immediately begin to boost exports and restructure export markets.