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Why Viet Nam invited to join TPP?

10/06/2016 10:06

VGP – Viet Nam was invited to join first eight countries in Trans-Pacific Partnership talks as it has been serious in implementing its international commitments, said Deputy Minister of Industry and Trade Tran Quoc Khanh.

Deputy Minister of Industry and
 Trade Tran Quoc Khanh

Viet Nam is the only country that has free trade relations with all the biggest markets in the world, ranging from ASEAN, the US, the European Union, China, Japan, Canada, Australia and to Russia, the TPP chief negotiator said.

In addition, the country’s population exceeded 80 million, thus the purchasing power is huge.

The aforesaid reasons explained why foreign investors become more interested in the Southeast Asian market after member countries concluded the TPP talks.

Mr. Khanh said both the Government and businesses will face competition pressure with an active spirit.

The Government will focus on stabilizing macro-economy, controlling inflation, public debt and budget while improving national governance capacity to perform its role as a development facilitator.

This is a significant change as the Government will seek ways to facilitate development instead of strict control, highlighted the Deputy Minister of Industry and Trade.

Mr. Khanh said the TPP would be an opportunity for Viet Nam to further attract foreign investment, spur exports and withdraw management experience and practices to improve the level of national governance capacity and policy environment.

The TPP was signed on February 4, 2016 by 12 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Viet Nam, representing 40% of global GDP and 30% of global trade. This is a new-generation free trade agreement (FTA) which is expected to become a model for regional and international trade development with higher standards in the context of fast production force development, increasingly deep and wide international integration.

Viet Nam’s signing of the TPP was not merely the outcome of the five-year persevering negotiations under the spirit of both cooperation and struggle, based on the top objective of national interest.

More profoundly, this is the fruit of the 30-year renovation, in which economic integration is a vital component which has been strongly asserted and clearly interpreted in the resolutions of the Party.

This is also experience withdrawn from the country’s international integration realities following the signing and implementation of the Viet Nam-US bilateral trade agreement; the participation in the ASEAN free trade area, FTAs between ASEAN and its partners, and the accession to the World Trade Organization./.

By Hai Minh


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