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Negotiators of the Trans-Pacific Partnership (TPP) agreement, including Vietnam, have shown their resolve to complete the pact in an effort to facilitate trade and investment liberalisation in the region.

TPP negotiations progressing in US

In a statement released on September 10, the negotiators, who are conducting the 14th round of talks in Virginia, the US, expressed their confidence in concluding talks in the near future, offering bright prospects for trade liberalisation.

They vowed to exert a greater effort to end the negotiation process so that TPP member economies will benefit from the pact at the earliest possible time.

At the current round of talks, parties concerned discussed a wide range of issues, including technical barriers to trade, rules of origin, e-commerce, and intellectual property rights. The round is scheduled to last through September 15.

The original agreement was signed by Brunei, Chile, New Zealand, and Singapore in 2005 to increase trade and investment ties, boost economic growth, and generate jobs between the participating countries.

Vietnam, the US, Australia, Malaysia, and Peru are currently negotiating to join the grouping.

Vietnam will benefit a lot from the agreement once it enters into force. Its major export items such as garments, footwear, seafood and woodwork will enjoy tax exemptions or reductions when they are imported into the US, Australia and other TPP member economies.

The Trans-Pacific Partnership (TPP) agreement is expected to generate US$36 billion for Vietnam, or 15.5 percent of the country’s GDP in 2025, according to US experts.

(VOV)

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