Vietnam establishes proactive role in setting up new global trade rules taking part in TPP

YarnsandFibers News Bureau 2015-12-03 14:00:00 – Japan

Vietnam, the Southeast Asian nation by taking part in the TPP has established a proactive role in joining other countries in setting up new global standards and rules, said Japanese Minister of State for Economic and Fiscal Policy Akira Amari during a press conference at the Japanese Ministry of Foreign Affairs.

Amari highly values Vietnam’s active engagement in the TPP, an economic structure with high standards and ambitious goals. Vietnam’s attachment of its economic future to the trade pact is a sound decision. As the TPP will bring about opportunities for its textile and garment industry to gain more access to the US market and step up cooperation with countries with advanced technologies like Japan.

The minister noted that the TPP will create an equal, free economic structure in the Asia-Pacific in the 21 st century. With 12 member nations, the deal covers a huge region with a population of 800 million. It accounts for 40 percent of the world’s gross domestic product.

The 12 member TPP nations are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.

He believes that the agreement will optimize the member nations’ advantages and narrow the industrial development gap.

As the TPP doesn’t simply remove tariff lines, but includes regulations in many other spheres such as environment, labour, State-run enterprises, e-transactions, intellectual property and liberation of investments.

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