The sixth round of the Trans-Pacific Partnership (TPP) talks concluded in Singapore on April 1, making good progress, reported Channel NewsAsia. The talks, which were engaged by more than 400 negotiators from Brunei, Chile, Malaysia, New Zealand, Australia, Peru, Singapore, the US and Vietnam, advanced trade issues including tax competitiveness and supply chain integration. Channel NewsAsia quoted chief negotiators as saying the negotiators drafted an array of agreements ranging from trade policies to legal services. However, some issues, including intellectual property rights, government subsidy for agriculture, e-commerce and environmental matters, have yet to conclude. The first round of the TPP negotiations took place in Melbourne , Australia , in early 2010, with the aim of expanding the Free Trade Agreement (FTA) among New Zealand , Brunei , Chile and Singapore to a trans-Pacific FTA. The next rounds of the TPP talks will be held in Vietnam in June, in the US in September … [Read more...]
The Trans-Pacific Partnership: Golden Chance for Vietnam Economy
The Trans-Pacific Partnership: Golden Chance for Vietnam Economy The Trans-Pacific Partnership (TPP) agreement is really a golden chance for Vietnam’s economy, as it will bring even more benefits to the country than the accession to the World Trade Organisation (WTO). This is the statement of Mr Le Van Tang, Head of Bidding Management Department (Ministry of Planning and Investment) in a conference on “government procurement in the Trans-Pacific Partnership (TPP) agreement” recently held in the capital city of Hanoi. On the sidelines of the conference, reporter Anh Phuong interviewed Le Van Tang about the issue. Obviously, benefits that TPP would bring to Vietnam are greatly promising, but with the partner like the US, what benefits will Vietnam enjoy when joining preferential government procurement programs launched by the US? In fact, the government procurement program is one of top contents in negotiation rounds of partners in the TPP agreement. In particular, … [Read more...]
Middle Eastern, African investors want to put irons in Trans-Pacific Partnership fire
The Trans-Pacific Partnership has helped highlight Vietnam as an attractive investment spot for Middle Eastern and African investors. At last week’s international conference on “Prospects for economic co-operation between Vietnam and countries in the Middle East and Africa”, Mukhisa Kituyi, secretary general of the UN Conference on Trade and Development, said Vietnam’s joining many free trade agreements (FTAs), especially the Trans-Pacific Partnership (TPP), “has turned it into a magnet for foreign investors, including those from the Middle East and Africa.” “Though the TPP’s details have yet to be revealed, foreign investors are rushing into Vietnam. The Middle Eastern and African investors are also keen on investment opportunities here,” he said. The conference was attended by 22 big firms from these regions, including world-famous firms such as Kuwait Petroleum Corporation, Kuwait Petroleum International Limited, Atlantis Group … [Read more...]
New strategies urged for Trans-Pacific Partnership deal
Trans-Pacific Partnership: Opportunities and Challenges
Trans-Pacific Partnership: Opportunities and Challenges TPP is a free trade agreement between countries along the Pacific coast, towards the target removing from at least 90 percent of tariff barriers for goods or services of partners involved in the agreement. “Vietnam is expected to benefit from the TPP, but difficulties are waiting ahead” is the warning by Vietnam Chamber of Commerce and Industry (VCCI) at a workshop on the issue held on August 21st. To be able to benefit from the agreement, Vietnamese businesses have to make efforts to become the winner. WarningEconomic expert Pham Chi Lan said that currently, the TPP is being negotiated for the 18th round and expected to reach agreement by the end of 2013. In addition, by the end of 2015, the ASEAN Economic Community and ASEAN +6 Free Trade Area will have been formed. When joining a series of trade agreements like that, if not carefully prepared, it is possible that Vietnam will become a springboard for non-TPP … [Read more...]
12 countries sign Trans-Pacific Partnership in New Zealand
The trade ministers of the 12 signatory countries signed the Trans-Pacific Partnership agreement this morning in Auckland, New Zealand. 12 countries officially sign on TPP trade deal (photo: AFP) Tariffs on a wide range of products will be slashed or eliminated. Vietnam and Malaysia are said to be two countries that would benefit the most from the TPP. The Peterson Institute for International Economics predicted that Vietnam's textile and leather shoes export would grow and the export quota would increase by 31.7 percent. It will also boost foreign investment in Vietnam. Minister of Industry and Trade Vu Huy Hoang said, "Joining the TPP is a milestone for Vietnam's global integration process. We have made huge steps in the integration since joining ASEAN in 1995. TPP will provide big opportunities for our economy." New Zealand Prime Minister John Key said the TPP represented the confidence and optimism for future … [Read more...]
Food export benefits little from Trans-Pacific Partnership
Illustrative image (Source: giaic.com) HCM City (VNA) – Vietnam’s food exports will benefit little from the Trans-Pacific Partnership (TPP), according to experts. Food imports, however, will increase strongly, they said at a food processing industry workshop held by the HCM City Department of Trade and Industry in collaboration with the Food and Foodstuff Association (FFA) of HCM City on August 8. Vietnam has a trade surplus of 3.3 billion USD in food trade with countries in the TPP because of low tariffs on seafood and coffee, Vietnam’s major exports. They agreed that when the TPP takes effect, rice, vegetables and fruits will benefit but revenue from these commodities are low. Also, most enterprises in the food industry are small and medium-sized and are limited in terms of capital and technology. They have also been slow to learn about the TPP, so most will not be able to take advantage of the agreement. According to Dr. Duong Nhu Hung, Vice Rector of the HCM … [Read more...]
Trans-Pacific Partnership leaders issue statement
The leaders of Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, the United States, and Vietnam, on Nov. 12 jointly issued a Statement regarding the broad outlines of a Trans-Pacific Partnership (TPP) agreement, according to the Ministry of Industry and Trade. Below is the full text of the TPP leaders’ statement: “We, the Leaders of Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, United States, and Vietnam, are pleased to announce today the broad outlines of a Trans-Pacific Partnership (TPP) agreement among our nine countries. We are delighted to have achieved this milestone in our common vision to establish a comprehensive, next-generation regional agreement that liberalizes trade and investment and addresses new and traditional trade issues and 21st-century challenges. We are confident that this agreement will be a model for ambition for other free trade agreements in the future, forging close linkages among our … [Read more...]
Trans-Pacific Partnership officially sealed
Economic ministers from 12 member nations signed the Trans-Pacific Partnership (TPP) agreement in Auckland, New Zealand on the morning of February 4. The signing ceremony. At the signing ceremony, New Zealand Prime Minister John Key said his country was proud to be the host and an active member throughout the negotiation process. The TPP will help liberalise trade across the region and bring benefits to all members, he said. US President Barack Obama also welcomed the signing of the pact. Member states now have two years to complete domestic work for TPP ratification. The pact will take effect when ratified by parliaments of least six signatory countries, who comprise a minimum of 85 percent of all members’ overall GDP. This means that the two biggest economies – the US and Japan – must be among these six members. The TPP started out as P-4 with Chile, New Zealand, Singapore and Mexico. The US joined in September 2008 and Vietnam in early 2009. The deal … [Read more...]
Businesses in the dark on Trans Pacific Partnership
VietNamNet Bridge – While trade ministers struggle to hash out a final agreement on the ground-breaking Trans-Pacific Partnership (TPP), Vietnamese companies are largely in the dark about the pact's potential benefits and drawbacks, business surveys have found. Fewer than 30 per cent of Vietnamese companies had some knowledge about TPP, with mostly larger firms keeping track of negotiations through the Ministry of Industry and Trade (MoIT), said Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR). "General knowledge about TPP is still limited, especially among small and medium-sized enterprises (SMEs)," Thanh said, "Most of them have no idea about content and meaning of TPP." The TPP is poised to become the world's biggest trade accord in more than a decade, accounting for 40 per cent of global gross domestic product and 26 percent of world trade. It would include 12 nations on either side of the Pacific Ocean, including Australia, … [Read more...]