Vietnam-U.S. to Promote Trans-Pacific Partnership Agreement

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Mar. 5 – The United States Ambassador to Vietnam Demetrios Marantis, who is also Deputy U.S. Trade Representative, has affirmed that Vietnam can benefit greatly from the Trans-Pacific-Partnership (TPP), which is expected to be signed at the end of this year.

In February, Marantis discussed the TPP with journalists in Hanoi. He said that last year, U.S. President Barack Obama, Vietnam’s President Truong Tan Sang, and the leaders of nine other countries had a meeting in Honolulu and have come to an agreement on a general framework for implementing the TPP. The leaders confirmed their commitment to achieving an agreement in 2012.

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On this occasion, Marantis met Vietnamese Deputy Prime Minister Vu Van Ninh. Highly appreciative of the mutually beneficial Vietnam-U.S. relationship, Deputy PM Vu Van Ninh believes the two parties can promptly solve the remaining issues in trade relations and support each other in their effort to complete the TPP Agreement’s negotiation process.

According to Marantis, Vietnam could be the biggest beneficiary from the TPP, as the agreement allows important Vietnamese products (textiles and garments for example) to enter the lucrative U.S. market. It also makes Vietnam more attractive for investors since the agreement requires Vietnam to adhere to an array of international standards. The new commitments of Vietnam in the TPP will boost trade relations between Vietnam and the United States, in addition to other countries.

The TPP includes commitments aimed at assisting Vietnam to meet international standards in fields which enhance Vietnam’s attraction. The government can use these international standards to assess the extent of its reforms.

Marantis said that negotiations have improved quickly, despite new issues arising during the negotiation process between the two countries. A major challenge facing the negotiators is arranging the terms and conditions that are acceptable for both parties.

Nine countries participated in the negotiations, including the United States, Vietnam, Australia, New Zealand, Chile, Peru, Brunei, Malaysia and Singapore. Japan, Mexico and Canada have also expressed their interest in the TPP. At present, the negotiators are implementing two tasks: one side is supporting the negotiation process and the other side is getting internal advisory about the involvement of Japan, Mexico and Canada in the negotiation process.

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