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TPP a little bit closer

Released at: 10:14, 15/07/2015 Trans-Pacific Partnership

TPP a little bit closer

Minister of Industry and Trade Vu Huy Hoang told local media that the recent visit to the US by Party General Secretary Nguyen Phu Trong cleared up a number of existing issues between the two countries.

by Quynh Nguyen

Issues agreed upon between Vietnam and the US during the visit to the latter by Party General Secretary Nguyen Phu Trong create the momentum needed for the two sides and other parties to quickly conclude negotiations over the Trans-Pacific Partnership (TPP), Minister of Industry and Trade Vu Huy Hoang told local media.

Signing in sight

Minister Hoang said that the TPP topped the agenda at the meeting between General Secretary Trong and President Barack Obama. Due to its significance, in the Shared Vision Statement the two leaders agreed to work closely together and with other parties to wrap up negotiations. 

The two sides will jointly implement reforms to meet the comprehensive requirements of the TPP, including necessary measures to meet commitments under the International Labor Organization Declaration 1998, with the aim of achieving a high quality agreement with balanced interests, bolstering economic relations and investment between the two countries while creating momentum to promote economic and trade cooperation and investment in the region.

Expanding bilateral cooperation

Expressing his expectations about economic cooperation and bilateral trade in the future, Minister Hoang said that after the historic visit by the Party General Secretary the economic relationship between Vietnam and the US is certain to reach a new stage of development.

Trade between the two reached more than $36 billion in 2014. The US currently ranks seventh among countries and territories directly investing in Vietnam. The TPP and existing agreements between Vietnam and the US create the conditions needed for economic cooperation to become bigger and better.   

The US also expects that, after the visit, Vietnam will adopt more measures to encourage and promote cooperation between the two sides. Vietnam requested that the US quickly remove trade barriers and create the conditions for Vietnamese exports to enter into the US market.

Source and image: Qdnd.vn

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