Minister of Industry and Trade Vu Huy Hoang and his counterparts from eleven countries began negotiations on July 29 (Vietnam time) in Hawaii.
A ministerial negotiation round on the Trans-Pacific Partnership (TPP) taking place in Hawaii and to end tomorrow is expected to have a positive outcome. Minister of Industry and Trade Vu Huy Hoang is attending the negotiations.
The negotiation round is considered a final opportunity for the 12 participating countries to reach an agreement this year, before the US presidential election campaign gets fully underway.
The round will focus on existing difficult issues such as intellectual property rights, operations of enterprises, the labor market, and environmental protection. A key point is whether the US and Japan, the two largest partners, will close the negotiations with a resolution for their remaining differences on market access for farm produce and automobiles.
TPP negotiations were at a standstill until the US Congress passed a Trade Promotion Authority (TPA) law, allowing President Barack Obama to more easily negotiate with limited interference from lawmakers.
Negotiations on the TPP began in 2005 and now involve 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
Once signed the TPP will be a free trade area with 800 million people, accounting for 30 per cent of global trade and nearly 40 per cent of global economic output.
Source image: Vietnam News Agency