Bilateral negotiations settled but signing of TPP reliant upon resolution of issues affecting major countries.
The Multilateral Trade Policy Department under the Ministry of Industry and Trade has announced that Vietnam has finished bilateral negotiations with all members of Trans-Pacific Partnership (TPP).
From July 28 to July 31 in Hawaii, ministers of the 12 countries participating in the TPP held negotiations aimed at resolving important outstanding issues and soon complete negotiations. Besides multilateral negotiations are bilateral negotiations and multiple separate meeting under the ministerial level.
After these talks Vietnam wrapped up bilateral negotiations with all countries involved. Other members also achieved significant progress, leaving only some issues for further consideration.
Although some problems remain unresolved, analysts say that the TPP negotiations may still end this year but this is dependent upon large countries such as the US and Japan. According to a report on the impact of the TPP on Vietnam, released by the Vietnam Institute for Economic and Policy Research, if the TPP is signed Vietnam will be the country to obtain the most benefit. Its GDP will increase by 2 per cent and investment will rise sharply in the future, by as much as 30 per cent, or approximately $13 billion.
Negotiations on the TPP began in 2005 and 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.
Since 2011 members of the TPP have repeatedly set targets for finalizing negotiations that have never been met. The failure of the ministerial negotiations in Hawaii casts doubt over whether negotiations can be finished by the end of this year.
Source image: Vietnam News Agency