TPP officially signed, promising benefits for Asia Pacific citizens

04.02.2016

HA NOI — Trade and economy ministers from 12 countries signed the Trans-Pacific Partnership (TPP), the biggest trade deal in history, in Auckland, New Zealand yesterday.
Pacific rim nations joining the pact are Canada, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Australia, the United States, Japan and Viet Nam.
The TPP aims to slash tariffs and trade barriers for 40 per cent of the global economy. It is set to create a free trade area with 800 million consumers and 30 per cent of global trade revenue.
Besides regulating trade of goods and services and investment, the 6,000-page deal also provide rules related to issues such as intellectual property, labour, e-commerce and State utility enterprises.
Authorised by Prime Minister Nguyen Tan Dung, Minister of Industry and Trade Vu Huy Hoang took part in the signing ceremony.
Addressing the event, New Zealand Prime Minister John Key affirmed that the agreement, by liberalising and facilitating trades across Asia Pacific, would bring about the best benefits for all member countries and their citizens.
In a joint statement, the ministers said yesterday’s conclusion of the TPP was an important milestone, which opened up a new phase in implementing a pact that is considered a „historic achievement“ for the region.
The countries will have the next two years to complete domestic procedures, including the ratification by their parliaments, before the agreement enters into force.
The agreement can take effect only with the approval of at least six countries, which account for at least 85 per cent of the combined gross domestic product of all member nations.
This means that it needs to be adopted by the parliaments of the two largest TPP economies, the US and Japan.
The statement also said that the agreement aimed at intensifying common prosperity by generating jobs, promoting sustained economic development and creating a foundation for higher integration standards for member countries in the future.
The Ministry of Industry and Trade (MoIT) announced on its website that Minister Hoang, on behalf of the Government, also inked 35 bilateral agreements related to financial services, garment and textile, agriculture and intellectual property with TPP nations. These agreements will take effect at the same time TPP enters into force.
Source : Vietnam News
Photo : AFP/VNA Photo