Home / Knowledge / News / Apparel/Garments / TPP a double edged sword for Vietnamese garment exports
TPP a double edged sword for Vietnamese garment exports
19
Aug '14
The Trans-Pacific Partnership (TPP) agreement is not just positive for the Vietnamese economy, but also has its negatives; delegates heard at a seminar in Hanoi.

As per the TPP, 90 percent of Vietnamese exports to countries in the TPP will not attract tariffs, which provides attractive opportunities to Vietnamese industry, the Voice of Vietnam reported.

However, it will also open the doors to foreign competition in the Vietnamese domestic market and will put immense pressure on domestic industry as exports to Vietnam from TPP member countries too will attract zero tariffs, experts said.

Export of garments, footwear, timber and agricultural products will be the most benefitted and exports from other sectors which are weak today, will also be benefitted when exporting to other TPP members.

Vietnamese garments exported to the US currently attract tariffs ranging from 17% to 32% and once the TPP takes effects these exports will attract zero tariffs, which could mean exponential growth for the sector.

However, to enjoy benefits of reduced tariffs, the garment sector must comply with strict requirements on certificate of origin. Materials for garment production must be imported from other TPP member countries or produced domestically.

The 12 TPP member countries currently account for nearly 40% of the world’s population, produce over 50% of global GDP, and include some of the fastest growing economies in the world.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 27th Sep 2016

SASEC countries plan greater economic cooperation

The six member countries of the South Asia Sub-regional Economic...

Textiles | On 27th Sep 2016

CBEC unveils draft rules for registration under GST

The Central Board of Excise and Customs (CBEC) has unveiled draft...

Textiles | On 27th Sep 2016

Pak spinner Sajjad Textile halts operation

In a filing with the stock exchange, Pakistan yarn spinner Sajjad...

Interviews View All

Akash Khetan
Narayan Tex Fab

Dinaz Madhukar
DLF Emporio and DLF Promenade

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search