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'Vietnam should aim textile & garment to profit from TPP'
02
Jan '16
In order to take the complete benefit of Trans-pacific Partnership Pact (TPP), a free trade agreement involving 12 nations, Vietnam should work upon the textile and apparel segment in particular, according to Ngo Chung Khanh, deputy head of the Multilateral Trade Policy Department, Ministry of Industry and Trade, Vietnam.

The textile and garment industry is the biggest strength of Vietnam, he said while speaking at a workshop in the Ho Chi Minh City. The Vietnamese textile and garment sector occupies the second position in the US market currently, despite a tax of 17 to 25 per cent.

TPP will bring down the taxes by 100 per cent for Vietnam. If the taxes go down by 100 per cent, the Vietnamese textile and garment industry will get a boost in terms of volume and turnover, he added.

Khanh opined that TPP will have a bigger impact on the country's trade scenario as compared to its membership in the World Trade Organisation (WTO). It will benefit more from the agreement than other participating countries, and can enhance its exports immensely. But the country should work upon its textile and garment sector, intellectual property rights and labour issues.

Commenting on the labour and intellectual property issues, he said that regulations concerning labour issues in TPP will remain the same as WTO regulations for Vietnam. The labourers can further create organisations to ensure the protection of their rights. Intellectual property rights will be strictly regulated. This agreement will especially boost Vietnam's exports to US, EU and other developed member countries of TPP.

Khanh asserted that the agreement will bring economic development, increase the global standing of Vietnam in trade, generate more jobs and improve the national income.

On a similar note, Dr Nguyen Tien Dung, principal of Law–Economics University added that TPP will benefit Vietnam more than the other participating countries, and is a good chance for the country to improve its exports and join the global supply chain.

But the country is the least developed of the 12 participating countries, which may create obstacles in its development. (MCJ)

Fibre2Fashion News Desk - India

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