“With the new opportunities from the TPP, Vietnam will be able to create more jobs that will help the nation fashion competitive economic sectors,” he said.
Two days after the Trans Pacific Partnership (TPP) trade pact was finalized in Atlanta, Vietnamese Minister of Industry and Trade Vu Huy Hoang has #
Hoang also conceded that there is a large gap in development between Vietnam and other TPP member countries, but insisted that joining the TPP will actually help close that gap.
“The TPP deal has new commitments in some sectors for Vietnam, including labour, the environment, intellectual property, government procurement, and state-owned enterprises. Therefore, joining the TPP with its high standards will help Vietnam rebuild economic entities, create a market-oriented economy and restructure state-owned enterprises,” he said.
All 12 TPP member countries will now review legal procedures to prepare for the official signing of the TPP agreement, and then the TPP agreement needs to be ratified by the parliaments of the TPP countries. The process needs at least 18 months and that period offers a good chance for the TPP to achieve certain conditions for implementing the deal.
“For Vietnam, based on the general agreement among TPP countries, the Ministry of Industry and Trade and the Government's TPP negotiation delegation will make public the full text of the TPP agreement. Then we will work with relevant offices to review and ratify the deal under the Law on Conclusion, Accession to and Implementation Of Treaties,” he said. (SH)
Fibre2Fashion News Desk – India
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