Monday, 12 October 2015

Finished the TPP Negotiation, Vietnam Entered the New Playground

At a press conference held in Atlanta (USA), the Trans-Pacific partnership agreement (TPP) has ended negotiations and this has meant alot for Vietnam in terms of attracting investment.

12 TPP partners have achieved things that previously seemed impossible to achieve.
After more than 5 years of intense negotiations, we have an agreement to support job, promote sustainable growth, accelerate the comprehensive development and reform throughout the Asia – Pacific. TPP has the strategic importance for the countries in the region, not merely commercial.
This is a historic agreement, it will help solve the challenges of international commerce in the 21st century, building the trade regulations of the region for the coming decades.
Moreover, TPP is the most important agreement that countries achieved in 20 years. The trade provisions set out by TPP will become the global standard.
TPP has the importance beyond the scope of trade, and will help strengthen the economic and security relationships among nations in the Asia – Pacific.
This is a great result for the future of the Asia – Pacific.
TPP is an agreement to create the world largest free trade area.
TPP includes the strongest commitments about labor and environment compared to any trade agreement in the past.
The ending of TPP negotiation is one of good sign for the reform and development of Vietnam economy.
For Vietnam, TPP has three important catalysts. The first is the export of VN. TPP accounted for 40% of GDP and 30% of global trade, the state members are the largest consumer markets in the world.
The second is to attract foreign direct investment, foreign capital flows into the VN will increase rapidly to take advantage of what the agreement provides.
The third catalyst is really important. In the long term, joining TPP is a turning point for Vietnam to change the way of development, institutional reform, create transparent and decent business environment. That is the motivation for production and business activities in Vietnam when foreign investors pour capital to set-up business, factory into Vietnam to export to other TPP partners.
With three such catalysts, the TPP has meant so much to Vietnam, at the right time that Vietnam needs to change the way for sustainable development.
The contents in the TPP negotiations go a step further that is to remove economic barriers, attacks on all the regulations and standards of good’s quality.
In other words, the name of this agreement is a free trade but its power goes further trade liberalization, countries involved must comply with the high quality standards of the developed countries.

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