Taipei, June 3 (CNA) President Ma Ying-jeou (馬英九) said Wednesday that the United States has suggested that Taiwan use the U.S.-South Korea free trade agreement (FTA) as a model in its preparations for joining the proposed Trans-Pacific Partnership (TPP) trade bloc. Taiwan has been upping its efforts to push for its TPP bid since last year, he said, adding that "we have been advised by the U.S. government that we could use the U.S-Korea FTA as a model for our participation."

President Obama acknowledged Wednesday that some sectors of the U.S. economy will be harmed by a sweeping Pacific Rim free trade deal his administration is seeking, but he vowed that the benefits of the pact would far outweigh the costs. "I've said there are losers. ... The question is, are there a lot more winners than losers? And the answer in this case is yes," Obama said during an interview with Kai Ryssdal, host of "Marketplace," the public radio show on business and the economy.

HCM CITY (VNS) — The need for businesses to learn the import and export regulations in different markets has only become more important as Viet Nam signs a slew of free trade agreements (FTAs), experts say. So far, the nation has inked nine FTAs, most recently with the Republic of Korea and the Eurasia Economic Union. Other new-generation FTAs are also under negotiation, including one with the European Union and the Trans-Pacific Partnership treaty with 11 other nations.

Opportunities and challenges arising from free trade agreements (FTAs) between Vietnam and partner countries will present themselves equally, an official remarked a press conference in Hanoi on June 3.  The signing of FTAs affords opportunities to exporters, importers and consumers as Vietnam expands its export markets, said Deputy Head of the Finance Ministry’s International Cooperation Department Ha Duy Tung. 

With Vietnam just becoming the first Asian country to sign off a Free Trade Agreement with the Moscow backed Eurasian Economic Union, the relevance of how Vietnam plays its bilateral trade agreements has suddenly taken on a more interesting slant.

A US senator says Malaysia must be kept out of the Trans-Pacific Partnership due to its “abysmal slavery record”, Huffington Post reported today. According to the report, Democratic Senator Robert Menendez had previously worked with US President Barack Obama to allow Tier 3 nations – the lowest position that a country engaged in modern-day slavery can receive from the US State Department – to participate in Obama’s trade agreements. Malaysia, which ranked a Tier 3 in the State Department’s 2014 Trafficking in Person (TIP) report, is one such country.

HA NOI (VNS) — As the first containers of Viet Nam's lychees have been shipped to the US and Australia, the country will continue expanding fruit exports to other markets, such as the EU. Deputy Minister of Industry and Trade Tran Tuan Anh made this statement at a press meeting in Ha Noi yesterday. Anh noted that it almost took five to eight years to bring fruits and vegetable to world markets. Lychee took 14 years to penetrate the two countries, which have strict quality requirements.

NDO/VNA - A free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) was signed in Burabai, Kazakhstan on May 29 after more than two years of negotiations, opening up a new chapter in the partnership between Vietnam and the union as well as each EAEU member in particular. Prime Minister Nguyen Tan Dung and leaders from EAEU members – Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan – as well as the Chairman of the Board of the Eurasia Economic Commission gathered together to witness the signing of the agreement.

Preparations to launch the Grand Free Trade Area that will bring together half of the African continent into one common market are complete. The momentous occasion will take place on 10 June 2015 at the Egyptian resort city of Sharm El Sheikh during the 3rd Summit of the Tripartite Heads of State and Governments. The Tripartite consists of 26 States that are members of the Common Market for Eastern and Southern Africa (COMESA) the East African Community (EAC) and the Southern Africa Development Community (SADC).

Korea and China officially signed a free trade agreement (FTA) on Monday, opening a new era of cooperation. Trade, Industry and Energy Minister Yoon Sang-jick and China’s Minister of Commerce Gao Hucheng signed the Korea-China FTA in Seoul, after three years of negotiations. The deal will be effective after the National Assembly ratifies it. "The Korea-China FTA will make a platform for multidirectional cooperation between the two countries seeking new growth momentum together, on top of expanding trade and investment," Yoon said.