Building favorable approach to TPP negotiations

(VEN) - Vietnamese Deputy Prime Minister Vu Van Ninh paid a working visit to the US from September 15-19. During the visit, Vietnam and the US pledged to maintain tight coordination in dealing with pending issues through flexible and specific actions to accelerate negotiations on the Trans-Pacific Partnership Agreement (TPP).

In his talks with US Trade Representative Michael Froman, Vietnamese Deputy Prime Minister Vu Van Ninh affirmed that the TPP played an important role in boosting trade cooperation between the two countries. Through TPP negotiations, Vietnam wished that the US would pay more attention to cutting taxes imposed on Vietnamese textiles, garments, leather and footwear. Vietnam also requested the US to consider and recognize Vietnam’s market economy status after TPP negotiations end.

Vietnam shared with the US its awareness of the importance of intellectual property, expecting that to finish negotiations on this issue as soon as possible, the US should take a more flexible approach. Vietnam will actively coordinate with the US and other countries to find an acceptable solution to all sides.

The US must pay attention to differences in the development level between Vietnam, the US and many other TPP negotiating countries. Based on these differences, the US can be more flexible in providing Vietnam with technical assistance as well as in setting time-limits for the implementation of TPP commitments in areas such as making policies and laws, and improving the management capability in each field.

“TPP negotiations between Vietnam and the US have shown significant progress in the recent period. The completion of negotiations and signing of the TPP will mark a turning-point in the relationship between the two countries,” Deputy Prime Minister Vu Van Ninh emphasized.

US Trade Representative Micheal Froman affirmed that the US pledged to facilitate the access of Vietnamese textiles, garments and footwear to the US market, and that the US would provide technical assistance for Vietnam to implement the TPP as soon as it is signed.

He requested Vietnam to create favorable conditions for US pork and poultry to access the Vietnamese market and pay more attention to environmental protection and electronic payment.

During his visit, Deputy Prime Minister Vu Van Ninh met Professor Jeffrey Schott, a leading TPP expert, to talk about the agreement’s impacts on the growth of the Vietnamese economy. According to Professor Jeffrey Schott, Vietnam would be the largest beneficiary of the TPP because it would bring big opportunities for the country to promote gross domestic product (GDP) growth as well as exports to TPP partner countries.

However, Vietnam will have to cope with big challenges which require it to implement important policy reforms. Importantly, Vietnam must have a clear economic reform strategy, especially in the field of trade in goods and services, for the next 10-15 years so that it can benefit the most from the TPP. Such a strategy will encourage foreign investors to increase investment in Vietnam.

Furthermore, Vietnam must apply suitable policies to promote the development of the private sector, considering it as a driving force of economic growth in the long term. It must encourage small companies to develop into medium and large businesses, thus enhancing the competitiveness of the entire economy in the era of international integration.

Source: ven.vn