Tuoi Tre News, 10 October 2015. Vietnam’s TPP ratification to take up to 2 years: lead negotiator.
An edited extract of the original article appears below.
It will take up to two years for the Trans-Pacific Partnership (TPP), which was reached after five years of talks by 12 countries in Atlanta on Monday, to be ratified in Vietnam, the lead Vietnamese negotiator of the trade deal said on Friday.
The trade pact, which would liberalize trade in 40 percent of the world economy, is pending approval from legislative bodies of its members, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam, before it can take effect.
In Vietnam, the process can take 18 to 24 months, Deputy Minister of Industry and Trade Tran Quoc Khanh, who led the Vietnamese delegation at the five-day, around-the-clock talks, told a ministry-held conference in Hanoi.
The law-making National Assembly is expected to begin considering the pact in mid-2016, according to The Saigon Times Online.
Khanh said the trade ministry will deliver an announcement about the TPP by the end of this month, but did not elaborate what will be made public.
There is little available information as to what Vietnam negotiated and committed to doing during talks with the other 11 countries…
Such sectors as garment and footwear will enjoy benefit thanks to the tax elimination, while meat businesses will face steep competition from TPP rivals, including such giants as Australia, Japan and the U.S., according to the official.
The last group consists of the dairy, animal feed and animal feed materials, which will “face less-severe impact as Vietnam already imports these products at huge quantities at present,” Khanh concluded…
The Vietnamese livestock sector, for instance, is given a ten-year period to strengthen itself before all tariffs are zeroed…
The garment, footwear, seafood, and wood industries are among those that welcome the TPP, whereas domestic meat businesses are concerned they will soon be pushed out of competition.
But Khanh, in a separate interview, reassured that Vietnam’s experience in integrating with the world’s economy over the past 20 years will help it afford the TPP…
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