Vietnam expects for TPP at Asia-Pacific foreign trade forum

The Trans-Pacific Partnership (TPP) deal is expected to bring great opportunities to Vietnam , connecting the country with Mexico and other member countries, Vietnamese Ambassador Le Linh Lan told the Asia-Pacific Foreign Trade Forum recently held in the central Mexican state of Queretaro.

In her speech entitled “Market regionalisation, the global economic growth factor”, Lan mentioned the two economic blocs impacting Vietnam , including the Association of Southeast Asian Nations (ASEAN) and the TPP.

After its entry into ASEAN in1995, Vietnam recorded a gross domestic product growth of 6.77 percent in 1995-2014, higher than a 5.62 percent in 1985-1994, she said, adding during its first year of membership alone, the Vietnamese economy expanded by a record 9.95 percent.

When it comes to TPP, the ambassador said the deal will create the world’s largest free trade area covering a population of over 804 million, or 11.2 percent of the global total, making up 40 percent of the world’s GDP and 30 percent of its exports-imports.

Vietnam embarked on TPP negotiations in November 2008 while Mexico joined the talks in October 2012.

As Vietnam and Mexico are celebrating the 40th anniversary of diplomatic ties, Lan said both countries are working to promote economic and trade ties, with the ongoing negotiations of three memoranda of understanding on cooperation in trade and industry, plant and animal quarantine, and aquaculture that are expected to be signed this year.

Representatives from the Mexican Ministry of Agriculture, Livestock, Rural Development, Fisheries and Food Raul Urteaga Trani said Vietnam and Mexico are interested in coffee and rice, two commodities seen as sensitive in TPP talks.

Last year, two-way trade between Vietnam and Mexico reached 2.26 billion USD, up 39.7 percent annually, 1.91 billion USD of which was trade surplus run by Vietnam .

The forum, attracting representatives from India, the Philippines, Singapore, New Zealand and Perui, was presided over by the Mexican Business Council for Foreign Trade, Investment and Technology.-VNA