Stewart Beck, President and CEO of the Asia Pacific Foundation of Canada (Source: theglobeandmail.com)Da Nang (VNA) – Vietnam’sengagement in the Trans-Pacific Partnership (TPP) will benefit her exportbusinesses, President and CEO of the Asia-Pacific Foundation Stewart Beck said.
He described Vietnam as a big exporter of farmproduce, aquatics, garment-textile, and processed products in an interview withVietnam News Agency’s reporters in Da Nang.
Beck advised Vietnamese firms to build properstrategies to make better access to different markets as well as study theirculture and prices.
Trade ministers from 11 member countries of theTPP agreed on core elements of the pact, which is from now on called theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),at their meeting within the framework of the APEC Economic Leaders’ Week in thecentral city of Da Nang on November 6-11.
They agreed not to make amendments to theoriginal text but freeze the implementation of some clauses to ensure balanceand the quality of the document in the new context.
The CPTPP is a comprehensive and high-standardagreement on the basis of balancing interests of its member countries, withregard to their development levels, they said.
The trade pact was officially inked on February4, 2016 among 12 countries, including the US, Canada, Mexico, Peru, Chile, NewZealand, Australia, Japan, Singapore, Brunei, Malaysia, and Vietnam. TPP is anew-generation free trade agreement with high level of commitment covering tradeand non-trade issues.
However, after taking the office in January,2017, US President Donald Trump decided to withdraw his country from the pact.The remaining TPP countries are working toward a new deal that can move forwardwithout the US.-VNA
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