Vietnam to work with TPP members on future orientations

“Vietnam considers its entry to Trans-Pacific Partnership (TPP) and free trade agreements as one of the steps to execute the policy of active and proactive integration into the extensive world economy,” she said.

The country sees fine-tuning the legal system and market economy institutions as laying a new momentum for development and contributing to regional economic integration and connectivity, the diplomat noted.

“Vietnam continues renovation and step up preparations to ensure effective delivery of commitments to the free trade agreements that Vietnam did join and will join,” Hang added.

On May 2, negotiators from 11 member countries of the Trans-Pacific Partnership (TPP) Agreement gathered for a meeting in Toronto, Canada to explore the possibility of putting the trade pact into force without the US.

TPP was signed in February in 2016 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam, covering around 40 percent of the global economy.

The withdrawal of the US prevents the deal from taking effect because the country represents over 60 percent of the trade bloc’s GDP.