Vietnam, US close to concluding bilateral TPP negotiations

by VTV402 August 2015 Last updated at 16:06 PM - Trans-Pacific Partnership (TPP) negotiators in Hawaii have failed to reach an agreement. However, Vietnam has succeeded in some aspects, especially in bilateral negotiations with the United States.

In this last stage of negotiations, Vietnam has concluded talks with 11 other member countries, including the US.

Michae Froman, US Trade Representative said: "I think why the work we've been doing together is so important for the US and Vietnam relation is that our leaders have come together, giving a mutual vision for our relationship. And making progress on TPP like we have been doing in the last week and ultimately concluding TPP agreements is very much consistent with implementing that vision".

The achievement in TPP bilateral negotiations between Vietnam and the US comes down to ceaseless effort of the two countries’ negotiators, and more importantly the political goodwill set by the leaders of both sides.

"With the US, we have completed almost all TPP-related agreements. As such, Vietnam and the US can work out a deal in all trade issues, which is expected to strengthen bilateral cooperation in economics, investment, and trade in the future", said Mr Vu Huy Hoang, Vietnam’s Minister of Industry and Trade

Michae Froman, US Trade Representative said "I continue to be enormously impressed with the Vietnamese negotiating team, the creativities that they bring to the table, and their willingness. As the poorest, the least developed country in the table, they continue taking on one of the greatest challenges of the 21st century economy, and they hope to find rules for the 21st century economy."

The detailed contents of agreements in TPP negotiations will not be released until TPP is officially signed. However, the progress made by Vietnam and the US reflects a comprehensive and high-standard TPP agreement that will support economic growth between the two countries.


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