Hanoi’s ratification would be fourth of six needed for trade deal to take effect

Vietnam will likely ratify the 11-member Trans-Pacific Partnership trade agreement in a parliamentary session ending in November, Prime Minister Nguyen Xuan Phuc told Nikkei and other outlets Saturday, in what would be a major step toward bringing the deal into force.

The pact will help “draw out the maximum possible latent economic and trade potential” of Vietnam, Phuc said in his office in the Vietnamese capital ahead of a visit to Tokyo for Tuesday’s Mekong-Japan Summit.

At least six member states must ratify the so-called TPP-11 for it to take effect. Mexico, Japan and Singapore have already done so, meaning if Vietnam follows suit, only two more approvals will be needed.

The pact’s other signatories are Australia, Brunei, Canada, Chile, Malaysia, New Zealand and Peru. The U.S. was originally part of the massive trade deal, but President Donald Trump pulled the country out shortly after taking office in January 2017, and the remaining 11 members forged a new agreement.

Source: Nikkei Asian Review

Read full article here.