11:10 | 16/09/2016 Trade
Local companies are looking to forge new, better, stronger and deeper ties with Mexico, said Do Kim Lang of the Ministry of Industry and Trade (MOIT) on September 13 at seminar in Hanoi.
At the seminar - Photo: MoIT
Lang, who heads up the MOIT’s Trade Promotion Agency, spoke at length to the hundreds in attendance on the benefits of the Trans Pacific Partnership (TPP) and how it would benefit trade and investment ties between Vietnam and Mexico were it to be ratified.
The TPP involves 12 countries: Vietnam, Mexico, the US, Japan, Malaysia, Singapore, Brunei, Australia, New Zealand, Canada, Chile and Peru.
The pact aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth and, if ratified, would create a new single market something like that of the EU.
Vietnam and Mexico, said Lang, have pledged to eliminate 65 percent and 72.2 percent, respectively, of import tariffs on commercial trade items upon inception of the TPP, which if that were to happen, would provide a tremendous economic stimulus for the economies of the two nations.
Mexican Ambassador to Vietnam Sara Valdes Bolano, in turn also talked about the benefits of the TPP, saying increased trade between Mexico and Vietnam was highly dependent on its passage.
One thing is certain, said the Ambassador, international trade between Vietnam and Mexico is essential, and whoever gains the best market access terms will bring a significant comparative advantage to its exporters.
Chances of passage for the TPP yet this year continue to look grim as the US Senate leader has said he will not bring the bill up for a vote yet this year, but that there may be opportunities to pass the deal next year after a new US president takes office.
Ratification of the TPP by both the US and Japan is essential in order to trigger its formation, according to the terms of the agreement signed earlier this year./.