10:42 | 01/07/2016 Trade
Over 65% of tariff lines will be lowered to zero for the products Vietnam imports from Mexico, right after the Trans-Pacific Partnership (TPP) agreement becomes effective, stated Vietnamese Ambassador to Mexico Le Linh Lan.
Speaking at a forum on competitive challenges facing Mexico and new TPP partners in Mexico capital city on June 29, Lan affirmed that in the 10th year since the agreement comes into effect, 98% of tax lines will be removed. Mexico can export its outstanding products like automobile spare parts, timber, cattle feed, and beef to Vietnam.
Meanwhile, Mexico pledged to remove tariff on 77.2% of tariff lines immediately after the TPP takes effect, and 98% of tariff lines after 10 year that.
During discussions, the Vietnamese diplomat also answered local businesses’ queries on Vietnam’s market economy.
She said that the market economy status of Vietnam has been recognised by 45 nations worldwide.
She called on Mexican enterprises to come to Vietnam to seek business and investment opportunities in the country and anticipate opportunities brought by the TPP.
Vice Chairman of the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) – the organiser of the forum, hailed the significance of signing the TPP in opening up more opportunities for numerous production sectors of Mexico.
He asked Mexican businesses to bring into full play opportunities brought by the agreement and prepare to deal with competitive challenges of member states.
The TPP involves 12 countries in the Pacific Rim - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam - is scheduled to take effect in 2018./.
Source Vietnam Plus