New Zealand Prime Minister John Key (sixth from right) and ministerial representatives from 12 countries pose for a photo after signing the TPP agreement in Auckland on Wednesday. (Photo: AFP)
Trade ministers from the 12 countries, including Vietnam which was represented by Minister of Industry and Trade Vu Huy Hoang
, signed the deal on Thursday after more than five years of tough negotiations.
The agreement will still need to be ratified by each of the member countries and is expected to come into effect in two years’ time.
Vietnam's Minister of Industry and Trade Vu Huy Hoang. (Photo: www.tvnz.co.nz)
Minister Vu Huy Hoang told ONE News that Zealand had potential in a lot of industries "like renewable energy, processing industry and mining industry."
"And therefore, I do hope that if TPP
[is] going into force there may some more investment coming from New Zealand in the sector of energy, processing industry and also in training and education."
The minister says the Trans Pacific Partnership is very important and "an opportunity to strengthen our [Vietnamese-New Zealand] relations in trading, investment and economy."
The Vietnamese Ministry of Industry and Trade released the full TPP text
in English, French, Spanish and Vietnam languages.
The TPP started out in 2006 as the P4 free trade agreement between Brunei, Chile, New Zealand and Singapore.
The United States began negotiations to join the deal in 2008, prompting a number of other Pacific Rim countries to join in.
It eventually expanded to include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam.
Those countries have a combined population of more than 800 million and account for more than a third of the global economy and some 40% of global trade.