Vietnam will carry on its integration policy and further improve the business environment whether the Trans-Pacific Partnership (TPP
) free trade agreement is ratified or not in the light of power transition in the United States, high-ranking Vietnamese government officials have stated.
Donald Trump, who has become the U.S.’s President-elect after a shock election win, is known for his protectionism and has openly showed opposition to the U.S.-brokered trade deal that embraces 12 Pacific Rim countries.
“It’s too soon to reckon the fate of the TPP,” Vietnamese Trade Minister Tran Tuan Anh
told local press on the sidelines of the ongoing parliamentary session on November 10.
The world will have to wait and see if the new U.S. administration will really reverse the trade deal as the President-elect stated during his election campaign, the minister added.
“We have persistent stance and policies regarding deepening the global integration and the TPP is part of that guideline,” he noted.
It will be a loss to TPP member countries if the deal is not ratified for any reasons, said Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh
state at the Vietnam Summit 2016 held by The Economist
in Ho Chi Minh City on November 3.
However, Vietnam has other free trade agreements (FTAs) such as those with the European Union (EU) and the Eurasian Economic Union (EAEU). Vietnam and other ASEAN countries are discussing the Regional Comprehensive Economic Partnership (RCEP) while APEC nations are gearing up negotiations on an FTA in the Asia-Pacific region, said the deputy prime minister.
RCEP is a proposed FTA between the ASEAN and the six states with which ASEAN has existing FTAs (Australia, China, India, Japan, South Korea and New Zealand). RCEP is viewed as an alternative to the TPP, which excludes China and India.
Deputy Trade Minister Do Thang Hai said at the event that the non-ratification of the TPP will not reverse the course of Vietnam’s integration policy.
“The Vietnamese government will restlessly improve the investment climate, speed up the reinvestment process, encourage private investments and tighten public debt management. Thus Vietnam will still enjoy sustainable development even with or without the TPP,” Hai stressed.