Deputy Prime Minister Vu Van Ninh has reiterated Vietnam’s political commitments to negotiating and realising the terms of the Trans-Pacific Partnership (TPP) for the benefit of all TPP members.

Meeting US Under Secretary of Commerce for International Trade Stefan Selig in Hanoi on January 22, Ninh expressed his hope for the US to take a flexible approach towards considering Vietnam’s core interests in apparel, footwear, farm produce, and aquatic products as well as support to the country’s execution of TPP commitments.

He also recalled the US’s support to Vietnam with the preferential trade agreement which has brought about major changes to national policies and improved the country’s eligibility to join the World Trade Organisation.

The Deputy PM felt confident that the visit will be the first of many high-level visits to celebrate the 20 th anniversary of diplomatic ties between the two nations.

Selig, for his part, mentioned a portion of President Barack Obama’s State of the Union speech, citing the TPP as a crucial component of economic growth for the US and TPP member states.

The guest expressed his satisfaction with Vietnam’s political commitments to TPP negotiations and implementation.

During his visit, Selig and other US officials will discuss issues of shared concern with relevant Vietnamese units, including opening the goods and service market to additional trading opportunities.

Once the TPP goes into force, Vietnam’s service exports are predicted to increase by 28 percent.

On the day, the US official was greeted by head of the Party Central Committee’s Economic Commission Vuong Dinh Hue who suggested the US quickly recognise Vietnam’s market economy.

Vietnam looks to conclude TPP talks

Vietnam is moving into the end stage of Trans-Pacific Partnership (TTP) talks as committed by TPP leaders, Foreign Ministry’s Deputy Spokesperson Pham Thu Hang told the media in Hanoi on January 22.

The region-wide economic and trade connectivity deal is a component of realising Vietnam’s policy of broad and all-encompassing international integration, contributing to economic expansion.

It is crucial to maintain dynamism and forward motion in fostering economic growth across the Asia-Pacific, Hang acknowledged.

As talks enter their final stage, negotiators are striving to develop solutions to any remaining differences in a constructive and positive fashion with regard to each other’s interests, she added.

Vietnam hopes that the upcoming round of talks in New York from January 23 to February 3 will produce substantial progresses towards reaching agreement in the near future.

VNA