Vietnam accelerates trade agreement negotiations

(VOV) – The Ministry of Industry and Trade has updated the public on its latest international cooperation efforts and progress in ongoing trade agreement negotiations.

It has completed the final draft on international economic integration outlook towards 2020, including the “trade and services” and “investment” chapters of the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP) as well as the necessary preparations for signing the ASEAN-India Free Trade Agreement.

The Ministry announced plans to begin bilateral free trade agreement negotiations with the Republic of Korea in an effort to rebalance Vietnam’s current trade deficit.

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American Chamber of Commerce (Amcham) in Vietnam Managing Director Adam Sitkoff told Tuoi Tre news wire many American businesses have been involved in all 19 Trans-Pacific Partnership (TPP) Agreement negotiations. Vietnam and 11 other negotiators hope to finalise the crucial agreement in 2014.

Vietnamese Ambassador to the US Nguyen Quoc Cuong admitted American business interests are proportionately over-represented in TPP negotiations.

He warned Vietnam should be wary of the US business community’s attempts to position itself as the primary beneficiary of the TPP.

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