ASSEMBLY OF VIETNAM RATIFIED FINAL DRAFT OF TRANS-PACIFIC TRADE PACT




Mustafa AY – TDO – 14.11.2018 Assembly of Vietnam has unanimously ratified the final draft of Trans-Pacific Trade Pact. With this move, Vietnam will have stimulated and invigorated its economy by utilizing from tariff exemption with other members of pact –Japan, Singapore, Australia, New Zealand, Mexico and Canada-.  The remaining parties –Malaysia, Peru, Chile and Brunei Darussalam- haven’t yet ratified the final draft of trade pact, but expected till 30th of December 2018.

With the treaty to be implemented by 30th of December 2018, Vietnam is planning to raise its trade volume with not only neighbouring countries, but also overseas countries by implementing reciprocal tariff exemption. Vietnam government deems this pact as a breakthrough in the country’ legislation, state governance and social administration on the grounds that they proved that they display very moderate approach to foreign nations.  

USA as the eleventh country, which took place in very beginning of negotiations for trade agreement, withdrew from the pact with President Donald Trump’s presidential memorandum. Because he thought that the treaty will create huge damage to native American’s business.