The Vietnamese Government agreed to sign the “Trans-Pacific Partnership” agreement with Resolution 09/NQ-CP issued on February 2.
It authorized the Minister of Industry and Trade to ink the agreement.
Procedures required will be undertaken by the Ministry of Foreign Affairs, according to the Resolution.
The TPP signing is slated for February 4 in New Zealand.
The TPP negotiations started in 2005 and concluded in late October last year. The 12 members of the agreement are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
Once it takes effect, the agreement will establish a free trade zone that represents nearly 40 percent of global GDP.
In theory, Vietnam is expected to gain the most benefits from the pact, especially in trade of goods, investment, and services, said Minister of Industry and Trade Vu Huy Hoang in an insightful interview with the Vietnam News Agency.
He, however, pointed out that this depends on how the country works to take advantage of the TPP and deal with any possible challenges.