Vietnam, US look to early conclusion of TPP negotiations

Trong congratulated the US administration on being granted the Trade Promotion Authority (TPA) by the US Congress, describing this a very positive sign for the process of the Trans-Pacific Partnership (TPP) negotiations towards an early conclusion of the trade deal.

US Trade Representative Michael Froman expressed his delight at his meeting with General Secretary Nguyen Phu Trong during the high-profile visit and believed that the Vietnam-US relationship as well as bilateral economic and trade relations will make great strides following the historic visit by the Vietnamese Party leader.

The US trade official hailed the achievements in economic and trade cooperation the two countries have recorded after 20 years of normalization of relations, noting that there is still huge potential for propelling economic and trade links forward in the future.

The US will continue to cooperate with Vietnam on the path of development and deeper integration into the global economy, he assured Trong.

Party Chief Trong emphasized that international integration is the unwavering policy of Vietnam demonstrated by its participation in TPP negotiations - a free trade agreement of internationally high standards. In recent years, the country has actively boosted deeper integration into the regional economy.

However, Trong said Vietnam is a country with the lowest level of development in the TPP, requiring it to revise legal regulations when joining the trade pact. He asked the US to consider the necessary flexibility in line with Vietnam’s economic development level in the TPP negotiations.

He also suggested the US open wider its doors for Vietnamese goods and soon recognize the Southeast Asian’s market economy, especially when Vietnam has joined such a comprehensive trade agreement of high standards.

Michael Froman in turn compared notes with his guest on a number of issues related to the TPP negotiation process, adding that the signing of the TPP will bring benefits and major trade and investment opportunities to all participating nations, including the US and Vietnam.

Vietnam has shown its commitment to the TPP negotiations and will closely cooperate with the US and other countries to speed up an early finalization of the negotiation process, Trong told Froman.

Earlier, Trong and his delegation visited the Thomas Jefferson Memorial in Washington DC honouring the third president of the US who was one of America’s Founding Fathers and the primary drafter of the Declaration of Independence in 1776.