Vietnam To Chair Apec With Bid To Save Threatened TPP

20-Dec-2016 Intellasia | Newsahead | 6:00 AM Print This Post

The chairmanship of the 21-member Asia-Pacific Economic Cooperation (Apec) forum passes from Peru to Vietnam. The country intends to try to save the threatened Trans Pacific Partnership (TPP), in which it has a vested interest, during its term.

On the sidelines of the 2016 Apec summit in Peru, the Communist country’s recently elected president, Tran Dai Quang, said Vietnam is determined to realise the new generation of free trade agreements. He stressed the necessity to put the TPP into operation soon amid a global trade slowdown and rising protectionism.

Forbes Magazine noted in November 2016 that Vietnam was set to be one of the major beneficiaries of the TPP, “which now seems all but dead after the US president-elect Donald Trump declared withdrawing America from the pact would be one of his first actions in office.” Twelve Apec members, including the United States, are TPP signatories. To save it, Vietnam might have to convince the other members that it is worth staying with the agreement without the world’s biggest economy.

Vietnam will also be expected to advance the trade and climate initiatives put forward at the 2016 summit. About 200 activities, including eight ministerial-level conferences, will be held across Vietnamese cities and provinces. The annual summit will be held in Da Nang in November 2017.

Apec groups: Australia, Brunei Darussalam, Canada, Chile, People’s Republic of China, Hong Kong-China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States of America and Vietnam.


Category: Economy

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