They say the Trans Pacific Partnership Agreement is a chance to grow world economies – it covers 40 percent of them – making it one of the largest trade deals ever.
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At a forum held during Hoang’s visit to New Zealand on Wednesday, officials from Viet Nam and New Zealand signed memoranda of understanding on fostering trade relations, industrial investment and business facilitation between two countries.
The TPP’s members are Australia, Brunei, Japan, Malaysia, New Zealand, Singapore, Vietnam, Canada, Chile, Mexico, Peru and the US.
“Our goal is to enhance shared prosperity, create jobs and promote sustainable economic development for all of our nations”, the trade representatives said in a joint statement.
“TPP liberalised trade, and makes it easier to do trade across the region”.
New Zealand Prime Minister John Key and United States of America (USA) Trade Representative Mike Froman led the ceremonial signing at Auckland’s Sky City Convention Centre.
Australia’s Trade Minister Andrew Robb was the first to put pen to paper and New Zealand Trade Minister Todd McClay was the last to initial the document to applause and cheers.
There were smiles all round, ministerial selfies, and back-patting as ministers from 12 Pacific Rim countries signed the deal in Auckland on Thursday, while protesters against the deal rallied outside the venue where the ceremony took place.
Ma Jun, chief economist of the People’s Bank of China estimated in an article on Shanghai Securities News that the difference to China between joining the TPP and being kept out was about 2.2 per cent of GDP.
The signing marks the end of the negotiating process, but the member countries now have two years to get the deal approved at home before it takes effect.
China’s ministry of commerce said it was evaluating the agreement and expressed hope various free trade deals in the Asia-Pacific region would complement each other.
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The deal – which will cut tariffs, improve access to markets and sets common ground on labour and environmental standards and intellectual property protections – was finally reached in October after five years of negotiations. The Canadian government, which has changed since the deal was negotiated, signed up Thursday but has yet to decide whether to go through with ratification.
