Vietnam pushes ahead with global economic integration

Vietnam considers the engagement in the Trans-Pacific Partnership (TPP) agreement and other free trade agreements (FTAs) as one of the moves to implement its policy of proactive and active economic integration in an extensive and inclusive manner, Spokesperson of the Foreign Ministry Le Hai Binh said.

Foreign ministry spokesman Le Hai Binh

He made the statement on January 24 in response to reporters’ queries regarding Vietnam’s reaction to the announcement of the US to withdraw from the TPP.

He said over the past six years, 12 members of the TPP have worked hard to negotiate and conclude the signing of the trade pact, a new-generation free trade agreement.

If executed, the TPP would satisfy the common interests of all member nations, not only creating a new momentum for their economic-trade relations, but also holding significance for economic cooperation and connectivity as well as stability and prosperity in the Asian-Pacific region, he added.

Vietnam’s involvement in the TPP and other FTAs is also intended to improve its legal system and market economy institution as well as create a new driving force to spur on domestic economic growth and contribute to regional economic integration and connectivity, he noted.

He affirmed that Vietnam will push ahead with reforms and step up preparations at home to ensure the effective implementation of its commitments under the signed and to-be-signed free trade agreements.

(Source: NDO)