What is TPP?
TPP stands for Trans-Pacific Strategic Economic Partnership Agreement, is a proposed regional free trade agreement aimed at eliminating tariffs and lowering non-tariff barriers that is being negotiated by 12 countries throughout the Asia-Pacific region.
How big is it?
TPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam, which collectively contribute almost half of global output and over 40% of world trade, according to the Office of the United States Trade Representative.
What TPP is about?
How TPP will affect Vietnam’s economy?
For Vietnam, this will mean:
From that, TPP show us a great profit for foreign businesses. Goods could be made cheaper. And the need for companies in Vietnam to compete on a global basis for both domestic and international consumers will clearly grow exponentially.
The obvious opportunities is creating a business boom, increasing exports and letting expat entrepreneurs make hay. But we also face big challenges on the perceived boon for multi-national corporations, and say it will make the rich richer and keep poor people in poverty.
However, TPP is about to make a big difference to life in Vietnam whether we welcome them or not.
Source: Modern Gold, Ezlaw, tuoitrenews