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Rejoining TPP would help U.S. businesses expand markets
Thuy Dung
Monday,  Apr 16, 2018,22:04 (GMT+7)

Rejoining TPP would help U.S. businesses expand markets

Thuy Dung

HANOI – The American Chamber of Commerce (AmCham) in Vietnam welcomes the U.S. weighing re-entering the Trans-Pacific Partnership (TPP), which will help boost market expansion for U.S. firms, according to the chamber in a press statement.

Shortly after taking office 15 months ago, U.S. President Donald Trump lived up to his campaign promise by pulling America out of the TPP, which was previously led by the U.S. and was expected to open up big opportunities for U.S. companies in the member countries, including in Vietnam.

President Trump, however, last week assigned U.S. Trade Representative Robert Lighthizer and director of the National Economic Council Larry Kudlow to re-consider the Pacific Rim trade pact, seeing whether or not a better deal than that of the Obama administration could be negotiated.

If the U.S. President is serious about re-entering the TPP, this would be good news for businesses, investors, workers, farmers and consumers of both the U.S. and Vietnam, said executive director of Amcham Vietnam in Hanoi Adam Sitkoff. Rejoining the TPP is a good chance for the U.S. to expand to new markets, reduce trade barriers, protect inventions and promote exports, he added.

According to Amcham, a TPP deal with the U.S. as one of the members will positively affect the business environment of Vietnam and support Vietnam’s industrialization, modernization and globalization goals. Amcham believes that re-entering the TPP is crucial to the U.S.’s position and influence in Asia.

U.S.-Vietnam trade relations are important to both countries. Amcham and the Vietnam Chamber of Commerce and Industry (VCCI) will co-organize a business conference on June 22 in Hanoi to orient future investment and trade relations of the two countries. The conference is held in the context of fast-changing trade relations and uncertainty of global economies.

After the U.S. withdrawal, the TPP has become the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The latter was signed last March by 11 countries – Japan, Canada, Australia, Mexico, New Zealand, Peru, Chile, Malaysia, Brunei, Singapore and Vietnam.

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