It will take up to two years for the Trans-Pacific Partnership (TPP), which was reached after five years of talks by 12 countries in Atlanta on Monday, to be ratified in Vietnam, the lead Vietnamese negotiator of the trade deal said. “Other countries also pledge to provide technical assistance to Vietnam in fulfilling its commitment,” he added.
The TPP is pending approval from legislative bodies of its members before it can take effect.
In Vietnam, the process can take 18 to 24 months, Deputy Minister of Industry and Trade Tran Quoc Khanh told a ministry-held conference in Hanoi.
The law-making National Assembly is expected to begin considering the pact in mid-2016, according to The Saigon Times Online.
Vietnam’s garment and footwear will enjoy benefit thanks to the import duties elimination, while meat businesses will face steep competition from TPP rivals.
Dairy, animal feed and animal feed materials, which will “face less-severe impact as Vietnam already imports these products at huge quantities at present.”
However, the Vietnamese livestock sector, for instance, is given a ten-year period to strengthen itself before all tariffs are zeroed.
“Other countries also pledge to provide technical assistance to Vietnam in fulfilling its commitment,” he added.
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Vietnam’s TPP ratification to take up to 2 years: lead negotiator, Tuoi Tre News, Oct 10, 2015