President Sang stressed determination for TPP negotiations

President Truong Tan Sang and other leaders of the countries involved in the Trans-Pacific Partnership (TPP) agreed to settle remaining issues in order to complete negotiations within the year in a bid to reach a comprehensive and balanced deal.

The agreement was made at the end of their meeting on October 8 following a separate round of the Asia-Pacific Economic Cooperation Forum on the Indonesia island of Bali.

Speaking at the meeting, President Sang called on TPP negotiating countries to take into account their different levels of economic development while offering technical support and improving capacity to realise commitments.

Leaders of TPP members adopted a statement and a report by their trade ministers, saying that TPP is a potential economic arrangement in the region that makes up 40 percent of the world gross domestic product and one third of global trade.

TPP, alongside other key economic linkage mechanisms like the Association of Southeast Asian Nations (ASEAN), ASEAN and its partners, the Asia-Pacific Economic Cooperation, the Regional Comprehensive Economic Partnership, are establishment of a Free Trade Area of the Asia-Pacific (FTAAP).

The 12 TPP negotiating members include Brunei, Canada, Chile, the US, Malaysia, Mexico, Japan, New Zealand, Australia, Peru, Singapore and Vietnam.-VNA

Source: Vietnamplus

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