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Vietnam Delays TPP Ratification

Vietnam's progress on the Trans-Pacific Partnership (TPP) has hit a speed bump as the national government recently announced that ratification of the trade deal will not be discussed at the country's next parliamentary session.

"TPP will not be on the assembly's agenda because the government's proposal is not completed," a parliamentary source familiar with the matter told Reuters.

According to Channel News Asia, Vietnam’s ratification of the deal is largely considered a formality at this point, as top Party officials agreed on the matter in January of this year. With 96% of the National Assembly comprised of Party members, the ratification vote is expected to pass with ease. The deal also hasn’t encountered any opposition since its announcement, reports the news source.

If ratified, the TPP is primed to bring significant benefits to the country, and especially its manufacturing sector.

Earlier this year, the 12 participating nations signed the TPP in Auckland, New Zealand, forming a trade zone which accounts for 40% of the global economy. The individual nations now have until February 2018 to ratify the trade agreement within their respective governments, though it faces strong opposition in the U.S., the largest economy within the pact.

[Original image via VTV, illustration by Henry Chi-Hieu Nguyen]

Related Articles:

Vietnam, Member Countries Sign TPP in New Zealand

Why the TPP Agreement Could Be Huge for Vietnam

TPP Deal Could Add 30% to Vietnam’s GDP

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