New TPP round begins in Vietnam

Negotiators of the Trans-Pacific Partnership (TPP) agreement began a new round of talks here on Monday, aiming to reach a deal ahead of a ministerial meeting to be held in Singapore early next week, local media reported.

During the four-day gathering, chief negotiators will address pending issues such as import tariffs on farm produce, intellectual property rights, and state-owned business restructuring, the state-run Radio Voice of Vietnam reported.

The trade pact is being negotiated by 12 countries, namely Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

At the February 2014 round, TPP member states failed to reach an agreement due to US-Japan differences over Tokyo's policy of protecting its market for beef, rice and other agricultural products.

However, experts expect new progress will be made in Ho Chi Minh City this time, after both the United States and Japan settled their differences in April. According to the Vietnamese Ministry of Industry and Trade (MIT), Vietnam has so far joined 19 rounds of talks and four ministerial meetings. Member states have yet to reach the agreement on nearly 20 areas, including the opening of the commodity market, the code of conduct, intellectual property, the environment, and e-commerce.

When the TPP is signed, due later this year, it will facilitate trade and investment liberalization. The trade pact will press businesses to revise their strategies to meet the requirement of deep international integration.

Alongside the TPP, Vietnam hopes to complete negotiations of free trade agreements with the European Union and the Customs Union of Russia-Belarus and Kazakhstan this year, said the MIT.