Vietnam walks away from American-backed trade deal TPP

Eurasia News Online

Vietnam has decided not to join the Trans-Pacific Partnership (TPP), with the trade deal’s future uncertain under incoming US President Donald Trump.- “The United States has announced it is suspending the submission of TPP to the parliament so there are not sufficient conditions for Vietnam to submit its proposal for ratification,”Prime Minister Nguyen Xuan Phuc told the National Assembly, according to Reuters.

The TPP deal is a project of incumbent US President Barack Obama aimed at increasing American exports. The future of the trade deal is highly uncertain in the Republican-dominated Congress and with President-elect Trump calling the project a “disaster”.

“TPP is now in the history dustbin for sure,” Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, told Politico last week.

Asian countries have reacted differently to the increasing likelihood of the trade treaty failure. Malaysia is focusing on a China-led trade agreement, while…

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