The Government has approved a report on the Trans-Pacific Partnership (TPP) so as to submit the deal to the 14th National Assembly for ratification at its first session scheduled for this July.

Representatives from 12 TPP member nations. (Photo: EPA)

The report, prepared by the Ministry of Justice, reviews the current legal system and provides a list of legal documents proposed to be revised, supplemented or promulgated to meet the agreement’s requirements, according to the Government’s Resolution on the regular Cabinet meeting in April.

The Ministry of Industry and Trade was assigned to coordinate with the Ministry of Justice, the Government Office, and relevant ministries and sectors to acquire Cabinet members’ opinions to complete a statement ratifying the TPP.

The Ministry of Justice is responsible for working with relevant ministries, sectors and provincial People’s Committees to continue reviewing the legal system to ensure the execution of the agreement and propose specific legal adjustments in line with the TPP requirements, and then report to the Government at its regular meeting in December.

The TPP started out as P-4 with Chile , New Zealand, Singapore and Mexico. The US joined in September 2008 and Vietnam in early 2009. The deal now brings together 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.

The completion of the world’s largest free trade pact on October 5 in Atlanta , the US, elicited positive responses from many countries. After the signing, the document must receive approval from member countries’ governments and parliaments before taking effect.

The TPP will become a free trade region of 800 million people, accounting for 30 percent of global trade and about 40 percent of the world’s economy. The pact will help expand Vietnam's GDP by 23.5 billion USD by 2020 and 33.5 billion USD by 2025.

VNA