Trans-Pacific Partnership (TPP) negotiations
The 19th round of TPP negotiations will take place in Bandar Seri Begawan, Brunei August 23-30. The Government of Brunei will host a Stakeholders’ Forum on August 27, 2013, at the International Convention Centre.
The Trans-Pacific Partnership Framework
The United States, along with Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam, intend to craft a high-standard agreement that addresses new and emerging trade issues and 21st-century challenges. It will feature new cross-cutting issues not previously included in trade agreements, such as making the regulatory systems of TPP countries more compatible so U.S. companies can operate more seamlessly in TPP markets and helping small- and medium-sized enterprises , which are a key source of innovation and job creation, participate more actively in international trade.
Leading Asia-Pacific Regional Integration Initiative
The TPP is the most credible pathway to Asia-Pacific regional economic integration. After ten rounds of negotiations, solid progress has been made. The TPP countries plan to work as swiftly as possible to conclude an ambitious, next-generation agreement. The nine countries also are committed to expanding the agreement out in stages to other countries across the region. Several additional countries have expressed interest in potentially joining the TPP negotiations, and the TPP countries are consulting bilaterally and collectively with these countries to help them better understand the standards and objectives that the TPP countries have established and whether they are prepared to meet them.
American Competitiveness in the Asia-Pacific
The huge markets of the Asia-Pacific already are key destinations for U.S. manufactured goods, agricultural products, and services suppliers. As a group, TPP countries are the U.S.’s 3rd largest goods export market and 4th largest services export market. U.S. goods exports to the Asia-Pacific totaled $618 billion in 2009, 58 percent of total U.S. goods exports to the world. For the first three quarters of 2010, U.S. goods exports were up 22 percent over the same period in 2009. U.S. exports of agricultural products to the region totaled $71 billion in 2009 and accounted for 72 percent of total U.S. agricultural exports to the world. U.S. private services exports totaled $177 billion in 2009, 37 percent of total U.S. private services exports to the world. America’s small- and medium-sized enterprises alone exported $193 billion to the Asia-Pacific in 2008 (latest data available).
Footwear export to the US soars
HA NOI (VNS)— Viet Nam became the second largest footwear exporter to the US market last year after China, accounting for 13.8 per cent of the US market share.
The figure was released by the US Customs recently, according to the Viet Nam Leather and Footwear Association (Lefaso). Viet Nam exported $3.55 billion worth of footwear last year, up 22.4 per cent from 2013 and 119 per cent from 2010.
The export value of Vietnamese footwear sent to the United States registered an average growth rate of 30 per cent for the 2010 to 2014 period.
The total footwear import value for the United States touched US$25.74 billion last year, up 4.5 per cent year-on-year. China remained the biggest footwear exporter to the United States last year at $16.9 billion, making up for 65.6 per cent of the market share.
Lefaso attributed the rise in Viet Nam's footwear exports during the recent years to higher investment through foreign direct investment (FDI) by enterprises tapping the opportunities offered by the country signing Free trade Agreements (FTAs) with the European Union and South Korea, and entering the Trans-Pacific Partnership (TPP) with 11 other countries, including the United States, Japan and Canada.
According to Lefaso, the sector's competitive capacity was also enhanced by an improvement in technology and equipment. The association also forecast that the country's footwear export value will surpass $12 billion by 2015 and will continue to grow going forward.
According to Viet Nam's General Customs Department, last year, the total export value of the sector was pegged at $10.22 billion, showing a year-on-year surge of 21.6 per cent, and accounting for 6.8 per cent of the total export value of the country.
Of this figure, the export value of FDI businesses is estimated at $7.93 billion, accounting for 77 per cent of the country's footwear export value. — VNS