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Ministers of 11 TPP member countries to meet in Hanoi
During the meeting, to be co-chaired by Vietnam and New Zealand, the ministers will discuss the creation of new rules that would enable Washington to easily return to the deal if circumstances were to change.
So far, only Japan and New Zealand have ratified the pact. Some countries that hoped to boost exports to the United States may be reluctant to implement the 11-party TPP, arguing that without the world’s largest economy, the agreement would be of little benefit to their economies.
Canada and Mexico have been unwilling to irritate US President Donald Trump by joining the TPP, as they stare down a possible renegotiation of the North American Free Trade Agreement with Washington in the near future.
The TPP was signed by the 12 nations, including Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Under current rules, the TPP requires ratification by nations accounting for 85 percent of the combined gross domestic product of the 12 countries. The deal was therefore effectively flawed following the withdrawal of the United States, as the country represents over 60 percent of the trade bloc’s GDP.
TPP offers promising new world for Vietnam's textiles sector
Vietnam’s textile industry is set to grow rapidly over the next 10 years as the Trans-Pacific Partnership trade agreement takes effect, acting as a catalyst for boosting trade and investments in the sector, industry experts say. “Vietnam's textile industry has long been a key contributor to the country's high-growing, export-oriented economy, as the textile and garment industry accounts for around 15 percent of the country's gross domestic product (GDP) and 18 percent of its exports,” said… chat_bubble_outline Read More...
First UK legal ruling on Brexit due in Belfast Friday
London (AFP) - The High Court in Belfast will rule Friday on Northern Ireland's entitlement to veto the UK's departure from the European Union -- the first opinion by a UK judge on Brexit.With other legal challenges under way in Britain, the outcome will be closely monitored by politicians and financial markets.Ciaran O'Hare, a lawyer representing veteran victims' rights campaigner Raymond McCord -- one of a diverse group of individuals in the case -- said the judge would give his ruling at… chat_bubble_outline Read More...
Vietnam to invest $1.2 billion in airports as passenger numbers skyrocket
The country has decided to pour more than VND26 trillion (nearly $1.2 billion) into upgrading infrastructure at a number of its airports from 2016-2018. The Airports Corporation of Vietnam said that the growing numbers of passengers in recent years has put great pressure on airport infrastructure. Vietnam’s airports are designed to serve about 80 million passengers per year, but that figure has already reached 63 million in the first four months of this year, ranking Vietnam fourth in… chat_bubble_outline Read More...
Huge quake hits Solomon Islands, tsunami alert lifted
By Tom Westbrook and Charlotte GreenfieldSYDNEY/WELLINGTON (Reuters) - A powerful 7.8 magnitude earthquake struck off the Solomon Islands early on Friday, but there were no immediate reports of casualties and a tsunami warning for a wide swathe of the South Pacific was later lifted.Solomon Islands National Disaster Management Office director Loti Yates said he received reports of collapsed buildings on Malaita, an island near the epicenter of the massive undersea quake, which had initially… chat_bubble_outline Read More...
BUSINESS IN BRIEF 19/10
Vietnam Expo 2016 to be held in HCM City The 14th Vietnam Expo will be held at the Saigon Exhibition and Convention Centre in Ho Chi Minh City from November 30 to December 3.It is expected to draw the participation of businesses from more than 20 countries and territories, including Indonesia, the Republic of Korea (RoK), China, and Taiwan.According to the Ministry of Industry and Trade, with the sponsorship of Mobifone, the event provides a platform for businesses to meet, expand business… chat_bubble_outline Read More...