Businesses believe APEC’s free trade agreement will bring few benefits The proposed APEC free trade agreement (FTAAP) is expected to be on a larger scale than the Trans Pacific Partnership (TPP) agreement, but many Vietnamese businesses are not enthusiastic about the trade pact.  Several trade and economic agreements, including TPP and RCEP, are being discussed in The TPP, or the Trans-Pacific Partnership, is a proposed regional free trade agreement that is currently being negotiated by 12 countries throughout the Asia-Pacific region, while RCEP, the Regional Comprehensive Economic Partnership, is a proposed free trade agreement (FTA) between 10 member states of the Association of Southeast Asian Nations (ASEAN) and six states with which ASEAN has existing FTAs. While the TPP and RCEP negotiations are progressing slowly, another free trade area has been proposed – the FTA of the Asia Pacific – which would comprise If the area is established, FTAAP will be one of the world’s largest free trade areas with the presence of the three world’s leading economies – the US, China and Japan – and other significant economies, including Australia, South Korea, New Zealand, Canada and Russia. The economic bloc, once formed, would comprise 57 percent of global GDP and 46 percent of trade value. For TPP, the figures are 40 percent and 26 percent, respectively. In fact, the FTAAP was once raised at the ASEAN summit in 2006. However, As for However, Vietnamese businesses said they do not have high expectations for this FTA. An economist commented that it is too early to rejoice at the news, because it is unclear if the tariff removals would bring benefits to He said that Both The economist also doubts A report of the Meanwhile, Toshihiro Atsumi, a professor of the At least 40 percent of APEC members have had trade agreements with other members. The figure would be 100 percent if TPP and RCEP are signed. Therefore, FTAAP may no longer have an impact on member economies, as initially planned. NCDT |
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