The proposed regional free trade agreement called Trans-Pacific Partnership among 12 countries in the Pacific rim is an opportunity galore for many countries, including the U.S and Japan, which are the major partners and account for 80 percent of the total gross domestic product.
A new model Ford EcoSport SUV (sport utility vehicle) car for sale, is driven on to a truck during its launch ceremony at automaker Ford Vietnam's factory in Vietnam's northern Hai Duong province, outside Hanoi June 27, 2014. Vietnam's economic growth quickened in the second quarter to an estimated 5.25 percent from the same period a year earlier. The economy grew by an annual 5.09 percent in the first quarter, the General Statistics Office (GSO) said in a report on Friday, revised up from an expansion of 4.96 percent in its earlier estimate.
Though the ministerial-level talks on the TPP held in Sydney on Oct 27 could not break the Japan-USA impasse on tariffs, the regional partnership may materialise. The countries involved in the TPP talks are USA, Australia, Malaysia, Mexico, Brunei, Canada, Chile, Japan, New Zealand, Peru, Singapore and Vietnam. Despite Japan and the United States bickering over tariffs and auto trade issues, the scope of the TPP is deemed humungous and can encompass 40 percent of global trade, if a deal is struck, reported Japan Times.
Beyond Japan and U.S, the bigger picture has the gains accruing for Mexico and Vietnam and the potential it offers to Japan in terms of trade relations with many countries in the Asia-Pacific region. This was evident at the jovial comment made by Japan's Prime Minister Shinzo Abe to Nissan Motor Vice Chairman Toshiyuki Shiga when they met in Mexico in July. "Please invest more in Japan as well," the PM joked. The obvious reason was Nissan's priority in making 1 million cars a year in Mexico. In Nissan's planning, Japan will be at No. 3 position, behind China and Mexico, in terms of output.Shiga only smiled wryly and enjoyed the joke.
Gain For Mexico
|MEXICO ATTENDS THE VIETNAM-LATIN AMERICA TRADE AND INVESTMENT FORUM IN HANOI|
• The forum was inaugurated by the Vietnamese Prime Minister, who stressed Vietnam’s interest in strengthening its relationship with Latin America.
• In Southeast Asia, Vietnam is an important trading partner for Mexico.
• From 2000-2011, trade between Mexico and Vietnam increased over 27 times.
The Vietnam-Latin America Trade and Investment Forum was inaugurated today in Hanoi. The Mexican delegation was headed by the Foreign Ministry’s Director General of International Economic Cooperation, Nathan Wolf.
“We believe the table is set for Mexico and Vietnam to increase their trade and cooperation in a vast array of areas that include climate change, education, science, and technology, to name a few. We are, in short, eager to build our partnership with Vietnam,” said Mr Fernando González Saiffe, Deputy Chief of Mission of the Embassy of Mexico in Vietnam, in an interview with Vietnam Business Forum. Dang Yen reports.
How would you evaluate the bilateral cooperation between the two countries over the past years?
The bilateral cooperation and political dialogue between Mexico and Vietnam is living one of its best moments and promises to reach its true potential in the years to come.
Mexico and Vietnam established diplomatic relations in 1975. Since then the countries have built a solid friendship and have continuously increased their cooperation.