Vietnamese president submits Pacific Rim trade pact to National Assembly for approval

Vietnamese President Nguyen Phu Trong on Friday submitted a Pacific Rim trade pact to the National Assembly for approval, the government in Hanoi said. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership will take effect at the end of the year after Australia became the sixth nation to ratify it earlier this week. US President Donald Trump pulled out of the pact just days after taking office last year. The remaining 11 members account for more than 13 percent of the world’s GDP. Addressing lawmakers, Trong said the pact reflects Vietnam’s strong commitment to reform and comprehensive international integration, AP reported. A government study shows the trade pact will boost Vietnam’s GDP by 1.3 percentage points. Exports will also gain momentum. Vietnam is expected to be one of the members that would most benefit from the agreement with its strong base of exports of garments, shoes, seafood and agricultural products.