Vietnam is on a path this year to approve its biggest trade expansion since the country joined the World Trade Organization. The country’s National Assembly in Hanoi approved the Comprehensive and Progressive Agreement for Trans Pacific Partnership in December. The trade deal became effective on January 14. The Pacific trade deal would open the markets of Japan and Canada to Vietnam’s products. In addition, the deal will permit Vietnamese to enter 10 countries easily for work-related business. Vietnam also is seeking to reach a trade agreement with the European Union soon. The two trade agreements together would sharply reduce trade barriers with countries that account for 45 percent of the world’s economy. Lawmakers of other countries in the Pacific partnership are in the process of approving the deal.
