09/01/2016 10:43 GMT+7 Email Print Like 0

Vietnam to benefit mostly from TPP by 2030: WBG report

Hanoi, January 8 (VNA) - The Trans-Pacific Partnership (TPP) agreement will provide economic impetus predominantly to Vietnam, Japan and Malaysia among other parties to the deal by 2030, according to a Global Economic Prospects report recently released by the World Bank Group (WBG).

The report said Vietnam will receive the biggest boost, nearly 10 percent, which is attributed to preferential access of its textiles and apparel industry to the US and other key markets.

Malaysia’s economy would get an 8-percent hike, since its exporters would obtain an advantage over its regional rivals not participating in the world’s largest trade deal, including Thailand, the Philippines and Indonesia, the report stated.

Meanwhile, Japan would acquire a 2.7-percent surplus in economic growth by 2030, the research paper forecasted.

A 12-nation TPP pact, the wording of which was agreed between the United States, Japan, Australia, New Zealand and other Pacific Rim nations in October 2015, intends to deregulate trade among its signatories, which together make up 40 percent of the world economy.

The details of the controversial free trade agreement have been revealed to the public after almost seven years of discussions.

The World Bank Group (WBG) consists of five financial organisations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Financial Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID).