World Bank: TPP Trade Deal to Benefit Vietnam, Japan, Malaysia Most by 2030

The US-backed Trans-Pacific Partnership (TPP) free trade deal is set to provide economic impetus predominantly to Vietnam, Japan and Malaysia among other parties to the agreement by 2030, a Global Economic Prospects report showed.

MOSCOW (Sputnik) – Hanoi would 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, the study issued by the World Bank Group in January revealed.

Malaysia’s economy would get an 8-percent hike, since its exporters would obtain an advantage over its non-bloc regional rivals, including Thailand, the Philippines and Indonesia, the report said.

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

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 that together make up 40 percent of the world economy.

The details of the controversial free trade agreement, negotiated in unusual secrecy, have been revealed to the public after almost seven years of discussions. Opponents say the pact would undermine standards and regulations on environmental protection, health and safety, as well as workers’ rights.