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TPP to boost Vietnamese garment exports to Mexico

13/09/2016 10:37 AM
The Vietnam Textile and Garment Association (VITAS) and Mexico's National Chamber of Textile Industry (Canaintex) expect the value of Vietnamese exports to Mexico to double in 3-4 years after the Trans-Pacific Partnership (TPP) is implemented.

This is because tariff on Vietnamese goods exported to Mexico would fall to zero from the current 30 per cent.

To lay foundation for bilateral garment cooperation between the two countries, a delegation from Canintex recently visited Vietnam. The team visited several factories and a garment and textile industrial park during their one week stay.

Once TPP agreement comes into effect, Vietnam's garment and textile exports will rise sharply and its market share in TPP member countries would increase substantially due to preferential tax policies, Canaintex representatives said.

Vietnam has targeted to increase its garment and textile exports from $28 billion at present to $50 billion by 2020, according to VITAS. Of the $28 billion, nearly $11 billion worth of garments were exported to the US, another TPP member country, last year. (RKS)

Source: Fibre2Fashion News Desk – India

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