During the second day of U.S. President Barack Obama’s three-day visit to Vietnam, Obama continued to push for passage of the Trans-Pacific Partnership trade deal.
[Sean Caleb| May 24, 2016 |CCTV]
Obama says the deal will benefit many Asian nations but the U.S. president admits he’s facing a hard-sell back home with a skeptical Congress.
The U.S. president shared the stage with entrepreneurs in Ho Chi Minh City.
Vietnam’s manufacturing, and export driven economy is expected to be among the big winners if President Obama can get the U.S. Congress to approve the TPP.
Since Hanoi and Washington normalized relations two decades ago trade between the two countries has skyrocketed, from $450 million a year to a whopping $45 billion last year.
President Obama believes the partnership will wrestle some economic might away from China-which dominates Asian trade.
Ahead of Obama’s trip overseas, China’s foreign ministry said there’s room for more than one agreement in global trade.
TPP is considered a linchpin in Obama’s so-called, Asian Pivot. Critics at home contend the TPP will do more harm than good to U.S. businesses and benefit cheaper overseas goods, while slashing jobs and U.S. wages.
But Obama calls TPP, “the right thing to do” for the U.S. and nations like Vietnam.