The US, Japan and ten other Pacific Rim nations sealed the biggest trade deal in two decades on October 5, in order to break the deadlock after the Doha round of negotiations in the WTO framework. The Trans-Pacific Partnership (TPP) pact has been signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam. If the accord is approved by US lawmakers, it may bring profound implications to all industries, especially the textile sector, in the region, which represents around 40% of global GDP. According to the deal, most products manufactured and traded among TPP members will enjoy zero import duty. Vietnam's textile and garment industry will be a winner in the agreement, as its plants rely heavily on orders from the US and Japan. At the same time, the country also imports a huge volume of raw cotton from the US.
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