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US considers free trade agreement with 7 countries

by ChemOrbis Editorial Team - content@chemorbis.com
  • 13/01/2010 (16:24)
The US International Trade Commission (USITC) announced that they are considering an investigation about the possible economic effect of a US free trade agreement with the seven countries which the US will engage to negotiate a Trans-Pacific Partnership Agreement. The seven countries include Australia, Brunei, Chile, New Zealand, Peru, Singapore and Vietnam.

According to industry sources, the investigation was requested by the US Trade Representative (USTR) regarding the fact that the US plans to pursue a free trade agreement with TPP members. Under the related process, the USITC will advise the US president as to the probable economic effect of providing duty-free treatment for imports of products from these countries for industries in the United States producing like or directly competitive articles and on consumers. The USITC will hold a public hearing in connection with the investigation in early March, sources added.

The agreement may affect the demand and flow of petrochemicals in Asia, giving a boost to demand in Vietnam if this country is able to increase its export of end products to the US, sources commented. Vietnam is becoming an increasingly important producer and exporter of garments and furniture.
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