US Under-Secretary of Commerce for International Trade Francisco Sanchez expressed his optimism that Trans-Pacific Partnership (TPP) negotiations will be concluded by the end of this year.

The US official made this statement in Hanoi on March 7 as part of his visit to Vietnam on March 6-7.

One of the objectives of Sanchez’s visit is to discuss ways that Vietnam and the US can advance TPP as well as the specific commercial ties that can be helpful to both countries. Vietnam and the US achieved a bilateral trade value of nearly US$22 billion in 2011, a significant increase in the past years, the US official said.

Vietnam benefits greatly from its open economy, Sanchez said, expressing his belief that the country can benefit even more by continuing its path of open market.

He pledged that the US will work closely with Vietnam bilaterally to continue the positive path Vietnam has realized in the last 17 years by opening its market and attracting the most innovative technologies to strengthen its economy./.