Viet Nam Human Rights
VN works to ratify CPTPP
22/7/18
The Ministry of Industry and Trade is making every endeavour to complete all required papers and to submit the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to the National Assembly for ratification in the legislature’s session later this year.
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| The Foreign Ministry’s spokesperson Le Thi Thu Hang |
The Foreign Ministry’s spokesperson Le Thi Thu Hang made the statement in response to reporters' queries at the ministry’s regular press conference in Ha Noi on July 19.
Responding to reporters’ question about the possibility of expanding the CPTPP, Hang said the trade deal will enter into force 60 days after six of the signatories have finished ratifying it. Viet Nam and other member states are conducting the necessary ratification procedures in line with each country’s related regulations.
The agreement will be soon implemented to boost win-win economic cooperation between member economies, as well as contribute to the regional economic growth and connectivity, she noted.
The CPTPP is an open agreement that allows other countries to join after the deal takes effect if they accept its principles and are approved by the member states, she added.
The original Trans-Pacific Partnership (TPP) was signed by 12 countries in February 2016, but U.S.President Donald Trump pulled his country from the deal upon his inauguration in January 2017.
The remaining 11 countries – namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam – signed the pact and renamed it the CPTPP during their meet-up in March 2018 in Chile.
The pact is expected to boost economic growth, create more jobs, reduce poverty, and improve the quality of life for people in the member countries.
The deal will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around US$10.1 trillion, accounting for 13.5% of the global GDP.
The deal will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around US$10.1 trillion, accounting for 13.5% of the global GDP.
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All comments [ 10 ]
Vietnam is carrying out procedures necessary to the ratification process of a trans-Pacific trade agreement.
as the pact is a free trade agreement, other countries are welcome to join on the basis that they agree to the pact's provisions and receive existing CPTPP members' approval.
Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands.
The government must press ahead with ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) before its too late.
It is crucial for the new government to retain its commitment towards CPTPP. If the government casts doubt on the agreement and does not proceed, we risk being left behind from benefiting from the agreement.
CPTPP will allow our businesses to have access to a market with a population of 500 million people.
According to Moody’s report on CPTPP, CPTPP will still boost exports and incomes for all members and help sustain reform efforts in a number of countries.
The CPTPP will also lock in domestic economic reforms in areas such as government procurement, intellectual property, market access for goods, and many more.
With CPTPP, competition will become higher in the market and thus will create a healthier business environment.
Removing technical barriers to trade and sanitary and phytosanitary measures was also part of CPTPP agenda and it is expected to generate more benefit in trading experience between the member states.
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