Viet Nam Human Rights
The 14th National Assembly of Vietnam passed a resolution approving the deal and related documents on November 12th, 2018.
To help Vietnamese businesses fully understand commitments of the agreement in order to optimise its opportunities, the Vietnamese Ministry of Industry and Trade (MoIT) has coordinated with the Australian Embassy in Vietnam and the World Bank to build a portal on free trade agreements to which Vietnam is a signatory, including the CPTPP.
The portal provides information about commitments and regulations in specific sectors towards each partner in the FTAs. It is expected to soon become operational on the ministry’s website.
The CPTPP officially came into force on December 30th, 2018 in Mexico, Japan, Singapore, New Zealand, Canada and Australia, the first six countries ratifying the pact.
It was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.
This is one of the most comprehensive trade deals ever concluded and strips 98 percent of tariffs for the 11 countries with a combined GDP of more than USD13.8 trillion and close to 500 million consumers./.
All comments [ 21 ]
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, slated for adoption by the National Assembly on November 12, will provide Vietnam with numerous opportunities to expand trade networks and draw in more investment.
the question is what the country can do to overcome the challenges and grasp the bonanza from the deal?
the deal was formed in 2005 as the Trans-Pacific Partnership (TPP) by Brunei, Chile, New Zealand and Singapore. The US joined the TPP in 2008, and Vietnam quickly followed suit.
I think member states have foreseen the great potential Vietnam’s market and the vehement reform efforts being made.
member states have foreseen the great potential Vietnam’s market and the vehement reform efforts being made. One of the most important reasons is that the states see a large market of 95 million, and big opportunities to invest in and export goods to the country
it should be adopted as soon as possible so that Vietnam can grasp many opportunities in luring investment, expanding trade, and boosting reforms.
Vietnam’s partaking in and early adoption of the CPTPP demonstrates its strong commitments to broad-based, comprehensive international reform and integration, affirming the country’s important role and geopolitical status in Southeast Asia and the Asia-Pacific region
the CPTPP will greatly benefit Vietnam as its GDP is about $11 trillion, or 13.5 per cent of the global GDP, including Japan as the world’s third-largest economy.
In terms of investment attraction, CPTPP commitments on services and investment will help Vietnam improve its investment climate and attract more foreign direct investment (FDI).
the CPTPP will help Vietnam further improve the local business and investment climate.
the deal will raise the number of jobs by 20,000-26,000 annually.
Notably, the CPTPP will help Vietnam lure in more FDI, especially FDI from Canada, Australia, and New Zealand whose investments remain limited. We will have more choices in FDI as well
the CPTPP will have a comprehensive and positive impact on Vietnam’s investment and trade
Vietnam’s commitments to remove all tariff lines are slower than other nations. Upon entry into force, almost all nations have to reduce tariffs for Vietnamese goods
According to the World Bank, the CPTPP is estimated to result in a cumulative increase of 1.1 per cent in Vietnam’s GDP by 2030.
In terms of sector impacts, the largest growth in output is estimated to be in food, beverages, and tobacco, clothing and leather, and textiles.
aside of the direct gains stemming from trade liberalisation and improved market access, the CPTPP is expected to stimulate and accelerate domestic reforms in many areas
However, according to the government, the CPTPP will also create many challenges for Vietnam.
To implement CPTPP commitments, we will have to revise many regulations about trade, customs, intellectual property, and labour
CPTPP provides golden opportunity for Vietnam
The CPTPP concerns trade and investment, and does not address corporate or indirect tax concerns. Customs duties are a principal focus of trade agreements, and particularly the reduction or elimination of duties, provided conditions are met.
Your comments