Vietnam likely to approve CPTPP by end-November: PM
Updated at Monday, 08 Oct 2018, 10:10
The Hanoitimes - Vietnam`s ratification would be the fourth of six needed for trade deal to take effect.
Vietnam will likely ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a parliamentary session ending in November, according to Prime Minister Nguyen Xuan Phuc, in what would be a major step toward bringing the deal into force.
The pact will help "draw out the maximum possible latent economic and trade potential" of Vietnam, Phuc was quoted by Japanese outlets as saying in Hanoi on October 6 ahead of a visit to Tokyo for Tuesday's Mekong-Japan Summit.
Prime Minister Nguyen Xuan Phuc. Source: VGP.
At least six out of 11 member states must ratify the CPTPP for it to take effect. Mexico, Japan and Singapore have approved the deal, meaning if Vietnam follows suit, only two more approvals will be needed.
The pact's other signatories are Australia, Brunei, Canada, Chile, Malaysia, New Zealand and Peru. The US was originally part of the massive trade deal, but President Donald Trump pulled the country out shortly after taking office in January 2017, and the remaining 11 members managed to forge a new agreement during the APEC summit in Da Nang, Vietnam last November.
Japan’s Minister of Foreign Affairs Taro Kono said at the World Economic Forum on ASEAN held in Hanoi last month that “We believe TPP is still the best option for [the] United States.” He expressed hope that the pact could come into force by the end of this year.
Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh said Vietnam advocates the multilateral trading system. Noting that the TPP is the most sophisticated trade agreement that Vietnam has joined, Minh said: “We believe that if the United State [re]joins it, we’ll welcome.”
The Chilean parliament is preparing to pass the trade agreement later this year, Chile’s Foreign Minister Roberto Ampuero Espinoza told Hanoitimes on September 12.
The members aim to begin approving other potential entrants to the pact as soon as next year, and a number of countries including the UK, Thailand, Indonesia, South Korea have shown interest in joining.
The Vietnamese PM said Vietnam's government "welcomes the addition of new members," but on the concensus basis and after the agreement comes into force.