Earlier, on February 21, Reuters quoted that the final version of the landmark deal aimed at cutting trade barriers in some of the Asia-Pacific's fastest-growing economies was released, signalling the pact was a step closer to reality even without the United States.
More than 20 provisions have been suspended or amended in the final text ahead of the deal's official signing in March, including the rules around intellectual property that were originally included at the behest of Washington.
MoIT, briefing Hanoitimes, affirms that the CPTPP inherits all the content of the original pact and will ensure all the expected advantages for Vietnam. “The US’ withdrawal from the pact leaves changes in the mutual balance, especially in market openness commitments,” stated MoIT. However, other markets included in the deal remain large potential playgrounds and important partners for Vietnam, such as Japan, Australia, Canada, and Mexico, among others, according to the Ministry.
Regardless of the 20 suspended and amended provisions, MoIT said the move aims to balance the trade deal without the US’ presence. The above stipulations are mostly of strict rules by the US negotiators. “Therefore, the latest version of CPTPP would fit more with members’ ability to implement it, especially as there is no longer benefits from a more open US market,” stated the Ministry to Hanoitimes.
Despite smaller economic scale, the CPTPP remains a key platform for Vietnam to shape new ties in the region and benefits domestic enterprises, said MoIT. “The deal also paves the way for deeper co-operation in the region, including the hope that Washington would eventually return to the fold. The future benefits of the pact, hence, may increase,” the Ministry stated.
The deal is expected to be signed in Santiago, Chile on March 8.
The CPTPP was born from the original TPP, including the US, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The original 12-member deal went into limbo early last year when US President Donald Trump withdrew from the agreement.
The 11 remaining countries still pursued the pact and finalized it during the APEC Summit 2017, hosted by Vietnam. The deal will reduce tariffs across economies that altogether amount to nearly 14% of the global GDP—a total of US$10 trillion. With the US, it would have represented 40%. Vietnam officially joined the deal negotiations on November, 2010.
More than 20 provisions have been suspended or amended in the final text ahead of the deal's official signing in March, including the rules around intellectual property that were originally included at the behest of Washington.
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MoIT, briefing Hanoitimes, affirms that the CPTPP inherits all the content of the original pact and will ensure all the expected advantages for Vietnam. “The US’ withdrawal from the pact leaves changes in the mutual balance, especially in market openness commitments,” stated MoIT. However, other markets included in the deal remain large potential playgrounds and important partners for Vietnam, such as Japan, Australia, Canada, and Mexico, among others, according to the Ministry.
Regardless of the 20 suspended and amended provisions, MoIT said the move aims to balance the trade deal without the US’ presence. The above stipulations are mostly of strict rules by the US negotiators. “Therefore, the latest version of CPTPP would fit more with members’ ability to implement it, especially as there is no longer benefits from a more open US market,” stated the Ministry to Hanoitimes.
Despite smaller economic scale, the CPTPP remains a key platform for Vietnam to shape new ties in the region and benefits domestic enterprises, said MoIT. “The deal also paves the way for deeper co-operation in the region, including the hope that Washington would eventually return to the fold. The future benefits of the pact, hence, may increase,” the Ministry stated.
The deal is expected to be signed in Santiago, Chile on March 8.
The CPTPP was born from the original TPP, including the US, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The original 12-member deal went into limbo early last year when US President Donald Trump withdrew from the agreement.
The 11 remaining countries still pursued the pact and finalized it during the APEC Summit 2017, hosted by Vietnam. The deal will reduce tariffs across economies that altogether amount to nearly 14% of the global GDP—a total of US$10 trillion. With the US, it would have represented 40%. Vietnam officially joined the deal negotiations on November, 2010.
