The Vietnamese Ministry of Industry and Trade is completing the documents related to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and will submit them to the National Assembly for approval in late 2018, Spokesperson of the Ministry of Foreign Affairs Le Thi Thu Hang said in response to Hanoitimes’ question in a regular press conference today.
Spokesperson of the Ministry of Foreign Affairs Le Thi Thu Hang. Photo: Ministry of Foreign Affairs
|
Implementation of the CPTPP can contribute to boosting its members’ economic growth and connection in the region, she noted.
Hang also affirmed the openness of the pact for new members. "All nations are welcomed to participate the CPTPP, as long as it is based upon agreement to the high standards set in the treaty and consent from other member countries.”
CPTPP, the revised version of the TPP will reduce tariffs in 11 economies which covers a market of nearly 500 million people and GDP of US$10 trillion.
President Trump withdrew the US from the TPP in January 2016 just a few days after his inauguration. The 11 remaining nations decided to move the trade pact forward and eventually signed the CPTPP in Chile on March 8 this year.
Recently, President Trump has repeatedly hinted the likelihood that the power may come back to the Pacific Rim pact.
The current eleven CPTPP members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Singapore has become the third nation to have ratified the CPTPP after Mexico did it in April and Japan on July 6.
