The eleven Asia-Pacific nations have just inked the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) in Santiago, Chile.
Despite the US pulling out last year, the deal was pursued by the remaining members (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam), who finally signed it at a ceremony in Santiago on March 8.
Chilean foreign minister Heraldo Munoz said the agreement was a strong signal "against protectionist pressures, in favour of a world open to trade," quoted the BBC.
Meanwhile, Francois Philippe Champagne, Canadian Minister of International Trade, affirmed Vietnam as an important contributor to the CPTPP progress.
Vietnamese Minister of Trade Tran Tuan Anh has been quoted as saying that signing the pact raises a strong voice on free trade for the sake of the eleven member countries. “Vietnam will put great efforts into fighting protectism and our government will table the deal for the National Assembly for approval at the end of the year meeting,” added Tuan Anh.
According to Pham Hong Hai, General Director of HSBC Vietnam, with the US absence in the CPTPP, Vietnam’s benefits may be less than the TPP. “However, in general, industries like garments and textiles, leather footwear and labour intensive ones will still benefit. Vietnam will be able to take advantage from accessing to member markets of the deal, especially those on the other side of the Pacific like Canada and Mexico”, specified Hai.
Of 1,150 firms based in CPTPP member countries surveyed by HSBC, almost half (46 per cent) expect to see positive benefits.
The pact is expected to come into force in late 2018 or early 2019.
Also at the signing ceremony, the Ministers from eleven member nations affirmed four points in a joint statement. Accordingly, all sides announced the signing, affirmed the mutual benefits from the deal, ensured that the respective domestic ratification processes in member countries will begin, and, finally, welcomed new economies and countries to join the deal.
Other countries are eyeing becoming new members of the agreement. The Yonhap news agency reported on Thursday that South Korea’s trade ministry will look at the CPTPP’s impact on its economy before deciding whether to join the trade pact within the year.
Previously, US President Trump also stated that he would be open to re-joining the trade deal if it involved a “better deal” for the US, but joining the CPTPP would need to win the support of all existing members.
The revived version of the TPP will reduce tariffs in 11 economies that covers a market of nearly 500 million people. In the absence of the US, it has been renamed as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on the sidelines of the 2017 APEC Summit in Da Nang, Vietnam.
Chilean foreign minister Heraldo Munoz said the agreement was a strong signal "against protectionist pressures, in favour of a world open to trade," quoted the BBC.
Overview on the signing ceremony
|
Vietnamese Minister of Trade Tran Tuan Anh has been quoted as saying that signing the pact raises a strong voice on free trade for the sake of the eleven member countries. “Vietnam will put great efforts into fighting protectism and our government will table the deal for the National Assembly for approval at the end of the year meeting,” added Tuan Anh.
Vietnamese delegation for signing CPTPP
|
Of 1,150 firms based in CPTPP member countries surveyed by HSBC, almost half (46 per cent) expect to see positive benefits.
The pact is expected to come into force in late 2018 or early 2019.
Also at the signing ceremony, the Ministers from eleven member nations affirmed four points in a joint statement. Accordingly, all sides announced the signing, affirmed the mutual benefits from the deal, ensured that the respective domestic ratification processes in member countries will begin, and, finally, welcomed new economies and countries to join the deal.
Other countries are eyeing becoming new members of the agreement. The Yonhap news agency reported on Thursday that South Korea’s trade ministry will look at the CPTPP’s impact on its economy before deciding whether to join the trade pact within the year.
Previously, US President Trump also stated that he would be open to re-joining the trade deal if it involved a “better deal” for the US, but joining the CPTPP would need to win the support of all existing members.
The revived version of the TPP will reduce tariffs in 11 economies that covers a market of nearly 500 million people. In the absence of the US, it has been renamed as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on the sidelines of the 2017 APEC Summit in Da Nang, Vietnam.
Other News
- Vietnam, Switzerland upgrade bilateral ties to comprehensive partnership
- The Czech Republic sees Vietnam as most important economic partner in SEA
- Hanoi seeks 5% export growth in 2025
- Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
- Hanoi's foreign trade turnover hits US$60.1bn in 2024
- Vietnam confident of achieving 8% growth rate in 2025
- UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
- Hanoi seeks greater efficiency in e-commerce tax management
- Hanoi's wet markets in decline amid changing consumer behaviors
- Heavy fines for unhygienic street vendors in Hanoi
Trending
-
Vietnam, Switzerland upgrade bilateral ties to comprehensive partnership
-
Vietnam news in brief - January 21
-
Tet homework? Yes, but keep it light to avoid stress for students
-
Vietnam hosts first international lantern competition
-
Hanoi kicks off the Spring Calligraphy Festival in celebration of Lunar New Year
-
Hanoi’s central role means heightened responsibility in foreign affairs: Mayor
-
Hanoi revives historic Tet traditions in Duong Lam Ancient Village
-
AI set to drive Vietnam's economic growth in 2025
-
Two Vietnamese cities in Asia's top five destinations for digital nomads