CPTPP to be effective in Vietnam from January 14
Updated : Sunday, January 13, 2019 10:29 AM (GMT+0700)

TheComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)will take effect in Vietnam as from January 14, 2019. 

 
Illustrative image - Photo: VNA

The 14th National Assembly ofVietnam passed a resolution approving the deal and related documents onNovember 12, 2018. 

To help Vietnamese businesses fullyunderstand commitments of the agreement in order to optimise its opportunities,the Vietnamese Ministry of Industry and Trade (MoIT) has coordinated with theAustralian Embassy in Vietnam and the World Bank to build a portal on freetrade agreements to which Vietnam is a signatory, including the CPTPP. 

The portal provides information aboutcommitments and regulations in specific sectors towards each partner in theFTAs. It is expected to soon become operational on the ministry’s website. 

The CPTPP officially came into force onDecember 30, 2018 in Mexico, Japan, Singapore, New Zealand, Canada andAustralia, the first six countries ratifying the pact. 

It was signed by 11 member states, namelyAustralia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,Singapore, and Vietnam in March 2018.

This is one of the most comprehensive tradedeals ever concluded and strips 98 percent of tariffs for the 11 countries witha combined GDP of more than 13.8 trillion USD and close to 500 millionconsumers.

Source:VNA

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