Vietnam attends first meeting of CPTPP Commission
Updated : Sunday, January 20, 2019 10:40 AM (GMT+0700)

Vietnamese Minister ofIndustry and Trade Tran Tuan Anh attended the first meeting of theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)Commission in Tokyo, Japan, on January 19, together with ministers in charge ofeconomy and trade from 10 other member nations.

Vietnamese Minister of Industry and Trade Tran Tuan Anh attends first meeting of CPTPP
Commission in Tokyo - Source: VNA

At the meeting, the ministers adopted a joint statementaffirming the determination to fully enforce the CPTPP in support of tradeliberalisation, setting high and fair standards for trading activities in the21st century as well as fostering economic growth and bringing about benefitsto both people and enterprises.

They also approved four important decisions, covering theCPTPP Commission’s operation mechanism; the process, procedures and conditionsfor consideration and admission of new members; the process and procedures ofthe arbitral tribunal related to state-to-state settlement of disputes; and acode of conduct for arbitrators related to the settlement of disputes betweenan investor and a state.

In his opening remarks, Japanese Prime Minister Shinzo Abeaffirmed that the member states are determined to do their utmost to ensure theCPTPP plays a leading role in trade liberalisation in the context of risingprotectionism.

He said that the CPTPP remains open for any nation andterritory which wants to join a high-quality agreement.

In an interview granted to Vietnam News Agency (VNA) correspondents in Tokyo, Minister TranTuan Anh said that commitments are being implemented in an active, serious andfull manner in the initial phase thanks to thorough preparations of the memberstates.

He voiced his belief that they will enforce the agreementeffectively to bring about practical benefits to both people and enterprises.

According to him, three challenges facing Vietnam arepressure during the enforcement process; increasing competitiveness and capitalin not only goods but also services; and measures to bring into full playopportunities brought by the CPTPP.

Koichi Ishikawa, a professor from the Institute of AsianStudies under the Asia University, said that the deal will help increaseVietnam’s exports of garments and textiles, footwear, farm produce, seafood andfood to other member states.

He noted that the country’s supporting industry will faceseveral difficulties, as Vietnam depends much on imported machines andequipment.

The CPTPP officially came into force on December 30, 2018 inMexico, Japan, Singapore, New Zealand, Canada, and Australia, the first sixcountries to ratify the pact. The agreement took effect in Vietnam on January14, 2019.

The pact was signed by 11 member states, namely Australia,Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore,and Vietnam in March 2018. 

This is one of the most comprehensive trade deals everconcluded and strips 98 percent of tariffs for the 11 countries with a combinedGDP of more than 13.8 trillion USD and close to 500 million consumers. TheCPTPP forms the third biggest economic bloc in the world, only after the NorthAmerican Free Trade Agreement (NAFTA) and the European Union (EU).

Source: VNA

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