Vietnam works to ratify CPTPP
Updated : Friday, July 20, 2018 10:54 AM (GMT+0700)

The Ministry of Industry and Trade ismaking every endeavour to complete all required papers and to submit theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)to the National Assembly for ratification in the legislature’s session laterthis year.

Foreign Ministry’s spokesperson Le Thi Thu Hang - Photo: VNA

TheForeign Ministry’s spokesperson Le Thi Thu Hang told this news to reporters atthe ministry’s regular press conference in Hanoi on July 19.

Respondingto reporters’ questions about the possibility of expanding the CPTPP, Hang saidthe trade deal will enter into force 60 days after six of the signatories havefinished ratifying it. Vietnam and other member states are conducting thenecessary ratification procedures in line with each country’s relatedregulations.

Theagreement will be soon implemented to boost win-win economic cooperationbetween member economies, as well as contribute to the regional economic growthand connectivity, she noted.

TheCPTPP is an open agreement that allows other countries to join after the dealtakes effect if they accept its principles and are approved by the memberstates, she added.

Theoriginal Trans-Pacific Partnership (TPP) was signed by 12 countries in February2016, but US President Donald Trump pulled his country from the deal upon hisinauguration in January 2017.

Theremaining 11 countries – namely Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam – signed the pactand renamed it the CPTPP during their meet-up in March 2018 in Chile.

Thepact is expected to boost economic growth, create more jobs, reduce poverty,and improve the quality of life for people in the member countries.

Thedeal will create one of the world’s largest free trade blocs with a combinedmarket of 499 million people and GDP of around 10.1 trillion USD, accounting for13.5 percent of the global GDP.

Mexico,Japan and Singapore ratified the pact.

Source: VNA

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