Illustrative image (Source: VNA) Hanoi (VNA) - The Comprehensive and Progressive Trans-PacificPartnership (CPTPP), scheduled to be inked in Chile on March 8 (local time), isexpected to be a new driving force for the development of the Asia-Pacificregion.
One year ago, at a high-level dialogue hosted by Chile inMarch 2017, 11 countries, namely Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, discussed initialsteps to “save” the ambitious Trans-Pacific Agreement (TPP) after the US’swithdrawal.
They agreed to maintain the deal and renamed it CPTPP.
On the context that trade protectionism is arising in manyplaces around the world and causing negative impacts on the global economicgrowth, the birth of the CPTPP will make a great stride connecting economies onthe Pacific Ocean rim.
Chilean Foreign Minister Heraldo Munoz said that the dealwould create favourable conditions to generate more jobs, boost economic growth,improve people’s living conditions, and strengthen cooperation among thesignatories.
Leaders of the 11 signatories showed their determination topromote trade liberalisation, contribute to comprehensive development and bringabout benefits for not only participants but also other nations across theworld.
The birth of an inclusive free trade agreement like CPTPPreflects that the Asia-Pacific region continues leading the world in economicintegration and connectivity.
It also shows that in the context of globalisation, a freetrade agreement system on the equal and mutually-beneficial basis is aneffective solution to helping economies overcome negative consequences ofcrises and effectively respond to socio-economic and environmental challengestowards sustainable development. Meanwhile, trade barriers and unfaircompetitiveness not only affect nations’ links but also worsen trust amongpartners.
CPTPP sets high criteria in numerous fields, includinglabour, the environment, intellectual property, digital economy and cybersecurity.
More than 20 provisions of the CPTPP, including sensitiveones related to intellectual property, were suspended or changed in comparison tothe TPP.
The agreement, once signed, will create one of the world’s largestfree trade blocs with a combined market of 463 million people and GDP of around10,000 billion USD, accounting for 13 percent of the global GDP.
It will bring about important commitments involved in non-tariffbarriers, services, investment and other fields.-VNA
One year ago, at a high-level dialogue hosted by Chile inMarch 2017, 11 countries, namely Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, discussed initialsteps to “save” the ambitious Trans-Pacific Agreement (TPP) after the US’swithdrawal.
They agreed to maintain the deal and renamed it CPTPP.
On the context that trade protectionism is arising in manyplaces around the world and causing negative impacts on the global economicgrowth, the birth of the CPTPP will make a great stride connecting economies onthe Pacific Ocean rim.
Chilean Foreign Minister Heraldo Munoz said that the dealwould create favourable conditions to generate more jobs, boost economic growth,improve people’s living conditions, and strengthen cooperation among thesignatories.
Leaders of the 11 signatories showed their determination topromote trade liberalisation, contribute to comprehensive development and bringabout benefits for not only participants but also other nations across theworld.
The birth of an inclusive free trade agreement like CPTPPreflects that the Asia-Pacific region continues leading the world in economicintegration and connectivity.
It also shows that in the context of globalisation, a freetrade agreement system on the equal and mutually-beneficial basis is aneffective solution to helping economies overcome negative consequences ofcrises and effectively respond to socio-economic and environmental challengestowards sustainable development. Meanwhile, trade barriers and unfaircompetitiveness not only affect nations’ links but also worsen trust amongpartners.
CPTPP sets high criteria in numerous fields, includinglabour, the environment, intellectual property, digital economy and cybersecurity.
More than 20 provisions of the CPTPP, including sensitiveones related to intellectual property, were suspended or changed in comparison tothe TPP.
The agreement, once signed, will create one of the world’s largestfree trade blocs with a combined market of 463 million people and GDP of around10,000 billion USD, accounting for 13 percent of the global GDP.
It will bring about important commitments involved in non-tariffbarriers, services, investment and other fields.-VNA
VNA
