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CPTPP to be effective in Vietnam from January 14

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will take effect in Vietnam as from January 14, 2019.
CPTPP to be effective in Vietnam from January 14 ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – TheComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) willtake effect in Vietnam as from January 14, 2019.

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

To help Vietnamese businesses fully understand commitments of the agreement inorder to optimise its opportunities, the Vietnamese Ministry of Industry andTrade (MoIT) has coordinated with the Australian Embassy in Vietnam and theWorld Bank to build a portal on free trade agreements to which Vietnam is asignatory, including the CPTPP.

The portal provides information about commitments and regulations in specificsectors towards each partner in the FTAs. It is expected to soon becomeoperational on the ministry’s website.

The CPTPP officially came into force on December 30, 2018 in Mexico, Japan,Singapore, New Zealand, Canada and Australia, the first six countries ratifyingthe pact.

It was signed by 11 member states, namely Australia, Brunei, Canada, Chile,Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March2018.

This is one ofthe most comprehensive trade deals ever concluded and strips 98 percent oftariffs for the 11 countries with a combined GDP of more than 13.8 trillion USDand close to 500 million consumers.-VNA

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