CPTPP to come into force in late 2018
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is hoped to take effect in December 2018 after Australian Prime Minister Scott Morrison announced on October 30 that his country had ratified the agreement.
Ministers pose for an official picture after signing the rebranded 11-nation Pacific trade pact Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, Chile, on March 8, 2018 (Source: AFP/VNA) Hanoi (VNA) - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is hoped to take effect in December 2018 after Australian Prime Minister Scott Morrison announced on October 30 that his country had ratified the agreement.
According to foreign media, Morrison said Australia is the six country coming on board, adding that the CPTPP is one of the most comprehensive and ambitious trade agreements in Australia's recent history.
Meanwhile, Minister for Trade and Export Growth of New Zealand David Parker said Australia's ratification triggers the 60-day countdown to entry into force of the agreement and the first round of tariff cuts.
Previously, Mexico, Japan, Singapore and New Zealand and Canada had ratified the CPTPP.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership – the revised trade deal born out of the Trans-Pacific Partnership Agreement (TPP) following the withdrawal of the United States last year – will be provisionally enacted 60 days after it is ratified by six countries.
David Parker said “the importance of CPTPP has grown over recent months with the rapid escalation of protectionist measures around the world”.
He noted that New Zealand's adoption of the deal means that in the future, its businesses will be able to benefit from improved trade conditions and reduced tariffs.
According to a recent report by the Economic and Social Commission for Asia and the Pacific (UNESCAP), increased trade protectionism will slow down economic growth, especially in developing countries.
The World Bank has estimated that if trade barriers are completely removed, developing countries can increase their budget revenues and bring millions of people out of poverty.
The CPTPP is one of the most comprehensive trade deals ever concluded and strips 98 percent of tariffs for 11 countries with a combined GDP of more than 13.5 trillion USD and close to 500 million consumers.
It was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.–VNA
You should also see
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
See more
World
Thailand expects wave of tourists during Golden Week
The Tourism Authority of Thailand (TAT) estimates that about 996,000 foreign tourists will visit the Southeast Asian country between April 26 and May 5, known as the Golden Week holidays in Japan, during which Chinese tourists also prefer to travel overseas.
World
Argentinian media praises Dien Bien Phu Victory
Argentinian newspapers have called Vietnam's Dien Bien Phu Victory (May 7, 1954) a symbol of the national liberation movement of oppressed and colonialised peoples worldwide.
World
Laos speeds up granting licences to foreign workers
Laos's Ministry of Labour and Social Welfare plans to issue visas to illegal foreign workers and extend permits to legal ones so that they can continue to work in the country.
World
Argentinian scholar praises Vietnam’s April 30, 1975 victory
The complete reunification of Vietnam on April 30, 1975 was an extremely significant event in the history of the country and the world, opined a scholar from the Institute for International Relations at the National University of La Plata, Argentina.
World
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
