Business

Firms need to be proactive in CPTPP: official

The proactiveness of businesses in the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is essential to determine their success or failure, Deputy Minister of Industry and Trade Tran Quoc Khanh said.
Firms need to be proactive in CPTPP: official ảnh 1At the symposium (Photo: VNA)

Hanoi (VNA) – The proactiveness ofbusinesses in the implementation of the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) is essential to determine their successor failure, Deputy Minister of Industry and Trade Tran Quoc Khanh said.

At a symposium in Hanoi on May 2 as part of the Vietnam Private Sector EconomicForum 2019, Khanh underlined self-reform as the biggest challenge toenterprises, saying they should be aware of competitiveness in the marketeconomy.

The State will accompany businesses in thisfield, he affirmed, adding that if favourable, the CPTPP will create moreconditions for Vietnam to attract investment and boost exports.

The strong investment of major groups in Vietnamhas turned the Southeast Asian country into their new production market, henoted.

Chairman of the Vietnam Chamber of Commerce andIndustry (VCCI) Vu Tien Loc said Vietnam has experienced the first three monthsof implementing the deal.

CPTPP opens up great opportunities for 700,000businesses and hundreds of thousands of household businesses in Vietnam, hesaid.

The trade pact will help Vietnam be exemptedfrom 65 percent of tariffs from member countries, he added.

He also pointed to challenges such as technicaland food safety barriers.

At the event, participants discussed measures tooptimise opportunities from CPTPP for some key export sectors of Vietnam suchas garment-textile and footwear, promote competitiveness and public-privatecooperation.

Nearly 300 representatives from ministries anddepartments as well as domestic and international organisations, associations,institutions and businesses participated in the symposium.

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

It officially came into force in December 2018in Mexico, Japan, Singapore, New Zealand, Canada and Australia, the first six countriesratifying the pact. 

The CPTPP took effect in Vietnam from January14, 2019.

This is one of the most comprehensive tradedeals ever concluded and strips 98 percent of tariffs for the 11 countries witha combined GDP of more than 13.8 trillion USD and close to 500 millionconsumers.

CPTPP member states form a giant market with 500million consumers, accounting for 15 percent of the global trade turnover.-VNA
VNA
#Vietnam Private Sector Economic Forum 2019 #Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) #Deputy Minister of Industry and Trade Tran Quoc Khanh #investment #exports #Vietnam Chamber of Commerce and Industry (VCCI) #global trade turnover #Vietnamplus #Vietnam News Agency
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