Thailand voices hope to join CPTPP

Thailand’s Deputy Prime Minister Somkid Jatusripitak (Photo: Xinhua/VNA)

Hanoi (VNA) - Thailand has expressed its hope of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), formerly the Trans-Pacific Partnership, said Japanese Minister in charge of the CPTPP Toshimitsu Motegi.

The Japanese official made the statement on May 1 after meeting with Thailand’s Deputy Prime Minister Somkid Jatusripitak, saying that Thailand has made it clear that the country wants to take part in the CPTPP “as soon as possible”. 

Motegi added that negotiations for Thailand’s participation will likely come after CPTPP takes effect and approval by the participating countries will be needed.

In March, Thai Deputy Prime Minister Somkid Jatusripitak said that Thailand needs to join CPTPP as well as the Regional Comprehensive Economic Partnership (RCEP) to protect its benefit.

Thailand will lose trade and investment opportunities if it does not take part in the CPTPP, Somkid said, adding that the Commerce Ministry is conducting a study of what Thailand will gain and lose under the trade deal.

The Thailand Development Research Institute earlier estimated that joining the RCEP would boost Thailand's GDP growth by 4.03 percentage points, while local vegetables, processed fruits and food, and electronics appliances would benefit from the deal.

CPTPP is a replacement pact after US President Donald Trump pulled his country out of the Trans-Pacific Partnership (TPP) agreement in 2017.

The CPTPP was officially inked at a ceremony chaired by Chilean President Micelle Bachelet in Santiago de Chile on March 8, 2018.

Eleven countries participate in the trade pact, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. 

The trade agreement creates a market with more than 500 million consumers which account for 13.5 percent of the world’s gross domestic product.-VNA