Politics

Vietnam works to ratify CPTPP

The Ministry of Industry and Trade is making every endeavour to complete all required papers and to submit the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to the National Assembly for ratification in the legislature’s session later this year.
Vietnam works to ratify CPTPP ảnh 1Foreign Ministry’s spokesperson Le Thi Thu Hang. (Photo: VNA)

Hanoi (VNA) – The Ministry of Industryand Trade is making every endeavour to complete all required papers and tosubmit the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) to the National Assembly for ratification in thelegislature’s session later this year.

The Foreign Ministry’s spokesperson Le Thi ThuHang told this news to reporters at the ministry’s regular press conference inHanoi on July 19.

Responding to reporters’ questions about thepossibility of expanding the CPTPP, Hang said the trade deal will enter intoforce 60 days after six of the signatories have finished ratifying it. Vietnamand other member states are conducting the necessary ratification procedures inline with each country’s related regulations.

The agreement will be soon implemented toboost win-win economic cooperation between member economies, as well ascontribute to the regional economic growth and connectivity, she noted.

The CPTPP is an open agreement that allowsother countries to join after the deal takes effect if they accept itsprinciples and are approved by the member states, she added.

Theoriginal Trans-Pacific Partnership (TPP) was signed by 12 countries in February2016, but US President Donald Trump pulled his country from the deal upon hisinauguration in January 2017.

Theremaining 11 countries – namely Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam – signed the pact andrenamed it the CPTPP during their meet-up in March 2018 in Chile.

Thepact is expected to boost economic growth, create more jobs, reduce poverty,and improve the quality of life for people in the member countries.

The deal willcreate one of the world’s largest free trade blocs with a combined market of499 million people and GDP of around 10.1 trillion USD, accounting for 13.5percent of the global GDP.

Mexico, Japan and Singapore ratified the pact.-VNA
VNA
#Ministry of Industry and Trade #required papers #Comprehensive and Progressive Agreement for Trans-Pacific Partnership #CPTPP #expanding the CPTPP #ratify #Foreign Ministry’s spokesperson Le Thi Thu Hang #Vietnam #Vietnam news #Vietnam News Agency #Vietnamplus #business
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