Vietnam’s core interests will still be ensured after the country joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).(Source: VNA) Hanoi (VNA) –Vietnam’s core interests will still be ensured after the country joins theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), DeputyPrime Minister and Foreign Minister Pham Binh Minh told the National Assemblyon November 5.
The Deputy PM made the affirmationwhen explaining the pact and related documents to the legislature during thedebate of lawmakers.
The Government’s assessmentreport said joining the pact as one of the found members demonstrates Vietnam’spolicy on international integration and affirms the country’s important geo-politicalposition in the region and the international arena.
Economically, CPTPP can boostVietnam’s GDP and export by 1.32 percent and 4.04 percent, respectively by2035. In terms of investment, CPTPP commitments relating to services andinvestment are expected to have positive effects on the investment environment.The pact will also help push the process to complete economic institutions.Socially, the pact will contribute to job generation, enhancement of incomesand poverty reduction.
Most NA deputies approved thenecessity to ratify the CPTPP, stressing that it is a new generation free tradeagreement with high quality and the highest level of commitment so far.
At the same time, many deputiesalso cautioned about possible challenges and difficulties that will come withthe CPTPP. Bilateral and multilateral trade may face difficulties. Severalsectors such as advertisement and logistics are expected to face fierce competition.However, the competition also forces domestic enterprises to reduce operationcosts.
The deputies said a number ofdomestic enterprises could fall into difficulties due to increasing competitionafter the CPTPP takes force, resulting in loss of jobs.
They noted that the country willhave to adjust and revise legal regulations on trade, customs, intellectualproperty and labour to comply with CPTPP commitments.
“At this point, we don’t need to spend muchtime on discussing whether we should or should not join the CPTPP. The most importantthing now is to make clear what we should do to make use of advantages andopportunities brought by the pact while minimising its adverse impacts ondomestic production and business,” said deputy Hoang Van Cuong of Hanoi.
Speaking on the sidelines of thedebate, many deputies wanted the Government to do more research on the impactsof the deal on Vietnam.
They also urged the Governmentto take the initiative in reviewing and adjusting related laws to ensure theeffective implementation of the CPTPP and prevent risks to the most, whilemaintaining national sovereignty and avoiding becoming dependence onothers.-VNA
VNA
