Some 96.7 percent of its National Assembly (NA) deputies voted yes in the ratification of the CPTPP. (Photo: VNA) Hanoi (VNA) – International media has placed its eyes on Vietnamafter 96.7 percent of its National Assembly (NA) deputies voted yes in theratification of the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) and relevant documents on November 12.
France’s AFP news agency highlighted that Vietnam became the seventh country to ratify thetrade pact, which is set to come into effect later this year, despite USPresident Donald Trump's pullout from a deal he decried as a “job killer”.
“This is an important political decision, affirming our country’s active rolein international integration”, AFP quoted Chairman of the NA’s Committee forExternal Relations Nguyen Van Giau as saying.
Another international news agency, UK-based Reuters, described Vietnam as oneof the largest beneficiaries of the trade deal, saying that the Southeast Asiancountry is among the region’s fastest growing economies, with its statuscemented by strong exports and robust foreign investment.
“It is not just a trade agreement, but it also requires breakthroughs in law makingand enforcement, in government management, and social governance”, cited Reutersof the Vietnamese Government’s statement.
The Pacific Rim trade deal’s ratification also grabbed the headlines of the USAssociated Press (AP), which said “Vietnam is expected to be one of the membersthat would most benefit from it, with its strong base of exports of cellphones,garments, shoes, seafood, and agricultural products”.
According to a government study, the pact will boost Vietnam’s GDP by 1.3percentage points, while exports will also increase by 4 percent by 2035.
“The Governmentshould pay attention to training human resources to take advantage of andsustain the opportunities and benefits created by CPTPP, as well as buildmeasures to prevent and handle any negative impacts which could occur whileimplementing it,” AP quoted the NA’s resolution as saying.
Meanwhile, the Russian news outlet Sputnik and the Japanese Asahi Shimbun also highlightedVietnam’s ratification of the “deal of the century”.
The CPTPP was signed by Australia, Brunei, Canada, Chile, Japan, Malaysia,Mexico, New Zealand, Peru, Singapore and Vietnam. New Zealand, Canada, Japan,Mexico, Singapore, Australia, and Vietnam have so far ratified the deal.
The deal, taking effect at the end of this year, is expected to bolstereconomic growth, create more jobs, alleviate poverty, and improve the livingquality of the member states. It will create one of the world’s largest freetrade blocks with a market of 499 million people and a GDP of 10.1 trillionUSD, accounting for 13.5 percent of the globe’s GDP. –VNA
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