On January 14, 2019, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into effect in Vietnam. The country’s National Assembly passed a resolution approving the deal and related documents on November 12, 2018. The agreement is expected to boost Vietnam’s GDP growth by USD 1.7 billion and exports by over USD 4 billion by 2035.
The CPTPP was signed in Santiago in March 2018 by 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It will create a huge free economic sector where its participants whole the keys to enter a market size of about 500 million people. Member countries account for about 13 percent of global GDP. The agreement will gradually eliminate 98%of tariffs on agricultural and industrial products, ease investment regulations and enhance protection of intellectual property.
The Ministry of Industry and Trade in Vietnam is co-operating with the Embassy of Australia and the World Bank to build an e-commerce portal to introduce free trade agreements that Việt Nam is participating in, including CPTPP, with search tools specific for commitments and regulations in each sector and industry for each partner participating in the agreements.
(Source: Vietnam News)