CPTPP to create more opportunities for Vietnamese, Japanese firms - Illustrative image (Source: VNA) Tokyo (VNA) – The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) will bring huge benefits for both Vietnam andJapan, Deputy Minister of Industry and Trade Tran Quoc Khanh has said.
Speaking at a seminar in Tokyo on November22, Khanh stated the CPTPP will allow Japanese enterprises to participate inVietnam’s strongly developing government procurement market, which used to be closedto foreign businesses.
In addition, strong service industries inJapan like banking, insurance, construction, logistics and graphic design willalso have more opportunities to enter the Vietnamese market, he added.
The deputy minister stressed the CPTPP coversa market of about 490 million people and has a combined GDP of 10.1 trillionUSD, 13.5 percent of the globe’s GDP, and average per capita income of morethan 19,000 USD a year.
According to him, the agreement will boost Asia-Pacificmarket integration by reducing barriers on trade services and goods, promotingfair competitiveness and investment and intelligence property protection andestablishing new principals for e-commerce.
Vietnamese Ambassador to Japan Vu Hong Namsaid he believes the agreement will offer big opportunities for Vietnam andJapan as well as other members.
Executive Vice President of the JapanExternal Trade Organisation (JETRO) Yuri Sato voiced her belief that Vietnamwill take advantage of the agreement’s benefits to foster trade and investment byimproving its investment environment, reforming administrative procedures andtariffs, and stepping up production to expand Vietnamese goods’ presence inoverseas markets.
According to her, the Vietnam-Japan tradeagreement has exempted taxations on 42 percent of Japan’s industrial productsexported to Vietnam, but the CPTPP will raise the rate to 70.2 percent.
Therefore, she expressed her hope theagreement will facilitate the access of Japan’s products to the Vietnamesemarket.
It also puts forward the strongest-evercommitments related to investment protection and intellectual property,encouraging Japanese enterprises to intensify technology exports to Vietnam,she stated.
The CPTPP was signed in Santiago, Chile, onMarch 8, 2018 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore and Vietnam.
Of the 11, seven countries have ratified thepact, with Vietnam finishing its procedures on November 12. Earlier, New Zealand,Canada, Japan, Mexico, Singapore and Australia ratified the deal.
The deal, taking effect at the end of thisyear, is expected to bolster economic growth, create more jobs, alleviatepoverty and improve the living quality in member states.
The accord is expected to increase Vietnam’sGDP by 2.01 percent by 2035, according to the Ministry of Planning andInvestment.-VNA
VNA
