Vietnamese businesses capitalise on CPTPP benefits
According to data from the Ministry of Industry and Trade, Vietnam has experienced significant trade growth with countries like Canada, Peru, and Mexico since joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The Ministry of Industry and Trade holds regular press conference (Photo: Duc Duy/Vietnam+)
Hanoi (VNA) - The enforcement of the Vietnam-EU Free Trade Agreement (EVFTA), the UK-Vietnam Free Trade Agreement (UKVFTA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), along with other agreements within the ASEAN framework, has significantly promoted Vietnam’s exports to the markets of key partner countries.
The information was revealed by Pham Quynh Mai, Deputy Director of the ministry’s Multilateral Trade Policy Department, at a regular press conference in Hanoi on June 19.
CPTPP is the first new generation free trade agreement (FTA) to be implemented in the 21st century. It consists of 11 member countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement was signed and took effect in 2018.
There are three CPTPP markets that Vietnam has not signed an FTA: Canada, Peru, and Mexico.
According to the Ministry of Industry and Trade, Vietnam has recorded high trade growth with CPTPP member countries.
While exports from other members declined, this was primarily attributed to global economic challenges such as declining demand, commodity price hikes, and inflation.
However, there has been a welcome increase in the use of certificates of origin for equipment and spare parts. In other words, businesses have taken good advantage of benefits that the trade pact brings, Mai said.
Mai highlighted important points in implementing CPTPP, saying the agreement covers commitments in areas that Vietnam has never made before, such as Government procurement and sustainable development in trade and services.
The Ministry of Industry and Trade has coordinated with relevant ministries and departments to build legal documents that cover CPTPP implementation.
Thanks to that, ministries and relevant departments have promulgated over 20 legal documents to implement the agreement’s commitments, Mai said. Vietnam’s implementation of commitments governed by the CPTPP has also been praised by member countries.
Representative of the Multilateral Trade Policy Department talks about the implementation of CPTPP. (Photo: Duc Duy/Vietnam+)
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said many countries are applying to join the CPTPP thanks to its level of increased level of openness.
However, he noted that to capitalise on the pact, it is necessary to not only strengthen multinational cooperation but also region-to-region and locality-to-locality collaboration, as well as business-to-business partnerships.
The CPTPP took effect in Vietnam on January 14, 2019 after the 14th National Assembly of Vietnam passed a resolution ratifying the deal in November 2018.
With comprehensive commitments and high standards, the CPTPP will help strengthen mutually beneficial links among member economies and boost trade, investment and economic growth in Asia Pacific.
The agreement will create a huge free economic sector, with a market size of about 500 million people and a combined GDP of more than 13.5 trillion USD that accounts for 13 percent of global GDP.
The CPTPP has agreed on investment and service regulations for many areas, gradually abolishing 98 percent of tariffs on agricultural and industrial products, easing investment regulations and enhancing protection of intellectual property./.
The image of Vietnamese brands, which is relatively modest in the CPTPP market, needs to be improved in a bid to tap the tremendous potential of this market, experts have advised.
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