PartnershipVietnam has recently ratified the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership – CPTPP (before
Trans-Pacific Strategic Economic Partnership Agreement – TPP. This Agreement
was signed on 08 March 2018 in Santiago, Chile including 11 countries New
Zealand, Canada, Japan, Mexico, Singapore, Brunei, Chile, Malaysia, Peru,
Australia and Vietnam.
TPP was initially expected to form a
largest free trade area in the world with the participation of the United
States of America (USA). Nonetheless, the President of USA – Mr. Donald Trump –
withdrew USA from TPP, and the remaining members have to re-negotiate and
establish CPTPP as a result. Eleven countries participating in the CPTP have
total GDP of USD 10,000 billion equivalent to 13.5% of global GDP.
CPTPP will contribute to boost the export
of goods to major markets such as Japan, Australia, Canada and Mexico as well
as attract foreign investment into the sectors that Vietnam needs to be
developed. Further, this participation has established trade relations with the
countries which have never signed a free trade agreement with Vietnam before
such as Canada, Mexico or Peru. One of the commitments of CPTPP, the members of
CPTPP agree to eliminate import duties on almost all products within 7 years,
and Vietnam is flexible up to 10 years. Joining CPTPP, Vietnam not only commits
to open up markets, remove tariff barriers, continue to open and facilitate
trade, but also continues to show the transparency of the State management on
market’s development. The business lines being benefited directly and strongly
from CPTPP are garment, textile, footwear, food manufacturing, drink,
confectionaries, tobacco, …which is expected to receive investment from oversea
through setting up factory, company and business joint venture inVietnam.
Further, CPTPP regulates the new legal
issues being labour, environment, government procurement, Intellectual
Property, state enterprises, …The CPTPP essentially retains the provisions of
the TPP Agreement, but with the USA withdrawal, it allows Member States to
reserve a number of articles to ensure the balance in the new situation.
In conclusion, Vietnamese enterprises
should firstly keep up the commitments of CPTPP in order to seek up the
favorable policy trends and to prepare the plans to build competitiveness and
enhance the prestige on brand and product quality.
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