The eleven Asia-Pacific nations have just inked the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) in Santiago, Chile.
Chilean foreign minister Heraldo Munoz said the agreement was a strong signal “against protectionist pressures, in favour of a world open to trade,” quoted the BBC .
Overview on the signing ceremony
Meanwhile, Francois Philippe Champagne, Canadian Minister of International Trade, affirmed Vietnam as an important contributor to the CPTPP progress.
Vietnamese Minister of Trade Tran Tuan Anh has been quoted as saying that signing the pact raises a strong voice on free trade for the sake of the eleven member countries. "Vietnam will put great efforts into fighting protectism and our government will table the deal for the National Assembly for approval at the end of the year meeting," added Tuan Anh.
Vietnamese delegation for signing CPTPP
According to Pham Hong Hai, General Director of HSBC Vietnam, with the US absence in the CPTPP, Vietnam's benefits may be less than the TPP. "However, in general, industries like garments and textiles, leather footwear and labour intensive ones will still benefit. Vietnam will be able to take advantage from accessing to member markets of the deal, especially those on the other side of the Pacific like Canada and Mexico", specified Hai.
Of 1,150 firms based in CPTPP member countries surveyed by HSBC, almost half (46 per cent) expect to see positive benefits.
The pact is expected to come into force in late 2018 or early 2019.
Also at the signing ceremony, the Ministers from eleven member nations affirmed four points in a joint statement. Accordingly, all sides announced the signing, affirmed the mutual benefits from the deal, ensured that the respective domestic ratification processes in member countries will begin, and, finally, welcomed new economies and countries to join the deal.
Other countries are eyeing becoming new members of the agreement. The Yonhap news agency reported on Thursday that South Korea's trade ministry will look at the CPTPP's impact on its economy before deciding whether to join the trade pact within the year.
Previously, US President Trump also stated that he would be open to re-joining the trade deal if it involved a "better deal" for the US, but joining the CPTPP would need to win the support of all existing members.
The revived version of the TPP will reduce tariffs in 11 economies that covers a market of nearly 500 million people. In the absence of the US, it has been renamed as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on the sidelines of the 2017 APEC Summit in Da Nang, Vietnam.
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