The CPTPP provides great opportunities for the garment and textile business New markets The Trans-Pacific Partnership was seemingly in tatters after US President Donald Trump announced the US withdrawal from the pact. But the 11 remaining members, led by Japan, made great efforts to keep the trade pact alive despite the US absence. In November 2017, ministers from the 11 TPP countries met on the sidelines of the APEC Summit in Da Nang and reached an agreement to push ahead with the trade pact by suspending some provisions from the original deal and rebranding it as the CPTPP. The final version of the trade pact was signed in Chile on March 8, 2018, and the 11 member countries conducted ratification procedures. Vietnam became the seventh country to ratify the CPTPP, which came into force for the country on January 14. According to experts, the CPTPP may reshape global trade. As for Vietnam, the CPTPP is the most meaningful new-generation trade pact among the 16 trade agreements it … [Read more...] about Milestone for Vietnam’s integration as mega trade deal takes effect
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CPTPP gives Vietnam upper hand in negotiating trade deal: Economist
The Hanoitimes - Being the deal’s co-founder, Vietnam has the rights to accept or refuse a third country joining the CPTPP, while future participants could not propose too many new clauses to the deal as they must accept existing conditions. The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) would give Vietnam an upper hand in negotiating trade deal with future partners, according to economist Pham Chi Lan. Illustrative photo. Specifically, Vietnam has the rights to accept or refuse a third country joining the CPTPP, while future participants could not propose too many new clauses to the deal as they must accept existing conditions, Lan said in an interview with the governmental portal. Moreover, the CPTPP would offer Vietnam advantages in negotiating the free trade agreement with the European Union (EU), Lan added. Vietnam is the second country in Southeast Asia approached by EU for an EU – Vietnam FTA (EVFTA) … [Read more...] about CPTPP gives Vietnam upper hand in negotiating trade deal: Economist
National Assembly set to ratify historic trade deal
Nguyen Viet Thang, head of X26 JSC’s Planning Division based in Hanoi, greeted the news on November 12 that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be officially adopted by the National Assembly (NA). Vietnam will be the sixth nation to ratify this milestone deal, after Australia, Japan, New Zealand, Mexico, and Singapore. Last week, New Zealand adopted this deal. Brunei, Canada, Chile, Malaysia, and Peru are also expected to ratify the deal in the near future. “Our company has been awaiting the adoption of the CPTPP for a long time. If the deal is adopted by all 11 member states, we will be able to export more due to the import tax exemption, which will become true upon the deal’s entry into force,” Thang told VIR. Currently, the average rate is 12-18 per cent, depending on the market and product, Thang said, adding that the company has been “seeking more partners in other CPTPP nations, and contracts will be … [Read more...] about National Assembly set to ratify historic trade deal
EU signs Singapore trade deal, urges China to open up
EU signs Singapore trade deal, urges China to open up The Saigon Times Daily Singapore's Prime Minister Lee Hsien Loong, European Commission President Jean-Claude Juncker, European Council President Donald Tusk, European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini and Austrian Chancellor Sebastian Kurz attend the ceremony for signing a Free Trade Agreement with Singapore during the EU-ASEM summit in Brussels, Belgium, October 19, 2018 – PHOTO: REUTERS BRUSSELS (REUTERS) - The European Union signed a free-trade deal with Singapore at a summit with Asian leaders last week and pressed China to allow greater foreign investment in its economy, but ran into familiar resistance from Beijing over state subsidies. At a biennial Asia-Europe Meeting bringing together leaders representing 65% of global economic output, France, Britain, Germany, Italy and the European Commission held private meetings with Chinese Premier Li Keqiang, hoping for … [Read more...] about EU signs Singapore trade deal, urges China to open up
U.S. Commerce’s Ross eyes anti-China ‘poison pill’ for new trade deals
U.S. Commerce's Ross eyes anti-China 'poison pill' for new trade dealsThe Saigon Times Daily U.S. Secretary of Commerce Wilbur Ross answers questions during an interview with Reuters in his office at the U.S. Department of Commerce building in Washington, U.S., October 5, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. Commerce Secretary Wilbur Ross signalled on Friday that Washington may flex its muscle with additional trading partners in order to exert pressure on China to open its markets, saying that a “poison pill” provision in the recently completed pact with Canada and Mexico could be replicated. Ross said in an interview that the provision was “another move to try to close loopholes” in trade deals that have served to “legitimize” China’s trade, intellectual property and industrial subsidy practices. The United States is now in the early stages of talks with Japan and the European Union to lower tariff and regulatory … [Read more...] about U.S. Commerce’s Ross eyes anti-China ‘poison pill’ for new trade deals