Cptpp

The Hanoitimes - The UK is a major trading partner for members in the CPTPP, including Vietnam. Vietnam fully supports the UK to boost its economic-trade relations with the Asia-Pacific region and is willing to share its experience to accelerate the latter’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Spokesperson of Vietnam’s Ministry of Foreign Affairs Le Thi Thu Hang. Spokesperson of Vietnam’s Ministry of Foreign Affairs Le Thi Thu Hang gave the remarks in response to questions on the UK’s formal application to join the trade deal on February 1. “The CPTPP is a next-generation free trade agreement, which shows strong determination from regional countries in bolstering trade cooperation,” said Ms. Hang in a monthly press briefing on February 4. According to Ms. Hang, all CPTPP members have agreed on certain procedures and requirements that countries need to fulfill to join the trade deal. “The UK is a major trading partner for members in the CPTPP, including Vietnam,” stressed Ms. Hang. A statement from the UK government in late January said “joining the CPTPP would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam, for the benefit of UK business.” “Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade,” said UK Prime Minister Boris Johnson. UK trade with the group was worth £111 billion in 2019, growing by 8% a year since 2016. Last December, Vietnam and the UK had signed the UK-Vietnam Free Trade Agreement (UKVFTA) to ensure continuity in bilateral trade relations as the Brexit’s transitional period ended on December 31, 2020. Despite severe Covid-19 impacts, bilateral trade turnover stood at US$5.6 billion in 2020, in which Vietnam exported goods …

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The Hanoitimes - With 16 FTAs in effect or under negotiation, Vietnam has been at the center of a global network of free trade that accounts for 59% of the world population and 68% of global trade. During a new phase of global economic integration, Vietnam gives high priority to taking advantage of free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans – Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA), for economic recovery, according to Deputy Prime Minister Pham Binh Minh. Deputy Prime Minister Pham Binh Minh at the meeting. Photo: VGP. The business community and business associations should play a more active role in realizing Vietnam’s commitments in FTAs, and propose measures to the government to boost competitiveness and efficiency in trade protection, Minh said at a government meeting on July 20. With 16 FTAs in effect or under negotiation, Vietnam has been at the center of a global network of free trade that accounts for 59% of the world population and 68% of global trade. This status  is mutually beneficial for Vietnam and its major trade partners, Minh added. Minh requested government agencies to identify new potential markets and partners for for the diversification of Vietnam’s export products amid the complicated Covid-19 progression globally. According to Minh, some notable achievements of Vietnam’s efforts in global economic integration over the past years included the signing and enforcement of the CPTPP; the ratification of the EVFTA; promoting the role of ASEAN Economic Community and the economic linkage between ASEAN and its partners; actively contributing to multilateral cooperation mechanisms, specifically the United Nations, the World Trade Organization (WTO), the Asia – Pacific Economic Cooperation (APEC), the Asia – Europe Meeting (ASEM), among others. …

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The Hanoitimes - Direct impacts from the CPTPP agreement would not be significant, but means a more stable and predictable environment for logistics firms in Vietnam, according to an expert. Foreign competition is the smallest concern for Vietnamese logistics firms when the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP) comes into play, according to Nguyen Thi Thu Trang, director of the WTO Center and Integration under the Vietnam Chamber of Commerce and Industry (VCCI). Overview of the conference. Source: Ngoc Thuy. “The major concerns would be weak state management capabilities, deficiencies of logistics infrastructure, unfavorable business environment and unofficial costs,” said Trang at a conference under the program “Australia supports Vietnam’s economic reform” (Aus4Reform) on November 25, discussing the country’s challenges and opportunities from the CPTPP. Trang argued the domestic logistics market has basically opened to foreign companies since Vietnam’s participation in the World Trade Organization (WTO) in 2007, therefore, “direct impacts from the trade deal would not be significant, but rather a more stable and predictable environment for logistics firms.” Similarly, there would be no major changes in the landscape of Vietnam’s distribution and e-commerce sectors. “Indirect impacts are much anticipated,” said Trang, adding the CPTPP’s pressure to reform would force Vietnam to have a more transparent and attractive market for all businesses involved. “Commitments to eliminate tariff and non-tariff barriers will create conditions to increase the supply of goods for distribution – e-commerce sectors, and increase the demand for logistics services,” said Trang. Meanwhile, commitments in custom – trade facilitation are presenting opportunities to reduce business costs, she stated. Ngo Chung Khanh, deputy director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade …

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