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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At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 (Source: Xinhua/VNA) Hanoi (VNA) - The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into force on December 30, creating a free trade area covering more than a tenth of the global economy. The trade deal, signed in March, is the successor to the Trans-Pacific Partnership (TPP) Agreement, a similar deal that included the US. However, President Donald Trump withdrew the US from the TPP soon after he was elected. The CPTPP will cut tariffs on agricultural and industrial products, ease investment regulations and enhance protection of intellectual property. The 11 member countries of CPTPP hope that the trade pact will help counter to growing protectionism. Australia, Canada, Japan, Mexico, New Zealand and Singapore became the first six members to ratify the pact, setting the stage for its entry into force. The CPTPP is one of the most comprehensive … [Read more...] about CPTPP trade deal officially takes effect
Viet Nam News SINGAPORE — A China-backed bid to complete the world’s largest trade deal -- without the United States -- was pushed back to next year after Asia-Pacific trade ministers failed to agree key terms at a Singapore summit. The Regional Comprehensive Economic Partnership (RCEP), covering half the world’s population, is billed as an antidote to Donald Trump’s "America First" agenda, which has seen tariffs imposed on almost half of all Chinese imports to the US -- and retaliatory levies by Beijing. Chinese Premier Li Keqiang is in Singapore to give impetus to the deal on the sidelines of a gathering of Southeast Asian and world leaders. But trade diplomats late Monday indicated negotiations on the RCEP, a sweeping 16-country deal that includes China, Japan, India and the 10 members of ASEAN (Association of Southeast Asian Nations), will carry on deep into 2019. "We made significant progress, (but it) is not the final conclusion," New … [Read more...] about China-backed trade deal pushed back to 2019
The move came almost two years after President Donald Trump's withdrawal dealt a major blow to what would have been the world's largest free trade pact. Trump pulled out of the Trans-Pacific Partnership (TPP) deal in one of his first post-election moves as part of his "America First" clarion call, declaring the 12-nation trade pact a "job killer." The 11 remaining countries have pledged to move ahead with the deal, which could go into effect by the end of this year, although in a significantly watered-down version without the U.S. They have kept a door open for Washington's return, and have also not ruled out allowing other non-Pacific countries to join the deal. Japan's foreign minister on Thursday encouraged the U.S. to come back to the pact, speaking at a regional World Economic Forum (WEF) where concerns over trade protectionism have dominated discussions. "We believe TPP is still the best option for (the) United States," Taro Kono said. "It will be very attractive for American … [Read more...] about Japan, Vietnam urge US to rejoin Pacific trade deal
U.S. President Donald Trump said last week he would reconsider joining the landmark Trans-Pacific Partnership (TPP) trade agreement, if it were a “substantially better” deal than the one offered to President Barack Obama. Here is a look at the state of play in the negotiations and the conditions needed to be in place for the United States to join an agreement Trump scrapped as soon as he took office. What are the TPP and CPTPP? The original 12-member agreement was known as the TPP. It was a signature trade policy of Obama, but he was unable to secure Congressional support for the deal. It was thrown into limbo when Trump withdrew from the deal three days after his inauguration in January 2017, a move he said was aimed at protecting U.S. jobs. Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Trump says US could rejoin TPP if deal improved. How hard would it be?