Vietnam’s Ministry of Industry and Trade is conducting necessary procedures to submit the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to the lawmaking National Assembly for approval during the legislature’s session in October.
The spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang made this announcement at a regular press conference in Hanoi on Thursday afternoon.
“Vietnam and other economies are conducting necessary procedures to approve CPTPP in accordance with each country’s laws and regulations to make this trade pact valid soon, contributing to strengthening economic cooperation for all members’ benefits and to growing economic connection in the region,” Hang said.
After U.S. President Donald Trump pulled the United States out of the Trans-Pacific Partnership (TPP) agreement last year, Japan took a leading role in pushing for a replacement pact known CPTPP, or TPP-11.
The member states of the CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
These 11 countries reached a basic agreement on the pact in November on the occasion of APEC meeting in the central Vietnamese city of Da Nang. The trade pact was signed by the 11 countries in Chile this March.
The spokeswoman added that CPTPP will take effect 60 days after at least six members approve it.
When asked about the possibility to add new members to the 11-nation trade agreement, Hang said CPTPP is an open free trade agreement, so other countries can participate in after it takes effect, given that the new members agree to its standards and get approval from the existing members.
According to Reuters, CPTPP will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of US$10 trillion in gross domestic product.
Even without the United States, the deal will span a market of nearly 500 million people, making it one of the world's largest trade agreements, according to Chilean and Canadian trade statistics.