Hanoi (VNA) – The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) was officially inked at a ceremony chairedby Chilean President Micelle Bachelet in Santiago de Chile on March 8.

Trade ministers of 11 countries participating in the trade pact, namelyAustralia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru,Singapore and Vietnam, attended the event.

Vietnam wasrepresented by Minister of Industry and Trade Tran Tuan Anh.

The ambitious deal came after the US pulled out the Trans-Pacific Partnership (TPP)agreement last year. The content of CP TPP was basically unchanged from theoriginal TPP with 8,000 pages, except for the suspended implementation of 22 provisionsmainly related to intellectual property. It sets high criteria in numerousfields, including labour, the environment, intellectual property, digitaleconomy and cyber security.

The official signing of the pact will facilitate the promotion of economicgrowth and job generation, poverty reduction, and improvement of people’sliving conditions. With its commitment to market opening, CPTPP delivers astrong message against protectionism, while proving that an opening economywill benefit member nations, according to experts.

The pact will create one of the world’s largest free trade blocs with acombined market of 499 million people and GDP of around 10,100 billion USD,accounting for 13.5 percent of the global GDP.

Vietnam made significant contributions to the pact’s negotiations, especially atthe APEC High Economic Leaders’ Week in Da Nang in November, 2017. Thecountry’s efforts affirm its role in promoting free trade and economicintegration in the Asia, America and Pacific Ocean.

Chilean President Michelle Bachelet declared that the signing of the CPTPP isa commitment of global integration and a strong signal against protectionismpressure.

Speaking at the signing ceremony, she expressed her delight over the birth ofthe free trade agreement which is billed as an ambitious and strategic multi-lateralcooperation deal in the context of globalisation.

She spoke highly the role of Japan and Chile with the initiative to forge aheadwith the agreement after the US’s pullout in 2017.

At a press conference held after the signing ceremony, Chilean Foreign MinisterHeraldo Munoz affirmed that the parties in the CPTPP hoped the pact will bringeconomic growth to every nation.

Meanwhile, Japanese Minister of State for Economic and Fiscal Policy ToshimitsuMotegi noted that despite formidable challenges, CPTPP is a historicachievement that creates principles on trade freedom and fairness in the 21st century in Asia-Pacific.

Member countries would still welcome the US back into the pact, he said, addingthat the deal opens door to any country that wants to join and accepts all ofits principles.-VNA