Minister of Industry and Trade Tran Tuan Anh (Source: VNA) Hanoi (VNA) - TheComprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreementwould be a vital deal in utilising free trade and ensuring sustainable developmentin Vietnam, said Minister of Industry and Trade Tran Tuan Anh.
Therefore, economic sectors should prepareand take the initiative in economic restructuring in order to maximise thepact, which is scheduled to be inked in Chile on March 8 (local time) byministers from its 11 member countries, Anh told the Vietnam News Agency (VNA).
The minister said such sectors asgarment-textiles, footwear, food processing, beverage, confectionery, tobacco,wine and beer will benefit most from the deal.
He cited a research jointly conducted bythe World Bank (WB) and the research institute under the Ministry of Planningand Investment as saying that Vietnam’s GDP would be 1.1 percent higher in 2030thanks to the CPTPP.
Like other member countries, Vietnam has committedto market opening and trade facilitation and liberalisation towards liftingnon-tariff barriers, the minister said.
At the same time, the country willcontinue to streamline State management of market development, he said,stressing that through the agreement, competitiveness of the national economyas well as businesses will be likely improved.
Citing 36 billion USD in foreign directinvestment (FDI) poured into Vietnam in 2017, Anh said the pact would lead to breakthroughsin the flow of investment into the country.
Domestic businesses, therefore, will havemore resources to develop further and access technologies as well as qualityhuman resources, the minister emphasised.
However, apart from opportunities, theagreement would pose challenges to both the business circle and people if lessattention was paid to fulfilling integration commitments, the minister warned.
He cited lessons withdrawn from Vietnam’sjoining the World Trade Organisation (WTO) and signing of the Bilateral Trade Agreement(BTA) with the US to clarify his views.
The official said a number of fields inthe agriculture sector like sugarcane exploitation and sugar industry haveremained slow in restructuring, as compared with other sectors liketelecommunications, e-commerce, garments-textiles and footwear.
According to him, the Ministry of Industryand Trade has designed specific communications projects in order to helpbusinesses and people grasp opportunities generated by the agreement.
The ministry will also submit an overall actionplan to the Government in preparation for the implementation of Vietnam’sintegration commitments while reviewing its legal framework.
The CPTPP is set to take effect in early 2019after it is ratified by at least six member countries. Its member economiesmake up about 13 percent of the global GDP.
After the US withdrew from the Trans-PacificPartnership (TPP), the predecessor of the CPTPP, in 2017, the remaining 11countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore, and Vietnam) agreed to maintain the deal and renameit CPTPP.
They agreed on the revised content of theagreement on January 23, 2018.
On February 21, the full text of the CPTPP wasannounced, which is considered a sign showing that the 11 countries are readyto sign the agreement.
According to Reuters, more than 20 provisions ofthe CPTPP were suspended or changed compared to the TPP.
Earlier, US President Donald Trump said hiscountry would consider re-entering the CPTPP if the US could get a betterdeal.-VNA
VNA
