11:32 (GMT +7) - Friday 23/08/2019

Vietnam Today

CPTPP Commission holds first session in Tokyo

Released at: 19:47, 22/01/2019

CPTPP Commission holds first session in Tokyo

Photo from TG&VN

Vietnam to assume role of Chair by 2026.

by Minh Do

The Chair of the CPTPP Commission for 2019 will be held by Japan and Vietnam will assume the role by 2026, the first session of the Commission on January 19 in Tokyo, Japan, heard.

Ministers of the eleven member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) attended the first session of the CPTPP Commission since the agreement took effect on December 30.

Ministers approved the Joint Declaration affirming the determination to fully implement the CPTPP and also approved four important decisions on the implementation of the agreement: the operational mechanism of the CPTPP Council; processes, procedures and conditions for consideration and admission of new member countries; procedures and procedures of arbitral tribunals related to the dispute resolution mechanism between investors and States; and the code of conduct of such arbitrators.

According to the joint statement from the Ministers, from 2020 the position of Chair of the CPTPP Commission will change every year.

To ensure the smooth implementation of the CPTPP during its transition period, Japan will assume the role this year and will work closely with New Zealand (the Depositary) and Mexico (the immediate future Chairman) and remaining members.

New Zealand will hold a meeting of the Commission in the second half of this year together with meetings of key committees to promote enforcement in the first year the agreement comes into effect.

Minister of Industry and Trade Tran Tuan Anh acknowledged the efforts, solidarity, and mutual support of the eleven member countries. He said the CPTPP coming into effect is an important milestone in the process of trade liberalization in the region and the world.

“This is a strong message that we send to the international community, that only cooperation and mutual support on the basis of mutual benefit is the right path for development and prosperity in the region as well as on this earth,” he said.

He also emphasized the need to focus on implementation as well as completing the process of ratifying agreements in the remaining four member countries.

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