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Vietnam Today

NA ratifies CPTPP

Released at: 19:38, 12/11/2018

NA ratifies CPTPP

Photo: VGP

Vietnam the seventh country to ratify eleven-member trade pact.

by Minh Do

The National Assembly (NA) officially passed a Resolution ratifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and relevant documents on November 12.

The Resolution clarifies and applies the whole contents of the CPTPP, which directly apply the provisions of the CPTPP Agreement in Appendix 2.

Vietnam has become the seventh member country to officially ratify the eleven-nation deal after the US withdrew in January 2017.

Prime Minister Nguyen Xuan Phuc is in charge of approving and directing relevant agencies and organizations from central to local levels to implement the CPTPP and to focus on training human resources, which is necessary to utilize the opportunities and benefits from the agreement.

At the same time, effective measures are needed to prevent and deal with adverse impacts that may arise during implementation and promote the contents of the agreement to create unity in awareness and action among the political system, enterprises, and people.

Chairman of the NA’s Committee for External Relations Mr. Nguyen Van Giau said that the ratification is an important political decision expected to increase the country’s response capability to the global economy and speed up negotiations over and the signing of other free trade agreements.

Mr. Giau recommended the government provide specific explanations on the establishment of organizations for workers and the leadership of the Party and the Vietnam General Confederation.

To ensure implementation of the agreement, the government has instructed ministries and agencies to review and complete a list of laws, ordinances, and decrees that need amending, to make them suitable to commitments made in the CPTPP.

The list names eight laws and four government decrees that need to be amended and supplemented, and proposes seven new documents (six decrees and one Prime Ministerial decision). The list also recommends participation in three international treaties.

During the enforcement of the CPTPP, the government will continue to review legal documents to make timely amendments and supplements.

Deputy Prime Minister and Foreign Minister Pham Binh Minh said at an early-November conference that the CPTPP would benefit Vietnam due to the fact that the trade pact would cover 13.5 per cent of global GDP. Vietnam’s GDP would grow by 1.32 per cent and its exports 4.04 per cent by 2035.

Free trade agreements with CPTPP countries would help to restructure the country’s import-export market in a more balanced way, thereby enhancing the autonomy of the economy. The country also would also have the opportunity to participate in the supply chain established after the CPTPP is in effect; an important condition for improving the level of economic development.

Commitments in the CPTPP would improve the country’s business environment and attract more FDI, Deputy Prime Minister Minh said.

The number of jobs would increase by 20,000-26,000 a year under the trade pact, while the poverty rate would fall, the report said. However, joining the CPTPP will also present many challenges.

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