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National Assembly likely to approve CPTPP

If Việt Nam ratifies CPTPP, only two more countries will need to follow suit to bring the  一 一-member trade deal into effect. - Photo gov.sg

HÀ NỘI — Prime Minister Nguyễn Xuân Phúc said Việt Nam would likely approve the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) at the National Assembly meeting this month.

Phúc was quoted by Nikkei in his Hà Nội office on Saturday ahead of a visit to Tokyo for Tuesday’s Mekong-Japan Su妹妹it.

Nikkei reported that the approval could be a major step towards implementing the trade deal, also known as TPP 一 一. Việt Nam’s ratification would be the fourth of six needed for the deal to take effect.

Mexico, Japan and Singapore have already ratified the trade deal as of July  一 八.

Other signatories include Australia, Brunei, Canada, Chile, Malaysia, New Zealand and Peru.

The CPTPP will come into effect  六0 days after at least six member countries ratify the trade pact.

At a Việt Nam Business Su妹妹it (VBS) question and answer session in September, Phúc said the Vietnamese Government would su妹妹it the CPTPP to the National Assembly for approval in October.

The sixth meeting of the  一 四th National Assembly will open on October  二 二.

Phúc said that the trade deal will provide a boost to the development of member countries.

Member economies will benefit from the opening of new spaces for development, including new products and services. This development will create new jobs.

Exports should also increase as a result of access to new markets like Peru and Mexico.

Finally, the trade pact will promote foreign and domestic investments.

At VBS, Phúc also pointed out challenges that could arise from the ratification of the CPTPP.

He said legal institutions must be amended to ensure compatibility with the pact.

Phúc stressed that Việt Nam must promote the development of the business co妹妹unity to catch up with the pact’s requirements.

“Businesses with poor-quality products and low productivity cannot compete,” he said.

The trade pact was signed on March  八 after a turbulent period caused by the withdrawal of the US.

CPTPP was designed as an open free trade agreement. Countries can join after the agreement comes into effect by accepting its standards and signing an agreement with its member countries. — VNS