DNVN - More and more economies are interested in joining the CPTPP agreement. This shows the attraction and increasing importance of this agreement in regional and global trade.
The 8th Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission Meeting and a series of related events were held from November 26 to 28 in Vancouver, Canada. The Vietnamese delegation included representatives from the Ministries of Foreign Affairs, Justice, Public Security and the Government Office, led by Minister of Industry and Trade Nguyen Hong Dien.
At the meeting, CPTPP members expressed that the agreement's official entry into force with the UK from December 15, 2024 is an important milestone not only for the UK and CPTPP but also for global trade in general, contributing significantly to enhancing the benefits of this agreement for CPTPP countries as well as countries interested in building trade and investment relations based on open and stable rules.
So far, 9/11 CPTPP members have officially completed the process of ratifying the UK's CPTPP accession document and fully prepared the necessary conditions to be able to immediately implement the commitments from December 15.
Regarding the admission of new members, the Ministers noted that more and more economies are interested in joining the CPTPP. This shows the growing attraction and importance of the CPTPP in regional and global trade.
The 8th Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission meeting was held in Canada.
At the meeting, CPTPP members agreed to initiate the accession negotiation process for Costa Rica as well as promote the consideration of applications for accession from other economies, ensuring that the agreement is always ready to welcome economies that can meet high standards and comply with the agreement's accession processes and procedures.
Based on consensus, the Ministers agreed to adopt the Vancouver Declaration; decided to initiate negotiations on Costa Rica's accession to the CPTPP; and decided on the list of rotating CPTPP Chairs and Vice Chairs for the 2025-2031 period.
The Vietnamese delegation actively participated and made many important contributions, which were recognized and highly appreciated by other countries, contributing to the overall success of the meeting.
Minister Nguyen Hong Dien emphasized the importance of promoting the review of the agreement so that the agreement continues to maintain its position as the “gold standard” and is a typical example of a new generation FTA.
The Minister affirmed that Vietnam will continue to proactively and actively coordinate closely with CPTPP members in all activities of the agreement in the coming time, contributing to consolidating the position of the agreement as a new generation, high-standard FTA, a model of global economic cooperation of the 21st century, bringing more practical benefits to businesses and people of member countries.
The 9th CPTPP Ministerial Council meeting will be held in 2025 with Australia as Chair and Vietnam and Canada as Vice Chairs.
CPTPP is the first new generation free trade agreement (FTA) that Vietnam has joined. The agreement officially took effect in Vietnam on January 14, 2019.
The CPTPP Agreement has helped import and export activities between Vietnam and countries in the Asia-Pacific region grow strongly. As of the first 9 months of 2024, trade turnover between Vietnam and CPTPP members reached 76.3 billion USD, up 9.6% over the same period.
Moonlight
Source: https://doanhnghiepvn.vn/kinh-te/nhieu-nuoc-muon-gia-nhap-cptpp/20241129034110196
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