Two-way trade between Vietnam and CPTPP members reached 76.3 billion USD, up 9.6% over the same period last year, of which exports reached 41.4 billion USD, up 11.6%; imports reached 34.8 billion USD, up 7.5%.
Two-way trade between Vietnam and CPTPP members reached 76.3 billion USD, up 9.6% over the same period last year, of which exports reached 41.4 billion USD, up 11.6%; imports reached 34.8 billion USD, up 7.5%.
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| Minister Nguyen Hong Dien speaks at the CPTPP Council Ministerial Meeting in Canada. |
On the morning of November 29, the Office of the Ministry of Industry and Trade informed the press of the results of the 8th meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Council, which took place in Vancouver, Canada.
The meeting takes place from November 26 to 28, 2024.
Mary Ng, Minister of Export Promotion, Economic Development and International Trade of Canada, chaired the meeting. Canada currently holds the rotating role of Chair of the CPTPP in 2024.
The meeting was attended by Ministers and senior officials from Australia, Brunei, Canada, Chile, Malaysia, Japan, Mexico, New Zealand, Peru, Vietnam and the United Kingdom.
The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, along with representatives from the Ministry of Foreign Affairs, Ministry of Justice, Ministry of Public Security and the Government Office.
At 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.
With that meaning and goal, the review of the implementation of the agreement not only summarizes what has been done, but also clarifies emerging issues for discussion and solutions to narrow the gap between the agreement and the uneven development of economies in the region and the world on the basis of respecting the differences of each member country.
CPTPP members have expressed that the agreement's official entry into force for the UK from 15 December 2024 is an important milestone not only for the UK and CPTPP but also for global trade in general.
To date, 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, 2024.
The UK's official accession to the CPTPP is a significant event, marking the first time the CPTPP has admitted a new member, one that is considered to have great potential, outside the Indo-Pacific region, opening up many new opportunities for cooperation and development within the framework of the agreement.
Referring to the benefits for Vietnam when participating in this FTA, the Department of Multilateral Trade Policy (Ministry of Industry and Trade) said that CPTPP has played an important role in promoting import and export turnover with countries in the Asia-Pacific region.
By the end of September 2024, two-way trade between Vietnam and CPTPP members reached 76.3 billion USD, up 9.6% over the same period last year. Of which, exports reached 41.4 billion USD (up 11.6%); imports reached 34.8 billion USD (up 7.5%).
Vietnam's exports to the CPTPP market area are currently concentrated mainly in some markets that already have FTAs such as Japan, Malaysia, Australia, Singapore, some new markets such as Canada, Mexico have impressive growth (nearly 10 billion USD in 10 months of 2024), but the remaining markets such as Chile, Peru have insignificant export volumes. In 10 months of 2024, exports to Peru were only 372 million USD, down 2.7%, Chile nearly 1.2 billion USD, up 13.5%.
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. Initially, the CPTPP Agreement had 11 members, including: Australia, Brunei, Canada, Chile, Malaysia, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
Source: https://baodautu.vn/xuat-khau-763-ty-usd-hang-hoa-sang-thi-truong-cptpp-d231299.html
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