Vietnam has recently
ratified the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership – CPTPP (before Trans-Pacific Strategic Economic Partnership
Agreement – TPP. This Agreement was signed on 08 March 2018 in Santiago, Chile
including 11 countries New Zealand, Canada, Japan, Mexico, Singapore, Brunei,
Chile, Malaysia, Peru, Australia and Vietnam.
TPP was initially expected
to form a largest free trade area in the world with the participation of the
United States of America (USA). Nonetheless, the President of USA – Mr. Donald
Trump – withdrew USA from TPP, and the remaining members have to re-negotiate
and establish CPTPP as a result. Eleven countries participating in the CPTP
have total GDP of USD 10,000 billion equivalent to 13.5% of global GDP.
CPTPP will contribute to
boost the export of goods to major markets such as Japan, Australia, Canada and
Mexico as well as attract foreign investment into the sectors that Vietnam
needs to be developed. Further, this participation has established trade
relations with the countries which have never signed a free trade agreement
with Vietnam before such as Canada, Mexico or Peru. One of the commitments of
CPTPP, the members of CPTPP agree to eliminate import duties on almost all
products within 7 years, and Vietnam is flexible up to 10 years. Joining CPTPP,
Vietnam not only commits to open up markets, remove tariff barriers, continue
to open and facilitate trade, but also continues to show the transparency of
the State management on market’s development. The business lines being
benefited directly and strongly from CPTPP are garment, textile, footwear, food
manufacturing, drink, confectionaries, tobacco, …which is expected to receive
investment from oversea through setting up factory, company and business joint venture
inVietnam.
Further, CPTPP regulates
the new legal issues being labour, environment, government procurement,
Intellectual Property, state enterprises, …The CPTPP essentially retains the
provisions of the TPP Agreement, but with the USA withdrawal, it allows Member
States to reserve a number of articles to ensure the balance in the new
situation.
In
conclusion, Vietnamese enterprises should firstly keep up the commitments of
CPTPP in order to seek up the favorable policy trends and to prepare the plans
to build competitiveness and enhance the prestige on brand and product quality.
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