13/11/2018 09:05 GMT+7 Email Print Like 0

Vietnam’s CPTPP ratification dominates international headlines

International media has placed its eyes on Vietnam after 96.7 percent of its National Assembly (NA) deputies voted yes in the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and relevant documents on November 12.

France’s AFP news agency highlighted that Vietnam became the seventh country to ratify the trade pact, which is set to come into effect later this year, despite US President Donald Trump's pullout from a deal he decried as a “job killer”.

“This is an important political decision, affirming our country’s active role in international integration”, AFP quoted Chairman of the NA’s Committee for External Relations Nguyen Van Giau as saying.

Another international news agency, UK-based Reuters, described Vietnam as one of the largest beneficiaries of the trade deal, saying that the Southeast Asian country is among the region’s fastest growing economies, with its status cemented by strong exports and robust foreign investment.

“It is not just a trade agreement, but it also requires breakthroughs in law making and enforcement, in government management, and social governance”, cited Reuters of the Vietnamese Government’s statement.

The Pacific Rim trade deal’s ratification also grabbed the headlines of the US Associated Press (AP), which said “Vietnam is expected to be one of the members that would most benefit from it, with its strong base of exports of cellphones, garments, shoes, seafood, and agricultural products”.

According to a government study, the pact will boost Vietnam’s GDP by 1.3 percentage points, while exports will also increase by 4 percent by 2035.

“The Government should pay attention to training human resources to take advantage of and sustain the opportunities and benefits created by CPTPP, as well as build measures to prevent and handle any negative impacts which could occur while implementing it,” AP quoted the NA’s resolution as saying.

Meanwhile, the Russian news outlet Sputnik and the Japanese Asahi Shimbun also highlighted Vietnam’s ratification of the “deal of the century”.

The CPTPP was signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. New Zealand, Canada, Japan, Mexico, Singapore, Australia, and Vietnam have so far ratified the deal.

The deal, taking effect at the end of this year, is expected to bolster economic growth, create more jobs, alleviate poverty, and improve the living quality of the member states. It will create one of the world’s largest free trade blocks with a market of 499 million people and a GDP of 10.1 trillion USD, accounting for 13.5 percent of the globe’s GDP. 
VNA/VNP