Vietnam’s National Assembly is scheduled to adopt the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on November 12. Raymond Mallon, economic advisor from the Australia-Vietnam economic reform programme, provides in-depth analysis on the deal and what it means to businesses in Vietnam. Despite the US withdrawal, Vietnam is well-placed to benefit from other markets when the CPTPP comes into force The Comprehensive Agreement for Trans-Pacific Partnership (CPTPP), or TPP-11, is an economic integration treaty signed by 11 countries in March following 10 years of negotiations. After the withdrawal of the US from the original TPP in 2017, the remaining members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Together, they account for nearly 15 per cent of global trade, and just over 13 per cent of global GDP. The agreement is expected to come into force by the end of this year, 60 days after at least half of the original signatories confirm the completion of national treaty-making procedures. The deal allows for more economies to join the CPTPP in the future. Within the Asian region, Bangladesh, India, Indonesia, the Philippines, South Korea, Taiwan, and Thailand have indicated an interest in joining. Columbia and the United Kingdom have also expressed interest. The CPTPP includes chapters that go beyond the scope of traditional free trade agreement (FTAs) to include policy issues related to state-owned enterprises, competition, trade in services, public procurement, transparency and anti-corruption, environment, labour, the digital economy, gender and small- and medium-sized… [Read full story]
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