Wednesday, August 21, 2019 11:46:17 AM - Markets open
VN-INDEX 990.89 +6.22/+0.63%
HNX-INDEX 102.82 -0.15/-0.15%
UPCOM-INDEX 57.80 +0.08/+0.14%
CPTPP likely to launch early 2019
http://vietnamnews.vn/ - 3/30/2018 11:19:28 AM
 (0 ratings. You must sign in to rate.)
At least six member countries of the Transpacific Partnership’s new avatar, the CPTPP, including Việt Nam, are likely to ratify it this year, enabling it to come into force in early 2019, a seminar heard in HCM City yesterday.
 
On March 8 the CPTPP, formally known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, was signed in Santiago, Chile, by the 11 remaining countries -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Việt Nam -- after the US pulled out from the original deal, the TPP, last November.
 
Gaining access to the US market was a major reason for many countries to sign the deal, meaning the US’s withdrawal made TPP-11 less attractive, Ngô Chung Khanh, deputy director of the Ministry of Industry and Trade’s multilateral trade policy department, said.
 
“But it is only in the short term. In the long term, the CPTPP still offers a lot of benefits [to member countries].
 
“The CPTPP is a deal that reaffirms freedom of trade in the Asia Pacific, and joining the pact does not only give us access to 10 markets but in the long run to others as the deal will be expanded in future.”
 
The CPTPP, which will bring 90 per cent of trade tariffs between 11 nations down to zero, is very similar to the original TPP, though 22 of the latter’s provisions (mostly insisted on by the US) have been suspended.
 
Khanh said it is possible the US would come back to join the CPTPP as the pact is gaining interest in many countries like the UK, Indonesia and South Korea.
 
But he said from his experience as a member of Việt Nam’s WTO negotiating delegation a decade ago that a country achieving membership of an existing organisation is tough because then the negotiations involve one versus many.
 
He said at the next meeting the CPTPP members would discuss guidelines for countries wishing to join the pact in future.
 
He advised Vietnamese firms to get up to speed on the new terms of the CPTPP to take advantage of the opportunities it would bring in 2019.
 
“The pact will come into force two months after it is fully ratified by six of the 11 members. Japan has taken the initiative and ratified it. Besides, Canada, Australia, Peru, Mexico, Chile, and Việt Nam are all committed to ratifying the pact this year.”
 
CPTPP members represent 13.5 per cent of the global economy and a population of 500 million, which is larger than that of the Europe Union.
 
According to estimates from the Peterson Institute for International Economics, the economies of the CPTPP members will add 1.7 percentage points because of the deal.
 
Việt Nam and Peru will be the biggest winners with their GDPs benefiting by 2-3 per cent. — VNS
 
Read original article here
Newer News
01/08 US Fed cuts key interest rate to 'insure' against global uncertainties
13/06 World Bank offers new credit to develop urban centres
27/05 Trump becomes first foreign leader to meet Japan's new emperor
23/05 Prime Minister arrives in Russia, beginning official visit
13/05 US-China trade talks resume, Trump says deal still 'possible'
09/05 As trade truce collapses, US, China scramble to revive a deal
03/05 US oil embargo will see Venezuela turn to China, Russia for salvation
26/04 Putin tells Kim he wants to support 'positive' efforts on Korean peninsula
14/03 EU tells London to make a decision if it wants a Brexit delay
16/01 Thailand extends waiver on visa fee for foreign tourists
Older News
22/03 Dollar lower, stock markets 'tepid' before Fed
09/01 DOC launches sunset review of anti-dumping measure on Việt Nam wind towers
03/01 Britain interested in joining Trans-Pacific trade deal after Brexit: FT
28/12 Oil prices close at 2.5-year peak
14/12 China raises market rates to fend off financial risks, growth cools
14/12 Brexit will be a key challenge for 2018, says next euro zone finance chief
14/12 Fed raises interest rates, keeps policy outlook unchanged for 2018
12/12 Malaysia, Thailand, Indonesia launch currency framework
11/12 Oil prices drop on increased U.S. drilling activity
11/12 Rubber farmers are getting slammed by low prices — one company wants to fix that
 
Newsletter Signup
Top Stories
Post-merger stock exchange headquarters in Hanoi
Listed companies honoured for best investor relations
Reference exchange rate up 2 VND on August 7
VN has trade surplus of about $1.6 billion in H1
Trade pacts bring opportunities for seafood industry's sustainable growth
Market Update
Last updated at 12:04:59 PM
VN-INDEX 990.89 +6.22/+0.63%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.