Vietnam set to top CPTPP countries in export growth
Vietnam will hold the chair of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Commission in 2026 with Australia as its Vice Chair.
By 2030, Vietnam’s export growth rate is expected to reach 30.1%, the highest among 11 member countries in the CPTPP and foreign capital inflow is likely to increase 14.4%, according to Koichi Ishikawa, professor of the Institute of Asian Studies at Asia University.
Koichi Ishikawa, professor of the Institute of Asian Studies at Asia University. Source: VNA.
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As of present, the combined GDP of CPTPP country members reaches US$10 trillion, equivalent to that of China, while trade turnover amounts to US$2.33 trillion, exceeding China’s and ASEAN’s .
Ishikawa also expected existing bilateral free trade agreements (FTAs) between country members in the CPTPP would not affect the CPTPP.
For example, both Vietnam and Japan are parties to three FTAs which are Vietnam – Japan FTA, Japan – ASEAN FTA and CPTPP. However, these FTAs are different in terms of commitments, including categories of goods subject to preferential tariff treatment and rules of origin, among others.
With more countries expressing intention to join the CPTPP, Ishikawa believed the CPTPP could form a strong alliance of multilateral trade, especially in the context of growing protectionism. As the CPTPP’s influence grows, terms and clauses of CPTPP could soon become the norm for global trade activities, such as the World Trade Organization (WTO).
At the first meeting of the CPTPP Commission in Tokyo on January 19 since its coming into force on December 30, 2018, trade ministers of 11 member countries adopted a joint statement affirming determination to fully enforce the CPTPP in support of trade liberalization, setting high and fair standards for trading activities in the 21st century.
Additionally, CPTPP member countries would name a rotating chair by order of Parties notifying the Depositary in writing of the completion of their applicable legal procedures, with each country serving as Chair for a period of one year, starting from the year 2020.
For the year 2019, considered as transitional period for securing the smooth implementation for the CPTPP, Japan will assume the role of Chair in close coordination with New Zealand (the Depositary) and Mexico (immediate future Chair), as well as with all other CPTPP members.
Vietnam will hold the role of Chair in 2026 with Australia as its Vice Chair.
On January 14, 2019, CPTPP became effective in Vietnam, which was the seventh member country to enforce the deal.
Before Vietnam, the CPTPP had been ratified and come into force for other six countries, including Mexico, Japan, Singapore, New Zealand, Canada and Australia.
The 11-nation deal covers economies representing around 13% of global economic output, including the world's third largest economy -- Japan, and 500 million people. It includes cuts to tariff and non-tariff barriers among its members and is designed around high standards on human rights, labor practices, and environmental standards.
In addition to Vietnam, country members of the CPTPP include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand and Peru.
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