Many countries want to join the CPTPP.

DNVN - More and more economies are interested in joining the CPTPP agreement. This shows the increasing attractiveness and importance of this agreement in regional and global trade.

The 8th meeting of the Council of the Comprehensive and Progressive Trans -Pacific Partnership (CPTPP) and related events were held from November 26-28 in Vancouver, Canada. The Vietnamese delegation, comprising representatives from the Ministries of Foreign Affairs, Justice, Public Security, and the Government Office, was led by Minister of Industry and Trade Nguyen Hong Dien.

At the meeting, CPTPP members all expressed that the agreement's official entry into force with the United Kingdom on December 15, 2024, is a significant milestone not only for the UK and CPTPP but also for global trade in general, making a significant contribution to enhancing the benefits of this agreement for CPTPP countries as well as countries interested in building trade and investment relationships based on open and stable rules.

To date, 9 out of 11 CPTPP members have officially completed the ratification process of the UK's accession document and are fully prepared to implement the commitments from December 15th onwards.

Regarding the admission of new members, the Ministers noted the increasing interest of more and more economies in joining the CPTPP agreement. This demonstrates the growing appeal and importance of the CPTPP in regional and global trade.

The 8th meeting of the Council of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) was held in Canada.

At the meeting, CPTPP members agreed to initiate accession negotiations for Costa Rica and to expedite the review of accession applications from other economies, ensuring the agreement remains open to welcoming economies that can meet high standards and comply with the agreement's accession procedures.

Based on consensus, the Ministers unanimously adopted the Vancouver Declaration; decided to launch negotiations for Costa Rica's accession to the CPTPP; and decided on the list of the rotating Chair and Vice-Chair of the CPTPP for the period 2025-2031.

The Vietnamese delegation actively participated and made many important contributions, which were acknowledged and highly appreciated by other countries, contributing to the overall success of the session.

Minister Nguyen Hong Dien emphasized the importance of promoting the review of the agreement so that it continues to maintain its position as the "gold standard" and a prime example of a new generation FTA.

The Minister affirmed that Vietnam will continue to proactively and actively coordinate closely with CPTPP members in all activities of the agreement in the coming time, contributing to consolidating the agreement's position as a new generation, high-standard FTA, a model of global economic cooperation in the 21st century, bringing even more practical benefits to businesses and people of member countries.

The 9th Ministerial Meeting of the CPTPP Agreement will be held in 2025, with Australia serving as Chair and Vietnam and Canada as Vice-Chairs.

The CPTPP is the first new-generation free trade agreement (FTA) that Vietnam has joined. The agreement officially came into effect for Vietnam on January 14, 2019.

The CPTPP agreement has significantly boosted import and export activities between Vietnam and countries in the Asia-Pacific region. As of the first nine months of 2024, trade turnover between Vietnam and CPTPP members reached US$76.3 billion, a 9.6% increase compared to the same period.

Nguyet Minh

Source: https://doanhnghiepvn.vn/kinh-te/nhieu-nuoc-muon-gia-nhap-cptpp/20241129034110196