8th Ministerial Meeting of the CPTPP Council

The Vietnamese delegation included representatives from the Ministries of Foreign Affairs, Justice, Public Security, and the Government Office , 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 the CPTPP but also for global trade in general. It will significantly contribute to enhancing the benefits of the 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 to the CPTPP and are fully prepared to implement the commitments from December 15, 2024.

One of the key tasks of the CPTPP is to continue reviewing the implementation of the Agreement and to address emerging issues in global trade in order to ensure that the CPTPP remains a high-standard agreement that best serves the interests of its Members. In this context, the Ministers heard reports on the review of the Agreement's implementation in 2024 and issued necessary directives on the key areas to focus on in the coming period.

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 attractiveness and importance of the CPTPP in regional and global trade. At the meeting, CPTPP Members agreed to initiate the accession negotiation process for Costa Rica and to expedite the review of applications from other economies, ensuring that the Agreement remains open to welcoming economies that can meet the high standards and comply with the accession procedures.

On the basis of consensus, the Ministers unanimously adopted: (i) the Vancouver Declaration; (ii) the Decision to initiate negotiations for Costa Rica's accession to the CPTPP Agreement; and (iii) the Decision 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. With that significance and objective, the review of the Agreement's implementation not only summarizes what has been achieved but also clarifies emerging issues for discussion and solutions to narrow the gap between the Agreement and the continuous and uneven development of economies in the region and the world , while respecting the differences of each member country. Therefore, to ensure the effectiveness of the Agreement Implementation Review, especially in the context of limited resources, the Minister suggested that CPTPP Members identify priority issues and harmonize initiatives to focus discussions and subsequently develop specific and feasible directions and solutions. In addition, to promptly support countries in handling the enormous workload in the coming period, the Minister also requested the Council to consider establishing a CPTPP Secretariat from 2025. The Minister affirmed that Vietnam will continue to proactively and actively cooperate closely with CPTPP Members in all activities of the Agreement in the coming period, contributing to consolidating the Agreement's position as a new generation, high-standard FTA, a model of global economic cooperation in the 21st century, and 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 holding the chairmanship and Vietnam and Canada serving as vice-chairs.

The CPTPP Agreement 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. Initially, the CPTPP had 11 members, including: Australia, Brunei, Canada, Chile, Malaysia, Japan, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Recently, the CPTPP countries concluded negotiations and signed the accession protocol for the United Kingdom. To date, 9 out of 11 CPTPP members have completed the ratification process for the UK's accession to the CPTPP, and the Agreement will officially come into effect for the UK and these countries from December 15, 2024. The UK's official accession to the CPTPP is a significant event, marking the first time the CPTPP has admitted a new member, one considered to be highly promising, outside the Indo-Pacific region, opening up many new opportunities for cooperation and development within the framework of the Agreement.

On the sidelines of the Conference, the Vietnamese Minister of Industry and Trade held working sessions with the Chair country Canada, the Deputy Prime Minister and Minister of Trade and Industry of Singapore, and ministers and heads of delegations from many countries to discuss and agree on priority areas in the CPTPP as well as solutions to promote bilateral economic and trade cooperation between Vietnam and these countries.

From Vietnam's perspective, 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; of which, Vietnam's exports reached US$41.4 billion, an 11.6% increase, and imports reached US$34.8 billion, a 7.5% increase compared to the same period.

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/phien-hop-hoi-dong-cptpp-cap-bo-truong-lan-thu-8.html