Viet Nam willing to share experience in joining CPTPP with China

Foreign Ministry Spokesperson Le Thi Thu Hang made that statement on September 23 in reply to reporters’ question about Viet Nam’s response to China’s application to join the trade pact. 

The CPTPP is an open free trade agreement with comprehensive commitments to promoting economic and trade ties between country members, Le said.

Other economies are interested in the CPTPP and expect to become a member of the deal, reflecting the increasing role of the agreement in boosting international and regional economic and trade cooperation and connectivity, she added. 

According to the current regulations, economies seeking CPTPP membership shall be required to meet standards of the agreement and adhere to procedures for new members, the Spokesperson stated. 

The CPTPP was signed by 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam in Chile on March 8, 2018. 

Eight months later, Viet Nam ratified the trade deal that took effect on January 14, 2019.

The trade area represents 13.5 percent of the global economy, a total of US$10 trillion dollars and 15 percent of the global trade revenue, equal to US$5 trillion.

By Thuy Dung