Cptpp

Hanoi (VNA) – Vietnam, as a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is willing to share information about and its experience in participating in the pact with the UK if the latter is interested, said Foreign Ministry spokesperson Le Thi Thu Hang. The spokesperson made the remark at the ministry’s regular press conference on September 17, noting that as far as she knows, the UK had held some discussions with CPTPP members over recent time. Hang stressed that the CPTPP is a high-quality free trade agreement with comprehensive commitments to promoting economic-trade cooperation among member countries and trade liberalization towards open and rules-based trade in the region. She underlined that CPTPP member countries have adopted procedures for joining the pact, and economies interested in the pact should meet its high standards and follow admission process./.   … [Read more...] about Vietnam ready to share CPTPP information with UK: Foreign Ministry spokesperson

Hanoi (VNA) - The Regional Comprehensive Economic Partnership (RCEP), signed by 15 Asia-Pacific countries on November 15, would bring economic benefits to these countries and help strengthen regional integration, experts have said. "The RCEP will connect about 30 percent of the world's people and output and, in the right political context, will generate significant gains," said a report jointly issued on November 16 by Peter A. Petri, a nonresident senior fellow of the Brookings Institution and Michael Plummer, a professor of international economics at Johns Hopkins University. The RCEP could add 209 billion USD annually to world incomes, and 500 billion dollars to world trade by 2030, according to computer simulations published by Petri and Plummer. The report estimated that the RCEP, together with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) signed in 2018, will make the economies of North and Southeast Asia more efficient by linking their … [Read more...] about RCEP to bring significant benefits to members: experts

Hanoi (VNA) - The Regional Comprehensive Economic Partnership (RCEP) has given Vietnam and other ASEAN countries a perfect opportunity to become a centre of investment attraction, said Minister of Industry and Trade Tran Tuan Anh. Minister Anh considered the deal has created a new entity and a new model of trade and economy, forming a foundation for a free and fair trade framework to protect the interests of nations, especially developing ones including Vietnam. He said: “RCEP creates the largest free trade-economic region in the world, accounting for 30 percent of global GDP with 2.2 billion consumers.” The minister said in the context of the pandemic, Vietnam as the Chairman of ASEAN and other partners have done everything possible to close the deal, making 2020 a historic year when ASEAN signed the free trade agreement with five partner countries of the Republic of Korea, China, Japan, Australia and New Zealand. As RCEP signatories believed India would return to the … [Read more...] about RCEP offers an ideal economic model: MoIT Minister

Hanoi (VNA) - Boosting support for Vietnamese enterprises to capitalise on free trade agreements (FTAs) and engage more deeply in global supply chains is an important solution to fuel post-pandemic exports and economic recovery, the Export Forum 2020 held in Ho Chi Minh City on November 18 heard. Pointing out the challenges facing exports, participants cited the World Bank (WB) as saying that the COVID-19 crisis has had an unprecedented impact on matters such as healthcare, the economy, and society around the world, while at the same time worsening protectionism. Growing automation and the withdrawal of many countries from global value chains may make it hard for processing and manufacturing and export strategies to prove effective in emerging markets and developed economies, according to the WB. It also held that although Vietnam has an open economy, its participation in global and regional value chains remains modest and much lower than that of ASEAN countries like Singapore, … [Read more...] about Forum suggests ways to bolster exports, economic recovery

According to Minister of Industry and Trade Tran Tuan Anh, RCEP creates a vast market with 2.2 billion consumers, or 30 percent of the world’s total population, and with GDP of $27 trillion, or 30 percent of the global total GDP, which will be the largest free trade area in the world. … [Read more...] about RCEP opens up 2.2 billion consumer market, limits protectionism