Vietnam attends 6th meeting of CPTPP Commission in Singapore

A Vietnamese delegation led by Deputy Minister of Industry and Trade Tran Quoc Khanh attended the 6th meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission hosted by Singapore on October 8.

This was the first in-person meeting of the CPTPP Commission since the COVID-19 pandemic broke out in early 2020

This was the first in-person meeting of the CPTPP Commission since the COVID-19 pandemic broke out in early 2020.

In his opening remarks, Singaporean Minister for Trade and Industry Gan Kim Yong said after the three-year implementation, the agreement has already started to deliver trade benefits to member states.

He referred to a study that found trade in goods among CPTPP members increased by about 15%, from 467 billion USD in 2019 to 535 billion USD in 2021.

Participants expressed their delight at Malaysia's ratification of the deal which will come into force with the Southeast Asian country on November 29, 2022 .

They also welcomed the adoption of the Guidelines for Mutual Recognition Agreements or Arrangements for Professional Services under the Professional Services Working Group.

These guidelines provide practical guidance for governments, relevant bodies or authorities or other entities entering into mutual recognition negotiations for regulated professional services.

Demonstrating their commitment to advance the CPTPP, the member states continued to explore new and emerging areas of cooperation in the digital economy and green economy.

They welcomed the progress of the ongoing discussions for the UK’s accession process and resolve to ensure that the high standards of the CPTPP are upheld throughout this process.

“We acknowledge all efforts made thus far to ensure the UK’s compliance with all the obligations of the Agreement and look forward to further progress on the accession process with the commitment of both the CPTPP membership and the UK,” according to the joint statement of the meeting.

Launched in December 2018, the CPTPP was signed by 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The free trade area accounts for an estimated 13% of the global GDP./.

VNA