Viet Nam plays an important part in the negotiation for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP), according to Canadian Minister of International Trade Francois – Philippe Champagne.

Chile's Foreign Minister Heraldo Muñoz (centre), New Zealand's Trade and Export Growth Minister David Parker (right) and Canada's Trade Minister Francois-Philippe Champagne before the CP TPP signing ceremony (Source: AFP)

In an interview granted to the Viet Nam News Agency on the sidelines of the official signing of the CP TPP in Chile, the Canadian minister spoke highly of the leadership of Viet Nam’s Prime Minister and Minister of Industry and Trade during the process.

Canada wishes to consolidate the relationship with Viet Nam, he noted, adding that with CP TPP, the two nations can increase their trade exchange, particularly between small- and medium-sized enterprises of the two nations.

Canada and Viet Nam will collaborate to ensure that the agreement will be effective and benefit people in line with commitments stated in the deal, the minister said, adding that he hopes the two countries will start with cutting tariffs to facilitate trade exchange.

He expressed his delight when Canada, together with Viet Nam and other member nations, will establish regulations on trading in Asia-Pacific region in a fair, progressive and open manner, thus facilitating win-win, fair and balanced trade exchange.

Explaining the deal’s concepts of “comprehensive” and “progressive” initiated by Canada, the minister said the CP TPP aims to benefit not only big companies but also the people, adding that anyone can trade with new markets.

According to the Canadian minister, the CP TPP will benefit Vietnamese and Canadian people alike.  The world will consider it a model for progressive and inclusive trade, he said.

The official signing of CP TPP took place in Santiago de Chile on 8 March (local time), with the participation of representatives from 11 member countries, namely Chile, Australia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Viet Nam.

CP TPP was launched a year ago after the US withdrew from the Trans-Pacific Partnership (TPP) agreement.

The content of CP TPP was basically unchanged from the original TPP with 8,000 pages, except for the suspended implementation of 22 provisions mainly related to intellectual property. It sets high criteria in numerous fields, including labour, the environment, intellectual property, digital economy and cyber security.

The pact will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around 10,100 billion USD, accounting for 13.5% of the global GDP.

The pact will come into force 60 days after it is fully ratified by at least six of the 11 members.

(Source: VNA)