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The CPTPP covers a market of 500 million people

The CPTPP covers a market of 500 million people

(TNC 9.3) The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has been signed in Santiago, Chile. CPTPP consists of 11 participating economies: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The CPTPP will enter into force 60 days after at least six participating countries complete the validation procedures. The agreement covers 30 chapters and mentions not only traditional sectors such as goods, services, investment, but also new issues such as e-commerce, state-owned enterprises, etc. This agreement will create the greatest free trade area in the world, with a market size of around 13.5 percent of global GDP and covers 500 million people.

In terms of economy, participation in CPTPP, in general, is beneficial to Vietnam. The agreement will contribute to boosting the export of goods to major markets such as Japan, Australia, Canada, and Mexico, as well as attracting foreign investment in sectors and fields that Vietnam is in need of development. In the long term, CPTTP helps VN to reform its domestic institutions and create an open, transparent and fair business environment and investment environment.

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