Hanoi (VNA) – Joining the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) will help create 17,000-27,000 jobs eachyear for Vietnamese workers from 2020, Director of the Institute of LabourScience and Social Affairs Dao Quang Vinh has said.

Speaking at a workshop on labour innew-generation free trade agreements (FTAs) in Hanoi on November 19, Vinhstated the CPTPP will offer new chances for both labourers and enterprises,helping raise labourers’ living conditions, reduce poverty and promote growth.

He predicted the demand for labourers in thetimber, garment and food sectors will rise by 0.084 percent, if the exportturnovers of these sectors increases by 1 percent yearly thanks to the CPTPP.

However, the agreement will also posechallenges, he noted, suggesting Vietnam enhance vocational training to meetmarket requirements and strictly follow commitments related to salary andsocial insurance payment.

Economists recommended Vietnam intensifyinstitutional reform, increase national competitiveness and improve humanresources quality.

According to a study of the InternationalLabour Organisation (ILO), FTAs can help improve gender equality, especially inincreasing access to the labour market and narrowing the salary gap.

The study also showed that agreements withlabour-related clauses will help raise trade value by 28 percent, while thosewithout labour-related clauses can help increase the value by only 26 percent.

To ensure compliance with labourcommitments, Vietnam is in the process of amending the Labour Law to make it compatiblewith some contents of the CPTPP and make its commitments about labour moreconcrete, stated Nguyen Van Binh, deputy head of the Ministry of Labour,Invalids and Social Affairs’ Department of Legislation.

It will take Vietnam three to five years toamend the law and related regulations, and to improve awareness among thepublic, workers and enterprises, he added.

The CPTPP was signed in Santiago, Chile, onMarch 8, 2018 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore and Vietnam.

Of the 11, seven countries have ratified thepact, with Vietnam finishing its procedures on November 12. Earlier, NewZealand, Canada, Japan, Mexico, Singapore and Australia ratified the deal.

The deal, taking effect at the end of thisyear, is expected to bolster economic growth, create more jobs, alleviatepoverty and improve the living quality of the member states.

It will create one of the world’s largestfree trade blocks with a market of about 500 million people and a GDP of 10.1trillion USD, accounting for 13.5 percent of the globe’s GDP.

The 11-nation accord is expected to increaseVietnam’s GDP by an additional 2.01 percent by 2035, according to the Ministryof Planning and Investment.-VNA