Hanoi (VNA) – Mechanisms mustbe established to enhance the capacity of both the Government and localenterprises so that the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) can be a resounding success, said Chairman of the VietnamChamber of Commerce and Industry (VCCI) Vu Tien Loc.

His statement was made after the 14thNational Assembly approved a resolution ratifying the CPTPP and related documentswith 96.7 percent of the vote on November 12.

Loc shared the view of many NA deputies in thatit is vital to develop an action programme that can outline an effectiveroadmap and implement the trade deal.

The action programme must develop all possiblescenarios to take the initiative in the fulfillment of CPTPP commitments and,at the same time, consult stakeholders to assess the impact of each scenarioand what Vietnam will lose if it fails to meet commitments, he said.

The programme should take into accountplans for each stage of CPTPP enforcement, keeping in mind not only compliance withthe pact, but also maintaining attainable goals for the economy and businesscommunity, he noted.

He added further that it should alsoinclude actions to support businesses affected by the CPTPP, particularly micro-,small-, and medium-sized enterprises, as well as those vulnerable in rural andagricultural sectors. If these businesses are not beneficial, the enforcementof the deal could be a failure, he said.

[Infographics: CPTPP e𝐆xpected to boost Vietnam’s GDP by 2.01% by 2035]

Echoing Loc’s view, NA deputy Le Thu Hafrom Lao Cai suggested that the Government develop a mechanism to deal withissues that may arise when the CPTPP enters into force, such as commercial disputes.She also emphasised the need to raise awareness among local firms of new CPTPPcommitments.

The effective implementation of the CPTPPrequires not only local firms but governmental agencies as well to thoroughlyunderstand the related domestic regulations and international practices thatwill put the trade deal to work, said NA deputy Nguyen Chien from Hanoi.

In addition, enterprises must pay more heedto improving the competence of their workers and learning about copyright andtrade protection policies of CPTPP member countries so as to sustain their businessdevelopment, he noted.

The CPTPP was signed by 11member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia,Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.

It is one of the mostcomprehensive trade deals ever concluded, stripping 98 percent of tariffs forthe 11 countries, who have a combined GDP of more than 13.8 trillion USD andclose to 500 million consumers.

The pact will be enacted provisionally60 days after it has been ratified by six countries.

As such, the CPTPP is hopedto take effect in December 2018 as, thus far, Mexico, Japan, Singapore, NewZealand, Australia, and Canada have all already ratified the deal. –VNA