Tokyo (VNA) – Vietnamese Minister of Industry and Trade Tran TuanAnh attended the first meeting of the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) Commission in Tokyo, Japan, on January19, together with ministers in charge of economy and trade from 10 other membernations.

At the meeting,the ministers adopted a joint statement affirming the determination to fullyenforce the CPTPP in support of trade liberalisation, setting high and fairstandards for trading activities in the 21st century as well asfostering economic growth and bringing about benefits to both people andenterprises.

They alsoapproved four important decisions, covering the CPTPP Commission’s operationmechanism; the process, procedures and conditions for consideration andadmission of new members; the process and procedures of the arbitral tribunalrelated to state-to-state settlement of disputes; and a code of conduct forarbitrators related to the settlement of disputes between an investor and astate.

In his openingremarks, Japanese Prime Minister Shinzo Abe affirmed that the member states aredetermined to do their utmost to ensure the CPTPP plays a leading role in tradeliberalisation in the context of rising protectionism.

He said that theCPTPP remains open for any nation and territory which wants to join ahigh-quality agreement.

In an interviewgranted to Vietnam News Agency (VNA) correspondents in Tokyo, Minister TranTuan Anh said that commitments are being implemented in an active, serious andfull manner in the initial phase thanks to thorough preparations of the memberstates.

He voiced hisbelief that they will enforce the agreement effectively to bring about practicalbenefits to both people and enterprises.

According tohim, three challenges facing Vietnam are pressure during the enforcementprocess; increasing competitiveness and capital in not only goods but alsoservices; and measures to bring into full play opportunities brought by the CPTPP.

Koichi Ishikawa,a professor from the Institute of Asian Studies under the Asia University, saidthat the deal will help increase Vietnam’s exports of garments and textiles,footwear, farm produce, seafood and food to other member states.

He noted thatthe country’s supporting industry will face several difficulties, as Vietnamdepends much on imported machines and equipment.

The CPTPPofficially came into force on December 30, 2018 in Mexico, Japan, Singapore,New Zealand, Canada, and Australia, the first six countries to ratify the pact.The agreement took effect in Vietnam on January 14, 2019.

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

This is one ofthe most comprehensive trade deals ever concluded and strips 98 percent oftariffs for the 11 countries with a combined GDP of more than 13.8 trillion USDand close to 500 million consumers. The CPTPP forms the third biggest economicbloc in the world, only after the North American Free Trade Agreement (NAFTA)and the European Union (EU).–VNA