(VOVWORLD) - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be officially signed in Chile on Thursday, by ministers from the 11 member countries.
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 Vietnam's Industry and Trade Minister Tran Tuan Anh and Japanese Minister of Economic Revitalization Toshimitsu Motegi attend a news conference on the Trans Pacific Partnership (TPP) Ministerial Meeting during APEC 2017 in Da Nang, Vietnam, November 11, 2017.
(Photo: Reuters/Kham)
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The deal is expected to create one of the largest trading blocks in the world across Asia-Pacific and the Americas reaching 463 million people and a combined GDP of 10 trillion USD equal to 13% of the global GDP.
The deal covers many key commitments relating to non-tariff barriers, services, and investment among others.
Vietnam’s Industry and Trade Minister Tran Tuan Anh said: “All remaining countries have affirmed determination to follow the trade pact even when one country withdrew. The characteristics and quality of the agreement are shown in two words “comprehensive” and “progressive”, which 11 ministers of TPP have agreed on and considered the common goal of the deal. So the name Comprehensive and Progressive Agreement for Trans-Pacific Partnership received high consensus.”
Japanese Economic Revitalization Minister Toshimitsu Motegi said: “Asia-Pacific is one of the world’s major economic centers. We hope that a new rule will be set up for the region and all commitments and participating countries will address challenges.”
The CPTPP is expected to take effect early next year, bringing specific benefits for all members. For Vietnam, the deal will boost exports to major markets like Japan, Australia, Canada, and Mexico, and also attract foreign investment. It will help to reform institutions and create a transparent investment and trading environment in participating countries.
According to Minister Tran Tuan Anh, “the most important factor is that each member needs a comprehensive action plan to prepare for realizing its commitments. We will submit such an action plan to the government so that as soon as the agreement becomes effective, the plan will involve the government, business community, localities, associations, and people. Second, it’s necessary to review the domestic legal framework and legalize what the country has committed under the agreement. Third is to specify missions of each agency so that it can proactively participate in the agreement.”
After the CPTPP is signed, it will experience legal processes in each member state to take effect. On Tuesday Japan adopted the signing of the CPTPP.