The CPTPP and relevant documents are submitted to the National Assembly for approval on November 2, 2018. (Photo: VNA)

The CPTPP affects tariff reductions, opening the door to service markets, intellectual property, and technical trade barriers. It also deals with issues like labor, the environment, government procurement, and state-owned enterprises.

Presenting the proposal for ratification, Party leader and State President Nguyen Phu Trong said: “Ratification of the CPTPP will demonstrate Vietnam’s commitment to renewal and comprehensive international integration, and elevate its position in Southeast Asia, Asia-Pacific, and the world. The pact will also help Vietnam realize its foreign policy of independence, self-reliance, diversification, and multi-lateralization, and reinforce its national defense and security. Once the CPTPP comes into force, it will strengthen relations between Vietnam and other CPTPP countries, especially those with whom Vietnam has a strategic partnership.”

A revised version of the ambitious Trans-Pacific Partnership, the CPTPP was signed in March this year by 11 countries including Japan, Australia, New Zealand, Singapore, and Vietnam. Six countries have ratified the trade pact. The 11 CPTPP countries’ combined economies represent 13.4% of the global GDP, making the CPTPP the third largest free trade area in the world.