CPTPP (Comprehensive and Progressive Agreement for Trans Pacific Partnership)

by Mar 1, 2019 - Vietnam Trade News

If you are considering global sourcing and manufacturing of your product lines then Vietnam Manufacturing has to be on the top of your list.

Updated Mar 1, 2019

Downtown Saigon (Ho Chi Minh City), Vietnam
Downtown Saigon (Ho Chi Minh City), Vietnam

What is the CPTPP?

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between Canada and 10 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once fully implemented, the 11 countries will form a trading bloc representing 495 million consumers and 13.5% of global GDP, providing Canada with preferential access to key markets in Asia and Latin America.

On December 30, 2018 the CPTPP entered into force among the first six countries to ratify the agreement – Canada, Australia, Japan, Mexico, New Zealand, and Singapore. On January 14, 2019, the CPTPP entered into force for Vietnam.

Countless news articles and headlines around the world have been populating the internet for this past while with the 11 countries who signed are now involved in the world’s largest multilateral trade pact. The list of countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Vietnam is touted by many of these articles to be perhaps the “biggest Winner in this Trade Deal.” Vietnam is already a booming country in the export sector offering low wages and political stability. Vietnam B2B Direct and its Vietnam subsidiary International Trade Solutions Co. Ltd. have for years serviced companies from around the world for their sourcing and manufacturing needs. Our clients involved with Vietnam textiles, garments, cut n’ sew and footwear manufacturing are going to very pleased with the reduction in import duties and tariffs. Also the Vietnam Wood and Furniture Industry, Vietnam Seafood Industry will benefit from increased worldwide purchase orders.

Deputy Minister of Industry and Trade Tran Quoc Khanh stated that “The common principle of the CPTPP is that all of the import tariffs will be cut to zero.”

Furthermore it has been reported that Vietnam, whose low-wage economy relies on exports, is likely to be the biggest winner of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership that slashes an estimated 18,000 tariffs among the dozen participating countries. The accord will let Vietnam ship many products tariff-free to countries that constitute two-fifths of the world’s trade.

In a decade, the country’s gross domestic product will be boosted 11 percent, or $36 billion, as a result of the world’s largest trade pact.

Related Article

The Biggest Winner From CPTPP Trade Deal May Be Vietnam
Source: Bloomberg Business

About Vietnam B2B Direct

Vietnam B2B Direct’s Management Group consists of well-educated English-speaking Vietnamese Personnel in its Vietnam operations trained in western business practices.

Vietnam B2B Direct has been serving clients worldwide for sourcing and manufacturing in all Vietnam industry sectors – Textile, Garments and Cut n’ Sew, Footwear, Plastics, Rubber, Wood Furniture, Stainless Steel, Aluminium, Handicrafts, Food and Beverage etc.

Vietnam B2B Direct’s focus is on building trade agreements between worldwide companies and Vietnam businesses by providing full supply chain management services in sourcing, manufacturing, importing and exporting.

Contact Mr. Bill Gadd at billgadd@VietnamB2BDirect.com to discuss your plans for sourcing a low cost manufacturing solution in Vietnam … or complete our inquiry form here

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