The agreement is expected to create a free trade area stretching from North America to Asia and provide a new boost for global trade.
The signing of the CPTPP marks a turning point in global trade, reflecting the great efforts led by Japan following the US’s withdrawal. Under the deal, countries are required to open their doors to companies and investors from other members and provide them with equal treatment and preferences to create fair competition between foreign and domestic enterprises.
The new agreement will eliminate more than 98% of tariffs in a region with a GDP of 13 trillion USD, accounting for 13.5% of the global economy.
With the official signing of the CPTPP, it is confirmed that Vietnam and other countries in the partnership have become the flag bearers of regional and global free trade.
The fact that the remaining 11 countries continued their negotiations despite the US withdrawal reflects the inevitability of global economic integration. The success of the CPTPP also shows that, in the current context of a return to protectionism, several developing economies in Asia such as Vietnam, Malaysia and Brunei still showed the determination to develop and sit at the high table. In return, by participating in the CPTPP, Vietnam will have a better chance to penetrate larger markets and face positive pressure to streamline its legal framework, investment climate and business environment.
