(VEN) - This year marks a new milestone in the process of Vietnam’s international economic integration with the coming into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on January 14. The new-generation trade deal with the 10 Pacific Rim nations demonstrates Vietnam’s strong commitment to innovation and integration, and is expected to enhance the country’s position in the region and the international arena. The CPTPP provides great opportunities for the garment and textile business New markets The Trans-Pacific Partnership was seemingly in tatters after US President Donald Trump announced the US withdrawal from the pact. But the 11 remaining members, led by Japan, made great efforts to keep the trade pact alive despite the US absence. In November 2017, ministers from the 11 TPP countries met on the sidelines of the APEC Summit in Da Nang and reached an agreement to push ahead with the trade pact by suspending … [Read more...] about Milestone for Vietnam’s integration as mega trade deal takes effect
Tpp trade deal trump
At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 (Source: Xinhua/VNA) Hanoi (VNA) - The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into force on December 30, creating a free trade area covering more than a tenth of the global economy. The trade deal, signed in March, is the successor to the Trans-Pacific Partnership (TPP) Agreement, a similar deal that included the US. However, President Donald Trump withdrew the US from the TPP soon after he was elected. The CPTPP will cut tariffs on agricultural and industrial products, ease investment regulations and enhance protection of intellectual property. The 11 member countries of CPTPP hope that the trade pact will help counter to growing protectionism. Australia, Canada, Japan, Mexico, New Zealand and Singapore became the first six members to ratify the pact, setting the stage for its entry into force. The CPTPP is one of the most comprehensive … [Read more...] about CPTPP trade deal officially takes effect
Viet Nam News SINGAPORE — A China-backed bid to complete the world’s largest trade deal -- without the United States -- was pushed back to next year after Asia-Pacific trade ministers failed to agree key terms at a Singapore summit. The Regional Comprehensive Economic Partnership (RCEP), covering half the world’s population, is billed as an antidote to Donald Trump’s "America First" agenda, which has seen tariffs imposed on almost half of all Chinese imports to the US -- and retaliatory levies by Beijing. Chinese Premier Li Keqiang is in Singapore to give impetus to the deal on the sidelines of a gathering of Southeast Asian and world leaders. But trade diplomats late Monday indicated negotiations on the RCEP, a sweeping 16-country deal that includes China, Japan, India and the 10 members of ASEAN (Association of Southeast Asian Nations), will carry on deep into 2019. "We made significant progress, (but it) is not the final conclusion," New … [Read more...] about China-backed trade deal pushed back to 2019
The move came almost two years after President Donald Trump's withdrawal dealt a major blow to what would have been the world's largest free trade pact. Trump pulled out of the Trans-Pacific Partnership (TPP) deal in one of his first post-election moves as part of his "America First" clarion call, declaring the 12-nation trade pact a "job killer." The 11 remaining countries have pledged to move ahead with the deal, which could go into effect by the end of this year, although in a significantly watered-down version without the U.S. They have kept a door open for Washington's return, and have also not ruled out allowing other non-Pacific countries to join the deal. Japan's foreign minister on Thursday encouraged the U.S. to come back to the pact, speaking at a regional World Economic Forum (WEF) where concerns over trade protectionism have dominated discussions. "We believe TPP is still the best option for (the) United States," Taro Kono said. "It will be very attractive for American … [Read more...] about Japan, Vietnam urge US to rejoin Pacific trade deal
A Harley-Davidson motorcycle pictured in Germany, where the EU has retaliated with tariffs on the legendary American brand. (AFP/John MACDOUGALL) Trump had earlier threatened to tax the Wisconsin-based manufacturer which said on Monday it planned to move some manufacturing abroad in response to European Union tariffs retaliating for US duties. "Harley-Davidson should stay 100% in America, with the people that got you your success," Trump said in the tweet on Wednesday. "I've done so much for you, and then this. Other companies are coming back where they belong! We won't forget, and neither will your customers or your now very HAPPY competitors!" "Harley-Davidson should stay 100% in America, with the people that got you your success. I’ve done so much for you, and then this. Other companies are coming back where they belong! We won’t forget, and neither will your customers or your now very HAPPY competitors!" - Donald J. Trump , Twitter EU officials suggested Trump had … [Read more...] about Trump warns Harley Davidson: ‘We won’t forget’
U.S. President Donald Trump said last week he would reconsider joining the landmark Trans-Pacific Partnership (TPP) trade agreement, if it were a “substantially better” deal than the one offered to President Barack Obama. Here is a look at the state of play in the negotiations and the conditions needed to be in place for the United States to join an agreement Trump scrapped as soon as he took office. What are the TPP and CPTPP? The original 12-member agreement was known as the TPP. It was a signature trade policy of Obama, but he was unable to secure Congressional support for the deal. It was thrown into limbo when Trump withdrew from the deal three days after his inauguration in January 2017, a move he said was aimed at protecting U.S. jobs. Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Trump says US could rejoin TPP if deal improved. How hard would it be?
(VEN) - On March 9, top representatives of 11 Asia-Pacific nations signed the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement in Santiago, Chile. Leaders of 11 Asia-Pacific nations signed the CPTPP in Sangiago, Chile The CPTPP is a new-generation free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The CPTPP will create one of the world’s largest free trade blocs with a market serving about 499 million consumers and gross domestic product (GDP) of US$10.1 trillion, accounting for 13.5 percent of global GDP. The trade deal was formerly named the Trans-Pacific Partnership (TPP), with the United States one of its members. After President Donald Trump announced the US withdrawal in early 2017, negotiations among the remaining states appeared stalled at times. However, strenuous efforts by member countries, especially Japan, Mexico and Vietnam, managed to … [Read more...] about Landmark Pacific Rim trade deal signed
Vietnamese Prime Minister Nguyen Xuan Phuc reiterated that he wants the U.S. back in a landmark Asia-Pacific trade agreement that was signed earlier this month by 11 countries in the region without the U.S. It is "in the interests of all the member economies" for the U.S. to return to the Trans-Pacific Partnership (TPP) trade pact, Phuc told Nikkei and the Financial Times on Monday. That would be a great impetus for growth "in this region and the world," Nikkei quoted the PM as saying. The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was thrown into limbo early last year when Trump withdrew from the deal three days after his inauguration. He said the move was aimed at protecting U.S. jobs, according to Reuters. The 11 remaining nations finalized a revised trade pact in January, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP will reduce tariffs in countries that together amount to more … [Read more...] about Vietnamese PM wants US back in monumental Pacific trade deal
SANTIAGO - Eleven countries including Vietnam, Japan and Canada signed a landmark Asia-Pacific trade agreement without the United States on Thursday in what one minister called a powerful signal against protectionism and trade wars. The deal came as U.S. President Donald Trump vowed earlier in the day to press ahead with a plan to impose tariffs on steel and aluminum imports, a move that other nations and the International Monetary Fund said could start a global trade war. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of $10 trillion in gross domestic product. With the United States, it would have represented 40 percent. “Today, we can proudly conclude this process, sending a strong message to the international community that open markets, economic integration and international cooperation are the best tools for creating economic … [Read more...] about Asia-Pacific nations sign sweeping trade deal without U.S.
Vietnam urged to spur trade facilitationMinh Tam HCMC – Vietnam needs to speed up trade facilitation by improving logistical services and shortening the time of goods transport, according to Herb Cochran, executive director of the American Chamber of Commerce (AmCham) in HCMC. At present, it is time consuming to transport goods as it takes at least 15-16 days to carry goods from the U.S. to Vietnam and Vietnamese customs clearance procedures require an additional 21 days. Vietnam and the U.S. are expecting a time reduction to 48 hours in 2018 and a commercial fee cut by 20% for exporters and importers. The two sides have struck a trade facilitation agreement but it is not easy to put the deal on fast track. Vietnam should make full use of trade facilitation to prop up exports, instead of looking to the Trans-Pacific Partnership trade agreement. Late last month, U.S. President Donald Trump signed an executive order formally withdrawing the U.S. from the … [Read more...] about Vietnam urged to spur trade facilitation