Viet Nam seventh nation to ratify CPTPP

Minister for Trade and Export Growth David Parker has welcomed Viet Nam’s ratification of the Comprehensive and Progressive Agreement for TransPacific Partnership (CPTPP).

During a meeting between David Parker and Viet Nam’s Deputy Prime Minister Pham Binh Minh on the margins of APEC in Port Moresby, Viet Nam formally notified New Zealand, as Depositary for the CPTPP, that it had completed its domestic procedures to ratify the agreement.

Viet Nam is the seventh economy to ratify the CPTPP joining New Zealand, Australia, Canada, Japan, Mexico and Singapore.

“This is a positive development and keeps the momentum going among the CPTPP grouping where more than half have already ratified the agreement to trigger its entry into force.”

“Viet Nam will join the agreement in 60 days’ time and within weeks of the agreement taking effect for the first group of six economies on 30 December 2018,” David Parker said.

“New Zealand and Viet Nam already have a close trading relationship through the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) which has seen the value of our trade with each other grow by 14 per cent year-on-year for the past five years.”

“The CPTPP will help to modernise the trading rules between us and contribute to further growth in our business and investment ties.”

Viet Nam is currently New Zealand’s 16th-largest trading partner. Two-way goods and services trade with Viet Nam totalled $1.8 billion in the year to the end of June 2018.

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