AsemconnectVietnam - 11 countries signed on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, Chile, on March 8, opening a new period of extensive development cooperation in the dynamic Asia-Pacific region.
VOV correspondent in the US interviews Minister of Economic Revitalization Toshimitsu Motegi of Japan, a leading economy in the deal.
VOV: What is your view of the CPTPP’s significance and its benefits to member countries?
Motegi: Today is an important day for the agreement. Recently, I met Vietnamese Minister of Industry and Trade Tran Tuan Anh. He and the Vietnamese government have worked closely with us. As you know, on January 23, 2017, the US decided to withdraw from the Trans-Pacific Partnership.
The remaining 11 countries agreed to speed up negotiations. Exactly one year later, on January 23, the main Platform of CPTPP was decided in Tokyo and today it was officially signed. Last November, in Da Nang, related countries reached a core agreement. The close cooperation between Vietnam and Japan was seen in these results. Both sides overcame difficulties to accelerate talks.
The CPTPP can be considered a new rule, which promotes a new trend of trade and investment in the 21st century, contributing to further development of the dynamic Asia-Pacific region.
Vietnam has made great contributions to the process. Once again, I extend my gratitude for Vietnam’s effective and enthusiastic cooperation. Let me explain further about CPTPP.
This pact is totally different from a bilateral free trade agreement (FTA). Under CPTPP, many countries work with each other through economic connectivity to promote trade and investment, and create global value chains by providing products and services which have never existed before.
It will create new effects for trade and investment. In this context, countries like Vietnam will capitalize on resources in and outside the region to increase trade and investment as well as develop new markets.
VOV: CPTPP without the US is seen by some as less significant. What do you think?
Motegi: TPP 11, also known as TPP without the US, constitutes 13% of the global GDP, equal to US$10 trillion, and 15% of the global trade revenue, equal to US$5 trillion, creating the world’s largest market. It will also create a gateway to Asia-Pacific, which is developing steadily.
The deal will lay the ground for trade cooperation development under new orders, a positive message for the Asia-Pacific region. In addition to TPP11, cooperation in and outside the region, between member countries and between members and non-members, will increase.
During this process, any country that accepts the rules and requirements of the agreement will be admitted. So the TPP11 will be expanded.
VOV: What will Japan do to promote its role as a leading economy in CPTPP?
Motegi: Last November, at the APEC Economic Leaders’ Meeting, Japan and Vietnam jointly issued a President’s Statement. 11 member countries discussed and agreed on important issues, leading to the signing of the pact. Japan played a central role in this process, which we are very proud of.
We are also thankful for Vietnam’s effective cooperation. All 11 member countries need to cooperate and do more to make the agreement effective. And Japan will continue to accomplish its directing and coordinating role towards the common goal of making the CPTPP effective soon.
VOV: Thank you, Minister Motegi.