Việt Nam, Japan drive CPTPP effectiveness

Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên (right) and Japanese Minister in charge of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Shindo Yoshitaka had talks in Hà Nội on Tuesday. — Photo from the Ministry of Industry and Trade

HÀ NỘI — Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên and Japanese Minister in charge of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Shindo Yoshitaka have pledged to work closely together to improve the effectiveness of the CPTPP implementation, aiming to bring greater benefits to businesses and citizens while also elevating the deal’s role in global and regional trade.

During a working session in Hà Nội on Tuesday, Diên highlighted the growing economic and trade ties between Vietnam and Japan, especially since their accession to the CPTPP.

He hailed Japan as Việt Nam’s fourth largest trade partner, noting that in the first five months of this year, two-way trade reached US$18.3 billion, marking a 4.4 per cent year-on-year increase. Việt Nam’s exports to Japan amounted to $9.4 billion, up 3.2 per cent, while imports rose 5.8 per cent to $8.8 billion.

Lauding Japan’s role as a coordinator in the UK’s negotiations for CPTPP membership, he announced that on June 25, the Vietnamese National Assembly ratified the UK’s CPTPP membership, making Việt Nam one of the first countries to approve this move.

Regarding other economies’ potential admission to the agreement, the two ministers agreed to continue close collaboration to ensure that any new member meets the high standards of the deal and the expectations of all CPTPP members.

Notably, the host suggested that Japan consider further promoting economic and trade ties with Vietnam, and mechanisms to support Vietnamese management agencies and businesses in effectively leveraging the commitments of the free trade agreements to which both countries are members. This support aims to help both nations fully tap their potential. — VNS