(VOVWORLD) -The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in Vietnam on Monday.
 The CPTPP is signed in Chile on March 8, 2018. |
With comprehensive commitments, high standards, and balances, the agreement promises to strengthen mutually beneficial links among 11 member economies and boost trade, investment, and economic growth in Asia Pacific.
The trade deal was signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam in Santiago, Chile, in March 2018.
It took effect last month in Mexico, Japan, Singapore, New Zealand, Canada, and Australia. Vietnam's National Assembly ratified the deal in November, 2018.
The agreement will create a huge free trade area with a market size of half a million people and a combined GDP of 13.5 trillion USD or 13% of global GDP. It’s expected to boost Vietnam’s GDP by 1.3% and export by 4% by 2035.