The CPTPP, which was signed in March by 11 countries in the Asia-Pacific region including Australia, New Zealand, Canada, and Japan, had come after the US withdrew from the Trans-Pacific Partnership (TPP) deal in early 2017. 6 countries have ratified the pact. 

“This is a crucial political decision that confirms Vietnam’s  ability to integrate with the international community, and respond to the developments of the global economy. It also boosts the profile of other free trade agreements that Vietnam is negotiating and will likely sign in the future,” said Chairman of the National Assembly External Relations Committee Nguyen Van Giau.

As more than half of the signatories have ratified the CPTPP, the trade deal will come into effect next month. The CPTPP is expected to help Vietnam further fine-tune its legal system, better the business and investment environment, and raise competitiveness in global markets. The CPTPP represents 13.4% of global GDP, estimated at more than 13 trillion USD.