Vietnam to take advantage of CPTPP, EVFTA for economic recovery post Covid-19

HANOI, Jul 21, 2020, Hanoi Times. With 16 FTAs in effect or under negotiation, Vietnam has been at the center of a global network of free trade that accounts for 59% of the world population and 68% of global trade, Hanoi Times reported.

During a new phase of global economic integration, Vietnam gives high priority to taking advantage of free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans – Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA), for economic recovery, according to Deputy Prime Minister Pham Binh Minh.

The business community and business associations should play a more active role in realizing Vietnam’s commitments in FTAs, and propose measures to the government to boost competitiveness and efficiency in trade protection, Minh said at a government meeting on July 20.

With 16 FTAs in effect or under negotiation, Vietnam has been at the center of a global network of free trade that accounts for 59% of the world population and 68% of global trade. This status is mutually beneficial for Vietnam and its major trade partners, Minh added.

Minh requested government agencies to identify new potential markets and partners for for the diversification of Vietnam’s export products amid the complicated Covid-19 progression globally.

According to Minh, some notable achievements of Vietnam’s efforts in global economic integration over the past years included the signing and enforcement of the CPTPP; the ratification of the EVFTA; promoting the role of ASEAN Economic Community and the economic linkage between ASEAN and its partners; actively contributing to multilateral cooperation mechanisms, specifically the United Nations, the World Trade Organization (WTO), the Asia – Pacific Economic Cooperation (APEC), the Asia – Europe Meeting (ASEM), among others.