Vietnam and Japan Pledge Enhanced Collaboration on CPTPP Implementation

Hanoi, The Gulf Observer: 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 committed to strengthening their collaboration to enhance the effectiveness of the CPTPP, aiming to deliver greater benefits to businesses and citizens while elevating the agreement’s role in global and regional trade.

During a working session in Hanoi on Tuesday, Minister Diên highlighted the strengthening economic and trade ties between Vietnam and Japan, particularly since their accession to the CPTPP. He emphasized Japan’s significance as Vietnam’s fourth-largest trade partner, noting that bilateral trade reached US$18.3 billion in the first five months of this year, marking a 4.4 percent year-on-year increase. Vietnam’s exports to Japan amounted to $9.4 billion, up 3.2 percent, while imports rose 5.8 percent to $8.8 billion.

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

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

Minister Diên suggested that Japan further promote economic and trade ties with Vietnam and develop 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 realize their potential in these agreements.

The meeting underscored the importance of continued cooperation between Vietnam and Japan to maximize the benefits of the CPTPP and strengthen their economic partnership for the benefit of both nations and the broader region.