Bac Giang hosts a workshop on potential impacts of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on local enterprises on July 19. (Photo: VNA)Bac Giang (VNA) – The potential impacts of the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) on Bac Giang’senterprises were discussed at a workshop held by the provincial People’sCommittee and Germany’s FriedrichNaumann Foundation for Freedom on July 19.
The workshop stressed the importance for businesses to payattention to origin regulations if they want to make full use of the agreement’stariff incentives.
Businesses will also face many difficulties as the CPTPPcontains tough requirements on transparency, regulations on protection ofintellectual property, and management of dispute settlements.
The reduction of import duties will also challenge small-and medium-sized enterprises, especially those in the agricultural sector.
Businesses were asked to thoroughly prepare themselves and anticipatenew challenges.
Phan Duc Hieu, Deputy Director of the Central Institute forEconomic Management, said that stepping up institutional reform, creating afavourable business environment, treating enterprises equally, and reducingadministrative costs will help improve the competitiveness of domesticproducts.
Chairman of the provincial People’s Committee Nguyen VanLinh said that State management agencies and local businesses should learnabout commitments between Vietnam and CPTPP members in order to make necessarypreparations.
The agreement is a chance to boost economic growth in BacGiang’s key export commodities, thus helping the province achieve itssocio-economic development goals, he added.
The CPTPP was signed on March 9 with 11 signatories. Theagreement is expected to help nearly 1 million Vietnamese people escape frompoverty.
The pact will create one of the world’s largest free tradeblocs with a combined market of 499 million people and GDP of around 10.1 trillionUSD, accounting for 13.5 percent of the global GDP. -VNA
VNA
