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Vietnam’s lawmaking body ratifies TPP pact

Vietnam's National Assembly, unanimously ratified a landmark 11-country deal that will slash tariffs across the Asia-Pacific. This ratification makes Vietnam the seventh country to have passed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam has already signed around a dozen free trade pacts to scrap, or cut, taxes on several imports and exports.

The ratification will remove taxes on nearly 43 percent of Vietnam's apparel exports to Canada and 100 percent after four years. The pact, which includes specific requirements on labor rights and conditions of work, is also expected to help Vietnam advance in labor reforms.

Australia, Canada, Japan, Mexico, New Zealand and Singapore had earlier formally ratified CPTPP, which takes effect at year-end. The original 12-member deal was thrown into limbo early last year when US President Donald Trump withdrew from the agreement to prioritise protecting US jobs. Brunei, Chile, Malaysia and Peru are the four remaining members yet to ratify the pact.

 

 
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