Vietnam to Contribute to Raising CPTPP and IPEF Negotiations: Minister

Minister of Industry and Trade Nguyen Hong Dien has declared Vietnam's readiness to collaborate with other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in order to realize New Zealand's 2023 rotating chair's initiatives for raising the CPTPP to a model of the region and the world.

Vietnam willing to join efforts for CPTPP elevation, IPEF negotiations: Minister
Vietnam willing to join efforts for CPTPP elevation, IPEF negotiations: At the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting in Detroit, Michigan, the USA. (Photo: VNA)

At the meetings, the Ministers discussed the challenges, opportunities, and ways to enhance economic cooperation in the Indo-Pacific region. The Ministers agreed to promote free and open trade, increase investment, and strengthen regional supply chains. They also discussed ways to promote sustainable development, reduce poverty, and increase economic resilience in the region. The Ministers also discussed how to better utilize the potential of the digital economy, foster innovation and entrepreneurship, and create jobs for the people of the region. The Ministers also reaffirmed their commitment to the Paris Agreement on Climate Change, and agreed to take action to mitigate the impacts of climate change in the region.

The co-chairing of the Meeting was undertaken by Ambassador-Chief US Trade Representative (USTR) Katherine Tai and US Secretary of Commerce Gina Raimondo.

Minister Dien attended the recent Ministerial Meeting among members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Detroit, Michigan, the US. During the meeting, the participating countries agreed that it is essential to foster the effective execution of the agreement to ensure that people and businesses – particularly small- and medium-sized enterprises – can reap its full and practical benefits.

At these meetings, Minister Dien emphasized that Vietnam will continue to collaborate closely with other IPEF countries, including those from ASEAN, in order to conclude the basic negotiations of the initiative this year.

For the IPEF’s Pillar III of Clean Economy, Vietnam is eager to foster further collaboration among the ASEAN partners in the production of clean energy, as well as the development and transfer of technologies and solutions to tackle greenhouse gas emissions and aid each nation’s energy transition.

Lauding the efforts of partner nations so far, the Minister affirmed that Vietnam always supports and is ready to engage in discussions to contribute to the building of practical content that is suitable to each member’s unique development conditions.

He also urged the participating countries to abide by the principles established during the initial stages of the negotiations.

Additionally, he implored them to remain committed to upholding the values agreed to at the outset.

On the occasion, Vietnamese Minister Nguyen Xuan Phuc met with U.S. Secretary of Commerce Gina Raimondo and Japanese State Minister for Foreign Affairs Kenji Yamada.

US Secretary of Commerce Gina Raimondo told Vietnamese Minister of Industry and Trade Tran Tuan Anh that the US is ready to work with Vietnam to discuss necessary flexible options to ensure that both countries respect Vietnam’s legal system and work together on such a basis.

Minister Dien affirmed that Vietnam will work closely with the United States and other nations to ensure the overall success of the IPEF. He voiced support for the US view of fair commerce, which does not discriminate, cause any burdens or restrictions on trade, or harm production and workers. Vietnam further commits to actively cooperate with the US to comprehensively address the concerns of both nations, thereby preserving their stable commercial relations and achieving a harmonious, sustainable, and mutually beneficial trade balance, the minister declared.

Meeting with Minister Yamada, Minister Dien welcomed the three ODA projects worth 61 billion JPY (434.2 million USD) freshly signed between Vietnam and Japan on the sidelines of the 49th G7 summit in Hiroshima. He noted that there is still ample room for the two countries to collaborate in the areas of energy, food processing, support industries, and material technology.

The Vietnamese Government is firmly committed to creating a favorable and secure business environment for enterprises of both nations to operate and prosper in Vietnam, the Prime Minister affirmed.