VOV.VN - Stepping up economic and trade co-operation with American partners through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was discussed at a seminar hosted on October 2 by the Department of European - American Markets under the Ministry of Industry and Trade in Hanoi.

The seminar aims to evaluate the results after five years of implementing the CPTPP, thereby exchanging and seeking practical solutions in order to help businesses to effectively utilize the Agreement and enhancing economic and trade connections with partners throughout the Americas.

In his opening speech, Deputy Minister of Industry and Trade Nguyen Hoang Long stated that economic and trade relations between the nation and the Americas have been growing steadily over recent years.

After five years since coming into effect in January, 2019, the CPTPP has played an important role in promoting Vietnamese trade with markets in the Americas, especially member markets, including Canada, Mexico, Chile, and Peru, with these markets having FTA relations with Vietnam for the first time.

According to statistics released by the General Department of Customs, total import and export turnover to CPTPP markets in the Americas soared by 56.3%, from US$8.7 billion in 2018 to US$13.6 billion in 2023, although this is a period with many challenges, such as a global economic recession and the COVID-19 pandemic.

Of which, Vietnamese exports to these markets nearly doubled, climbing from US$6.3 billion in 2018 to US$11.7 billion in 2023. The trade surplus in these markets also nearly tripled, rising from US$3.9 billion to US$11.01 billion, with this making positive contributions to Vietnamese macroeconomic stability over recent times.

This result has contributed significantly to Vietnamese trade with the Americas region in general, with total import-export turnover in 2023 reaching US$137.7 billion, of which Vietnamese exports fetched US$114.5 billion.

Along with the impressive figures mentioned above, joining the CPTPP has encouraged the country to reform its institutions and improve its legal system towards greater transparency. This not only helps firms to operate more professionally, but also contributes to enhancing the country’s international reputation to attract more foreign investors. The relationship between the country and the Americas has been and continues to be strengthened through strategic commitments.

As part of his address, Ambassador of Canada to Vietnam Shawn Steil said that the agreement has brought benefits to both people and both nations’ businesses, opening up greater investment co-operation opportunities for the two nations.

CPTPP represents a lever to increase trade turnover between both sides. The workshop can be seen as an opportunity to look back on five years and outline new directions for collaboration efforts.

The Americas is a large market and closely linked together through interwoven free trade blocs, such as the US – Mexico – Canada Agreement (USMCA), the Pacific Alliance (PA), and the Southern Common Market (MERCOSUR).

Taking advantage of the CPTPP, along with the favourable gateway locations of the member countries in the region, namely Canada, Mexico, Chile, and Peru. Enterprises can consider exporting and investing in production in these countries in a bid to expand and diversify export markets to this vibrant and potential market area.

At the seminar, experts and speakers shared a lot of useful information, as well as discussed and sought solutions in which to help the Vietnamese and American business communities build effective business plans.

Through the seminar, businesses can grasp market information, seek new and effective logistics solutions, and increase the ability to take advantage of tariff incentives in the CPTPP.

In addition, they can strengthen connections for businesses to participate deeply in the global supply chain, especially of CPTPP member countries.

Moreover, participants also directly shared and presented very useful information from import-export enterprises from Mexico (Coppel Group) and Chile (Sodimac Group) on the advantages of co-operation with CPTPP member partners; business co-operation plans with Vietnam in the context of the Indo-Pacific Strategy; as well as plans to expand business ties with the Asia-Pacific region in general and Vietnam in particular.