Three more nations enjoy preferential tariffs under CPTPP

Illustrative image. (Photo: VNA)

Malaysia, Chile and Brunei have been eligible for preferential import and export taxes under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the Ministry of Industry and Trade (MoIT).

The CPTPP took effect in Vietnam on January 14, 2019 after the 14th National Assembly of Vietnam passed a resolution ratifying the deal in November 2018.

The Government issued Decree No. 115/2022/ND-CP dated December 30, 2022 promulgating Vietnam's preferential export and import tariffs relating to the implementation of the CPTPP for the 2022-2027 period. The decree applies to Australia, Canada, Japan, Mexico, New Zealand, Singapore and Peru.

According to the MoIT, Malaysia, Chile and Brunei have approved the CPTPP. The CPTPP officially took effect in Malaysia in November 2022, and Chile and Brunei in February and July this year, respectively.

The Government's Decree 68/2023/2023, issued on September 7, adds Malaysia, Chile and Brunei to the list of CPTPP members that are eligible to enjoy preferential export and import taxes when trading with Vietnam.

It was first signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, in March 2018. The UK officially inked an agreement to join the deal on July 16, 2023.

The CPTPP officially came into force on December 30, 2018, with Mexico, Japan, Singapore, New Zealand, Canada and Australia being the first six countries to ratify the pact./.