Vietnam becomes 7th country to ratify Trans-Pacific trade pact

AFP Pic.

HANOI: Vietnam’s National Assembly, the country’s lawmaking body, on Monday unanimously ratified a landmark 11-country deal that will slash tariffs across much of the Asia-Pacific.

Hundred percent of the voters voted for the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), making Vietnam the seventh country to have passed it, the National Assembly said in a statement.

Australia, Canada, Japan, Mexico, New Zealand and Singapore had formally ratified CPTPP earlier.

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 member nations that are yet to ratify the pact.