Latest news with #ComprehensiveandProgressiveAgreementforTrans-PacificPartnership
The Star
5 hours ago
- Business
- The Star
Vietnamese PM Chinh calls for breakthroughs in Vietnam–UK economic cooperation
HANOI: Prime Minister Pham Minh Chinh has called on Vietnam and the UK, especially their business communities, to make the most of the UK–Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to advance bilateral ties in a more substantive and effective manner. Strengthened cooperation, he noted, will contribute not only to the development of each country but also to regional and global peace, cooperation, and progress. Speaking at a meeting in Hanoi on Saturday (June 28) with the UK business community and enterprises operating in Vietnam, the PM laid out a vision for long-term cooperation in key sectors aligned with Vietnam's newly issued 'four strategic pillars'. He reflected on the strong foundations of Vietnam–UK relations, especially in trade and investment, and stressed the need for greater efforts to elevate economic collaboration to match the two countries' friendship, potential and complementarity. Setting a target of US$10 billion in two-way trade and calling for a similar level of direct and indirect UK investments in Vietnam, the PM proposed six priority areas for breakthrough cooperation. He urged both sides to enhance connectivity between the two economies in a way that is effective, substantive, and mutually beneficial. He called for stronger collaboration in science and technology, innovation, and digital transformation to capitalise on the Fourth Industrial Revolution. Chính emphasised the importance of working together on green transition, climate change response, and Vietnam's goal of net-zero emissions by 2050. The Government leader encouraged expanded cooperation in healthcare, education, culture and sports, particularly support for Vietnam's ambition to make English a second language in its schools. He welcomed UK involvement in developing Vietnam's financial services sector, including the establishment of international financial and commercial centres. In addition, he expressed his hope that UK businesses will help Vietnamese companies join global production, supply, and distribution chains and assist in nurturing domestic tech unicorns. He affirmed the Government's commitment to maintaining a business environment aligned with international practices and the laws of both countries. This includes safeguarding the rights and legitimate interests of foreign nationals and businesses in Vietnam, creating long-term, stable policies, ensuring freedom of enterprise, property rights, fair competition, and maintaining political stability, security and safety. He reiterated the Government's willingness to listen, understand, and work with investors to resolve any difficulties in the spirit of harmonised benefits and shared risks. Emphasising the need for intelligence, decisiveness and collaboration, PM Chinh stated that any challenge could be overcome with determination, proper execution and mutual trust. At the meeting, representatives from the UK Advisory Council, the British Chamber of Commerce in Vietnam (BritCham), and UK businesses praised Vietnam's dynamic investment environment and acknowledged the Government's efforts to promote reform, innovation and sustainable growth. Participants discussed Vietnam's plans to establish international financial centre, attract green finance, develop renewable energy and support social sectors such as education and healthcare. UK businesses expressed a strong commitment to long-term investment in Vietnam. They voiced their readiness to assist Vietnam in building international financial centre, mobilising green capital, and developing legal frameworks for green finance. They also pledged support for the country's energy transition, digital economy development, and human resources training, while deepening collaboration in healthcare and social welfare. Delegates discussed UK–Vietnam trade amid global economic challenges, shared concerns faced by UK companies operating in Vietnam, and offered suggestions to address regulatory inconsistencies and facilitate trade and investment under the UKVFTA and CPTPP. As one of the key pillars of the Vietnam–UK Strategic Partnership, economic ties have grown steadily. The two countries' shared commitment to a rules-based multilateral trading system is reflected in agreements like the UKVFTA and CPTPP. In 2024, bilateral trade reached more than GBP8 billion ($10.9 million), with UK imports from Vietnam totalling GBP6.8 billion and exports to Vietnam valued at 1.3 billion GBP. By the end of 2023, the UK's direct investment in Vietnam had reached GBPf1.3 billion, with over 400 UK enterprises operating in the country, from multinationals to SMEs. - Vietnam News/ANN
Japan Today
2 days ago
- Business
- Japan Today
EU's Pacific alliance would not replace WTO, EU officials say
FILE PHOTO: European Commission President Ursula von der Leyen attends a press conference on the day of the European Union leaders summit in Brussels, Belgium June 26, 2025. REUTERS/Yves Herman/File Photo By Philip Blenkinsop The European Union's plan to cooperate with Pacific Rim countries would aim to overcome some of the difficulties of the World Trade Organization, but would not seek to replace it, EU officials said on Friday. The WTO is struggling for relevance as geopolitical tensions rise and the United States imposes unilateral tariffs, flouting its WTO commitments. European Commission President Ursula von der Leyen told reporters late on Thursday that "structured cooperation" with the 12-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership , or CPTPP, could be thought about "as a beginning of redesigning the WTO". German Chancellor Friedrich Merz went further, saying the new trade grouping could gradually replace the WTO. On Friday, however, EU officials said the plan did not entail setting up a rival to the WTO. Instead, the Commission said cooperation with the CPTPP was a way to advance a modern, rules-based trading system when the WTO urgently needs reform. "We are working closely with like-minded partners, including CPTPP countries, to advance meaningful, rules-based reform that upholds fair and open global trade," it said in a statement. One area of work could be setting up a system to settle disputes, required because the United States has blocked appointments to the WTO's Appellate Body, the ultimate arbiter on global trade. The EU-CPTPP cooperation would also be designed to send a political signal that a large number of countries support open and rules-based global trade. The CPTPP is a 12-nation free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which Britain joined late last year. "We are strong supporters of the WTO, which plays a vital role," a spokesperson for Britain's trade ministry said, highlighting a trade strategy launched on Thursday which said CPTPP could be a platform "to encourage deeper trading relationships between countries and groupings committed to liberal rules-based trade." "We are working with other CPTPP members to help set up discussions with other major trading blocs, including the EU, on ways to further promote free and fair global trade," the spokesperson added. © Thomson Reuters 2025.
Int'l Business Times
2 days ago
- Business
- Int'l Business Times
World Leaders Conspire to Form Trade Org Without US As Trump Keeps Threatening Countries With Tariffs
As President Donald Trump threatens to hit European imports with tariffs as high as 50%, world leaders are quietly working to form a new global trade order that excludes the U.S. With a July 9 deadline looming for a new EU-U.S. deal, Trump has warned that punitive tariffs will return if the bloc doesn't agree to his terms. In response, European Commission President Ursula von der Leyen has proposed a bold counter. The proposal would mean uniting the EU's 27 countries with the 12-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes the UK, to launch a new trade alliance without the United States, according to Politico. "CPTPP and the European Union is mighty," von der Leyen said at the EU leaders' summit, adding that the bloc could replace the WTO and decide later whether to admit the U.S. The idea has public backing from German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk, who likened the approach to Trump's own erratic style. "We need to be similar to our partners in some sense," Tusk said. Privately, EU leaders reportedly admit they are now scrambling to craft a face-saving deal with the U.S. before the deadline to avoid sweeping tariffs. Negotiations are expected to continue into next week. However, the bloc remains divided. Some leaders want to secure a basic agreement quickly to shield vulnerable industries like chemicals and steel, while others remain reluctant to concede to Trump's demands. French President Emmanuel Macron, once defiant, now concedes, "10% [tariffs] will be 10%." Originally published on Latin Times
Euronews
2 days ago
- Business
- Euronews
Let's create a new World Trade Organization
At Thursday's EU summit in Brussels, European leaders discussed the possibility of overhauling the WTO's institutional framework, including its stalled dispute resolution mechanisms, to better reflect the current global trade landscape. 'The WTO hasn't worked for years,' German Chancellor Friedrich Merz said in a press conference following the summit, referencing persistent dysfunction under both the Trump and Biden administrations. Commission President Ursula von der Leyen presented leaders with different options of trade deals, labelling as the most attractive a closer cooperation between the EU and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a regional trade pact of 11 Pacific Rim countries and the UK. She introduced the initiative as a potential first step toward reshaping the global trade order. 'I said that we can think about this as the beginning of redesigning the WTO—of course, understanding what should be reformed positively within it,' von der Leyen told reporters after the summit. She stressed the importance of learning from the WTO's shortcomings and showing the world that 'free trade based on rules' remains achievable with a wide group of willing partners. 'This is a project we should truly engage in. CPTPP and the European Union—that's my team,' she said, adding that the EU must take the lead in managing this initiative. Asked whether the United States should be involved, von der Leyen replied: 'As far as I understand, the Americans left the CPTPP at a certain point.' This is not the first attempt to circumvent the WTO's paralysis. As a stopgap measure, 57 WTO members, including the UK, Paraguay, and Malaysia, have joined the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), a mechanism that replicates the WTO Appellate Body's functions for participating members. However, the MPIA covers only 57.6% of global trade and does not address the broader institutional crisis. The WTO has been effectively paralysed since December 2019, when the US began blocking appointments to the Appellate Body, rendering the two-tier dispute settlement system non-functional. Major trade negotiations—such as those on eliminating harmful fisheries subsidies and reforming agricultural rules—remain stalled due to entrenched positions from key members, including the US, China, Japan, and the EU itself. With few signs of resolution, the WTO's future relevance is increasingly being called into question.
Euronews
2 days ago
- Business
- Euronews
Von der Leyen touts EU-led alternative to mired WTO
At Thursday's EU summit in Brussels, European leaders discussed the possibility of overhauling the WTO's institutional framework, including its stalled dispute resolution mechanisms, to better reflect the current global trade landscape. 'The WTO hasn't worked for years,' German Chancellor Friedrich Merz said in a press conference following the summit, referencing persistent dysfunction under both the Trump and Biden administrations. Commission President Ursula von der Leyen presented leaders with different options of trade deals, labelling as the most attractive a closer cooperation between the EU and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a regional trade pact of 11 Pacific Rim countries and the UK. She introduced the initiative as a potential first step toward reshaping the global trade order. 'I said that we can think about this as the beginning of redesigning the WTO—of course, understanding what should be reformed positively within it,' von der Leyen told reporters after the summit. She stressed the importance of learning from the WTO's shortcomings and showing the world that 'free trade based on rules' remains achievable with a wide group of willing partners. 'This is a project we should truly engage in. CPTPP and the European Union—that's my team,' she said, adding that the EU must take the lead in managing this initiative. Asked whether the United States should be involved, von der Leyen replied: 'As far as I understand, the Americans left the CPTPP at a certain point.' This is not the first attempt to circumvent the WTO's paralysis. As a stopgap measure, 57 WTO members, including the UK, Paraguay, and Malaysia, have joined the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), a mechanism that replicates the WTO Appellate Body's functions for participating members. However, the MPIA covers only 57.6% of global trade and does not address the broader institutional crisis. The WTO has been effectively paralysed since December 2019, when the US began blocking appointments to the Appellate Body, rendering the two-tier dispute settlement system non-functional. Major trade negotiations—such as those on eliminating harmful fisheries subsidies and reforming agricultural rules—remain stalled due to entrenched positions from key members, including the US, China, Japan, and the EU itself. With few signs of resolution, the WTO's future relevance is increasingly being called into question.
