Once ratified by its signatories and going into effect, the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would promote mutually beneficial economic cooperation between its member countries, enhance regional connectivity and promote economic growth, according to the ministry's statement on Thursday.
"Currently the Ministry of Industry and Trade is finalizing the documents in order to submit to the National Assembly at its meeting late this year," the ministry's spokesperson Le Thi Thu Hang said, referring to the meeting of Vietnam's top legislative body in October.
Regarding the possibility of expanding the CPTPP, Hang affirmed that as the pact is a free trade agreement, other countries are welcome to join on the basis that they agree to the pact's provisions and receive existing CPTPP members' approval.
Originally a 12-member agreement known as the Trans-Pacific Partnership (TPP), the pact was thrown into limbo when U.S. President Donald Trump withdrew his country from the deal in January 2017.
Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the revised CPTPP, also known as TPP-11.
The trade deal would become effective 60 days after being ratified by at least six of its signatories. It will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of $10 trillion in gross domestic product. With the United States, it would have represented 40 percent.
The members of CPTTP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Currently the deal has been ratified by Mexico, Japan and Singapore.