Hanoi (VNA)- The Ministry of Industry and Trade (MoIT) and the Hanoi Department of Industryand Trade have held a two-day conference with a view of helping firmsunderstand more about commitments in the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP).

As part of activities within MoIT’s plan for implementation of the agreementthis year, the July 9-10 event offers a chance for businesses to find solutionsto the difficulties they face on the threshold of deeper integration.

According to ministry figures, less than 40 of Vietnam’s 63 cities and provinceshave trade relations with CPTPP member countries.

Ngo Chung Khanh, Deputy Head of the MoIT’s Multilateral Trade PolicyDepartment, said the CPTPP opens up huge opportunities for Vietnam’s exports butthe country is yet to make full use of them.

Trade between Vietnam and CPTPP member countries hit 77.4billion USD last year, up 3.9 percent year-on-year. Vietnam posted a surplus of1.6 billion USD overall but a deficit of 900 million USD with these countries.

Participants at the conference have already focused on overviews of import and exporttaxes and instructions on how to identify and meet import and export tax commitments,rules of origin, and customs commitments in order to enjoy preferential taxesunder the agreement.

Nguyen Son Tra, Deputy Head of the WTO and Trade Negotiation Division at the MoIT,told the gathering about CPTPP member countries’ import tax commitments.

Member countries have committed to eliminating tariffson about 78-95 percent of the tax lines Vietnam is subject to. For common commodities,the roadmap will take five to ten years. At the end of the roadmap, 98-100 percentof tax lines will have been eliminated.

Many of Vietnam’s key export items to the CPTPP are entitled to zero percenttax rates right after the agreement comes into effect or after three to five years,Tra said.

Participants have also focused discussions on services and investment, especiallythe obligations and basic principles of market opening, removing barriersfacing services and investment, and commitments concerning investment promotionand protection.

The CPTPP, one of the largest trade pacts in the world, covers 13.5 percent ofglobal GDP and a market of about 500 million people. It gathers 11 countries,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,Peru, Singapore and Vietnam.

It officially took effect in Vietnam on January 14, 2019./.