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

Vietnam’s National Assembly on Monday unanimously ratified a landmark 11-country deal that will slash tariffs across much of the Asia-Pacific. The ratification by the lawmaking body makes Vietnam the seventh country to have passed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). “It is not just a trade agreement, but it also requires breakthroughs in law making and enforcement, in government management and social governance,” the government said in a statement. The Southeast Asian nation is believed to be among the largest beneficiaries of the trade deal, Reuters said. Australia, Canada, Japan, Mexico, New Zealand and Singapore had earlier formally ratified CPTPP, which takes effect at year-end. The original 12-member deal was thrown into limbo early last year when US President Donald Trump withdrew from the agreement to prioritize protecting US jobs.