63 per cent of local firms expect positive impact from CPTPP

14:02 | 09/03/2018
63 per cent of businesses in Vietnam believe the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) signed today will have a positive impact on their operations, according to HSBC’s comprehensive survey of global businesses.

Of the 1,150 firms based in CPTPP member countries surveyed by HSBC, almost half (46 per cent) expect to see benefits.

Global

CPTPP

Vietnam

Malaysia

Singapore

Australia

Canada

Mexico

Relevance of trade agreement to your business (%)

36

45

50

60

50

43

40

Positive impact on my business in the next 2 years (%)

36

46

63

63

50

44

39

No impact (%)

55

48

35

29

41

52

55

Negative impact (%)

9

7

2

8

9

5

6

The survey covers six of the 11 countries signing the CPTPP today, including Australia, Canada, Malaysia, Mexico, Singapore, and Vietnam.

“The CPTPP is a big, ambitious deal for Vietnam. It will matter hugely for future growth, jobs, and living standards. Now is the time for both firms and governments to focus on implementing today’s agreement to achieve its full potential. It is encouraging that many businesses are already expecting to see benefits,” said Winfield Wong, country head of Wholesale Banking, HSBC Vietnam.

63 per cent of local firms expect positive impact from cptpp
63 per cent of local firms expect positive impact from the CPTPP

Across the 11 economies involved, recent estimates from the Peterson Institute for International Economics (PIIE) suggest that trade flows will be boosted by 6 per cent to 2030, with members enjoying total real income gains of $157 billion every year.

By Trang Nguyen

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