UK expects Vietnam to ratify its CPTPP accession

UK Minister of State for International Trade Nigel Huddleston made the request at a working session in Hanoi on August 23 with Deputy Minister of Trade and Industry Phan Thi Thang.

He thanked the Vietnamese side for supporting the UK’s CPTPP bid and expressed hope that the National Assembly of Vietnam would complete the ratification process as soon as possible in order to allow the trade pact to come into force in the UK and to bring about benefits to all signed parties.

Deputy Minister Thang congratulated the UK on becoming the 12th member of the CPTPP pact, saying that it is good news for not only the UK, which is the sixth largest economy in the world, but also for Vietnam and other CPTPP members seeking to penetrate the third largest market in the world.

During the working session, the two sides examined measures to bolster bilateral economic-trade relations, including the effective implementation of the UK - Vietnam free trade agreement (UKVFTA). They noted that their technical committee and trade committee have regularly held meetings, a factor in helping to enhance the overall efficiency of the CPTPP implementation.

Deputy Minister Thang proposed that the two sides regularly conduct dialogues in a bid to share updates on the trade remedy and discuss technical contents of mutual concern related to trade remedy investigation procedures and practices.

She thanked the UK for providing technical support to help Vietnam complete the Vietnam National Trade Repository (VNTR) in order to fulfill its transparency obligations set out in the ASEAN Trade in Goods Agreement.

She hoped that Vietnam would continue to receive support from the UK Government to help businesses fully grasp the benefits of FTAs, thereby improving the efficiency of implementing FTAs within ASEAN whilst promoting new trade and investment opportunities in the region.

UK Minister Huddleston welcomed the Vietnamese side’s proposals, affirming that the UK is willing to share experiences and implement assistance programmes for the Vietnamese side. He also underlined the need for closer collaboration between the two countries within the Indo-Pacific Economic Framework (IPEF) negotiations.

The two sides updated each other on common activities taking place within the World Trade Organisation, vowing to jointly promote ties on green, fair, and sustainable trade liberalisation moving forward.

According to the General Department of Vietnam Customs, two-way trade turnover between both sides rose by 0.5% to reach US$3.95 billion in the first seven months of this year.

As of July 20, the UK has 536 valid investment projects in Vietnam valued at US$4.28 billion, ranking 15th among 143 foreign investors in the country.