Vietnam and UK examine UKVFTA trade pact efficiency
VOV.VN - Vietnam and the UK reviewed the efficiency of their free trade agreement (UKVFTA) since its enforcement at the second meeting of the Vietnam – UK Trade Committee on the UKFTA held in Hanoi on August 24.
The meeting was co-chaired by Vietnamese Deputy Minister of Trade and Industry Phan Thi Thang and UK Minister of State for International Trade Nigel Huddleston.
The two officials examined reports on the results of meetings of technical committees in charge of trade and investment, e-commerce and government procurement, commodity trading, customs, sanitary and phytosanitary measures (SPS), along with trade and sustainable development.
They highly appreciated the various technical committees conducting meetings, thereby promptly resolving issues that had arisen, as well as actively sharing updates on related legal regulations of each party, contributing to the effective implementation of the UKVFTA in the second year of its entry into force.
The two sides also discussed a range of issues of mutual concern, including improving access to the UK market for Vietnamese rice, and calculating the rate of taking advantage of the agreement.
The two sides agreed to continue to cooperate actively and closely at all levels moving forward in a bid to further improve the effective utilisation of the agreement’s commitments, with these efforts helping to promote trade - investment relations between both sides.
They agreed to hold the third meeting of the Trade Committee on the UKVFTA in London next year.
The UK-Vietnam Free Trade Agreement officially came into effect on May 1, 2021, with many key Vietnamese products having the opportunity to gain access to the UK market - the sixth largest economy in the world.
Under the trade deal, the UK has pledged to eliminate 85.6% of tariff lines for Vietnamese goods since the enforcement of the pact, along with up to 99.2% of tariff lines from January 1, 2027. The remaining 0.8% of tariff lines will partially be liberalised through tariff rate quotas, with preferential tariffs for in-quota products of 0%.
Thanks to the tariff reductions, many key Vietnamese products such as seafood, fruit, coffee, rice, textiles, and furniture, among others, will have the opportunity to make inroads into the lucrative UK market.
