Vietnam ratifies UK’s accession protocol to CPTPP
VOV.VN - The National Assembly of Vietnam approved a resolution ratifying the UK’s accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the ongoing session in Hanoi on June 25.
The legislature requested that the Government review relevant legal documents to promptly amend, supplement or promulgate new ones, to ensure the consistency of the legal system and on schedule for meeting commitments in the UK’s CPTPP accession protocol.
According to Vu Hai Ha, chairman of the National Assembly’s Foreign Affairs Committee, the UK has pledged a higher level of commitment on market opening with Vietnam than other countries in the CPTPP. It has also offered a higher level of commitment than those in the UK-Vietnam free trade agreement (UKVFTA) that came in force in January 2021, in a number of major fields.
By joining the CPTPP, the UK will recognize Vietnam’s manufacturing industries operating according to market economy criteria, said Ha.
The CPTPP is a free trade agreement in force between 11 countries, namely Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The United Kingdom officially applied for CPTPP membership on February 21, 2021. Accession negotiations between the UK and the 11 current CPTPP members were concluded on 31 March 2023. The UK concluded negotiations to join the CPTPP on 31 March 2023 and signed the Protocol of Accession on 16 July 2023.
Vietnam is the seventh CPTPP member to ratify the trade pact alongside Canada, Australia, Japan, Mexico, New Zealand and Singapore.
