DNVN - Experts say that the UK's participation in the CPTPP Agreement will not only help businesses have more opportunities to expand export markets but also create economic momentum and raise Vietnam's position in the international arena.
After officially signing the agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in July 2023, the Government of the United Kingdom of Great Britain and Northern Ireland (UK) took the necessary steps to ratify the CPTPP Agreement on May 16.
With this ratification, other CPTPP member countries, including Vietnam, must also complete their own domestic legalization processes.
On June 25, with 94.25% of delegates present in favor, the Vietnamese National Assembly passed a resolution ratifying the United Kingdom's accession document to the CPTPP.
According to Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha, the UK has made a higher commitment to open its market to Vietnam than other countries in the CPTPP, and higher than the commitment of the UK-Vietnam Free Trade Agreement (UKVFTA) in a number of important contents for Vietnam. Within the framework of joining the CPTPP, the UK will recognize Vietnam's manufacturing industries operating under market economy conditions.
Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha.
The ratification of the Document by the 15th National Assembly at its 7th Session will put Vietnam among the first 6 CPTPP countries to ratify the Document, demonstrating Vietnam's positivity and responsibility in promoting bilateral trade and investment relations between Vietnam and the UK. At the same time, it affirms Vietnam's role and position in the region and the world; creating new momentum for the country's socio-economic development, contributing to the improvement of the legal system and enhancing the competitiveness of enterprises.
Commenting on this event, the leader of the Multilateral Trade Policy Department (Ministry of Industry and Trade) said that the UK joining the CPTPP will create more export markets for Vietnam because this is a very important partner for Vietnam.
In addition, during the negotiation process between the UK and Vietnam on joining the agreement, Vietnam reached an agreement that the UK will open more market access for Vietnam in addition to existing bilateral FTAs, especially the seafood industry will have great advantages when the commitment officially comes into effect.
The UK's participation in the CPTPP will certainly create new incentives for businesses and investors to pay more attention to CPTPP members, especially Vietnam. The UK's accession to the CPTPP will promote trade and investment activities between the two sides. At the same time, it will create conditions for Vietnamese exports to access the market with an annual import turnover of up to 900 billion pounds.
Sharing the same view, Mr. Iain Frew - British Ambassador to Vietnam commented that when the UK joins the CPTPP Agreement, trade between the two countries will have more room to develop. Along with the UKVFTA, the CPTPP brings many benefits to bilateral trade in a number of areas, especially in the fields of agriculture and digital trade.
The UK's accession to the CPTPP will facilitate Vietnamese exports to access a market with an annual import turnover of up to 900 billion pounds.
The UK's accession to the CPTPP would bring real benefits to bilateral trade and global trade in general.
“We look forward to UK and Vietnamese businesses taking full advantage of the opportunities that the CPTPP brings and developing our value chains in the connected areas in both the UK and Vietnam,” the British Ambassador to Vietnam said.
According to statistics from the General Department of Vietnam Customs, the import-export turnover of Vietnam and the UK in the first 5 months of 2024 grew well along with the general growth of the market. The total turnover in the first 5 months reached nearly 3.3 billion USD, up 23.2%. Of which, Vietnam's exports reached nearly 3 billion USD, up 26.6%. Imports reached 301.2 million USD, down slightly by 2.2%. The trade surplus reached 2.7 billion USD.
Thus, the UK is currently Vietnam's third largest export market in Europe, after the Netherlands and Germany.
Moonlight
Source: https://doanhnghiepvn.vn/kinh-te/anh-tham-gia-cptpp-co-hoi-mo-rong-thi-truong-nang-tam-vi-the-viet-nam/20240625054049771
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