CPTPP Business Connection: Promoting Prosperity Together

British Ambassador Iain Frew said that the UK is committed to being a proactive and reliable member of the CPTPP, ready to support Vietnam in sustainable growth, innovation and promoting comprehensive trade.

Hanoi, December 12, 2024 - The British Embassy in Hanoi organized a CPTPP Business Connection Event at the British Ambassador's Residence. Attending the event were representatives from the Ministry of Industry and Trade, the General Department of Customs and the Ministry of Finance of Vietnam, embassies of CPTPP member countries in Vietnam, and nearly 80 businesses and organizations operating in many fields such as agriculture, healthcare, education, banking, finance, infrastructure and manufacturing.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will enter into force for the UK and its eight member countries, Japan, Singapore, Chile, New Zealand, Vietnam, Malaysia, Peru and Brunei, on 15 December 2024. The agreement will also enter into force between the UK and Australia on 24 December. The CPTPP is one of the world’s most comprehensive and dynamic free trade agreements, offering huge opportunities for economic growth and international cooperation.

Looking ahead to 2025 – the first year of the UK’s implementation of the CPTPP, this business networking event provides an opportunity for businesses in member countries to connect and share experiences in effectively leveraging the benefits of the Agreement, particularly in enhancing the capacity of businesses in the free trade bloc to participate in global supply chains. Effective implementation of the CPTPP requires close coordination between governments, the private sector and trade associations to ensure that the provisions – from tariff reductions to rules of origin and the promotion of e-commerce – achieve maximum effectiveness.

The UK-Vietnam trade and investment relationship has been growing strongly in recent years. In 2024, bilateral trade between the two countries reached £6.4 billion, maintaining growth momentum despite global uncertainties. Key sectors such as agriculture, textiles, renewable energy, education, financial services and technology demonstrate the support between our two economies and open up the potential for further cooperation in the future.

The CPTPP marks a new chapter in this economic relationship, opening up opportunities to increase trade, attract investment and enhance cooperation across a wide range of sectors. For UK businesses, the agreement offers better access to one of the world’s fastest growing economic regions. For Vietnam, the CPTPP provides access to the UK’s strengths in technology, innovation and global networks, while supporting export diversification and attracting high-quality investment.

Speaking at the event, British Ambassador Iain Frew said that the UK is committed to being a proactive and credible member of the CPTPP. We stand ready to support Vietnam’s ambitions for sustainable growth and innovation, while promoting inclusive trade that benefits everyone. Furthermore, we see Vietnam as a gateway to Southeast Asia and an important ally in addressing shared global challenges such as climate change and economic resilience.

British Ambassador Iain Frew

“I would like to thank all the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member states, including Vietnam, for their cooperation and support throughout the UK’s accession process. The UK reaffirms its commitment to working closely with the Government of Vietnam to ensure that UK and Vietnamese businesses and investors can take advantage of the benefits of the UKVFTA and CPTPP in the future,” said British Ambassador Iain Frew.

Source: https://thoibaonganhang.vn/ket-noi-doanh-nghiep-cptpp-cung-nhau-thuc-day-thinh-vuong-158821.html