Ratification of the CPTPP accession document of Great Britain and Northern Ireland

The National Assembly assigned the Prime Minister to be responsible for approving and directing relevant central and local agencies and organizations to deploy the plan to implement the document on the United Kingdom of Great Britain and Northern Ireland's accession to the CPTPP Agreement.

Results of the vote approved.

Continuing the 7th Session, on the morning of June 25, with 459/460 delegates present in favor, the National Assembly passed the Resolution Ratifying the Document of Accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of the United Kingdom of Great Britain and Northern Ireland.

CPTPP was signed in 2018 and took effect in Vietnam in early 2019. The agreement includes 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru and Vietnam.

The International Monetary Fund (IMF) estimates that Britain's accession will make CPTPP a market of more than 500 million people, with an estimated GDP of more than 13,600 billion USD, equal to 15% of the world's GDP.

In fact, the CPTPP countries and the UK concluded negotiations in March 2023 and signed an agreement to make the UK a member of the 12-economy trade bloc in July 2023. To be officially recognized, CPTPP member countries need to ratify the relevant documents.

The Resolution clearly states that the entire content of the United Kingdom's Accession Document to the CPTPP Agreement and the provisions of the CPTPP Agreement signed on March 8, 2018 in Chile as stated in Appendix 2 of Resolution No. 72/2018/QH14 dated January 12, 2018 of the National Assembly on the ratification of the CPTPP Agreement and related documents for the United Kingdom shall be applied.

The National Assembly assigned the Government to review relevant legal documents to promptly amend, supplement or issue new ones, ensuring the consistency of the legal system and the correct roadmap for implementing commitments in the UK's accession documents to the CPTPP Agreement.

The Prime Minister is assigned to be responsible for approving and directing relevant central and local agencies and organizations to deploy the plan to implement the document on the UK's accession to the CPTPP Agreement.

Britain has been studying the possibility of joining the CPTPP since 2018, in a bid to boost exports after Brexit. The government estimates that the agreement would help it reduce tariffs on imports of cars, wine and dairy products, adding £1.8 billion ($2.2 billion) to its GDP each year over the long term.

The CPTPP is a complementary agreement to the free trade agreements (FTAs) that the UK has with most member countries.

Before the National Assembly voted, presented an explanatory report, and received opinions from delegates, Chairman of the Foreign Affairs Committee Vu Hai Ha said that the National Assembly Standing Committee believes that the UK has committed to opening its market to Vietnam at a higher level than other countries in the CPTPP, higher than the commitment of the Vietnam-UK Free Trade Agreement (UKVFTA), in a number of important contents for Vietnam.

"Within the framework of joining the CPTPP Agreement, the UK will recognize Vietnam's manufacturing industries operating under market economy conditions," said Mr. Ha.

The National Assembly's approval of the document at the 7th Session puts Vietnam among the first six CPTPP countries to ratify the UK's accession to the CPTPP.

This demonstrates Vietnam's positivity and responsibility in promoting bilateral trade and investment relations between Vietnam and the UK; affirming Vietnam's role and position in the region and the world; and creating new momentum for the country's socio-economic development, according to the National Assembly Standing Committee.

Previously, when discussing the UK's ratification of joining the CPTPP, some delegates suggested a mechanism to support capital for small and medium-sized enterprises.

Another opinion suggested that the Government should have a support package for businesses to improve their competitiveness, make green transformation, and meet environmental friendliness requirements.

Besides, some delegates suggested improving the trade defense capacity of enterprises, especially small and medium enterprises, to protect domestic production and market...

Mr. Ha said that, absorbing the opinions and solutions raised by National Assembly deputies to improve competitiveness and promote Vietnam's advantages, localities and businesses can take advantage of opportunities when the document comes into effect, the National Assembly Standing Committee proposed that the Government study, supplement and specify these contents in the document's implementation plan.

The National Assembly Standing Committee also assessed that it is likely that all six CPTPP members will complete the ratification procedure before October 16, 2024, and the document will soon take effect (from December 16, 2024).

Therefore, the National Assembly Standing Committee requested the Government to study and revise the plan, and specifically determine the time to complete the work contents on law and institutional development to promptly implement when the document comes into effect.

Source: https://baodautu.vn/phe-chuan-van-kien-gia-nhap-cptpp-cua-anh-va-bac-ireland-d218440.html