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 on the morning of June 25.
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 National Assembly ratifies the document of accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
GIA HAN
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 relevant documents. With the resolution passed, the National Assembly agreed to apply the entire content of the UK's CPTPP Accession Document and the CPTPP provisions signed on March 8, 2018 in Chile as stated in Appendix 2 of Resolution No. 72/2018 of the National Assembly on the ratification of the CPTPP Agreement and related documents for the UK. 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 the commitments in the UK's CPTPP Accession Document. The Prime Minister is responsible for approving and directing relevant agencies and organizations at the central and local levels to implement the plan to implement the document on the UK's accession to the CPTPP Agreement. The UK has been studying the possibility of joining the CPTPP since 2018, aiming to stimulate exports after Brexit. The UK government estimates that this agreement will help them reduce import tariffs on cars, wine and dairy products. The UK's GDP will increase by £1.8 billion ($2.2 billion) per year in the long term. The CPTPP is an additional agreement in addition to the free trade agreements (FTAs) that the UK has with most member countries. Before the National Assembly voted, presented the report, and received the opinions of the delegates, Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha said that the National Assembly Standing Committee assessed that the UK had made a higher commitment to open its market to Vietnam 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 UK will recognise Vietnamese manufacturing industries operating under market economy conditions within the CPTPP framework.
GIA HAN
The National Assembly's ratification 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 the CPTPP, some delegates suggested a mechanism to support capital for small and medium-sized enterprises. Other opinions suggested that the Government have a support package for businesses to improve their competitiveness, make green transformation, and meet environmental requirements. In addition, some delegates proposed to improve the trade defense capacity of enterprises, especially small and medium enterprises, to protect domestic production and markets... Mr. Ha said that, accepting the opinions and solutions raised by National Assembly delegates to improve competitiveness and promote Vietnam's advantages, localities and enterprises 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 implementation plan. The National Assembly Standing Committee also assessed that it is likely that all 6 members of the CPTPP will complete the ratification procedure before October 16, 2024, so the document will soon come into effect (from December 16, 2024). Therefore, the National Assembly's standing body 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.
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