Vietnam - UK enforce intellectual property rights under CPTPP

On the afternoon of February 19, in Hanoi, the Ministry of Industry and Trade coordinated to organize the workshop: The UK joins CPTPP - Implications for businesses.

Attending the workshop, on the side of the Ministry of Industry and Trade, there were Deputy Minister Nguyen Sinh Nhat Tan; Mr. Tran Quoc Khanh - former Deputy Minister of Industry and Trade, Head of the CPTPP negotiation delegation and leaders of the functional Departments and Offices in the Ministry: Department of Multilateral Trade Policy, General Department of Market Management...

Also attending the workshop were leaders of the UK Department for Business and Trade, the UK Department for Environment, Food and Rural Affairs; the British Chamber of Commerce; the UK Embassy in Vietnam, the UK-Vietnam Business Association...

The workshop also attracted the participation of the Vietnam Textile and Apparel Association (VITAS), the Vietnam Association of Seafood Exporters and Producers (VASEP), the Vietnam Leather, Footwear and Handbag Association, the Vietnam Pharmaceutical Companies Association (VNPCA)... and a large number of business communities from both countries.

Vương quốc Anh gia nhập CPTPP - Ý nghĩa đối với doanh nghiệp

Ministry of Industry and Trade co-organized the workshop UK joining CPTPP - Implications for businesses

The UK Joining CPTPP – What it Means for Business workshop aims to provide UK and Vietnamese businesses with information and strategic guidance on the UK joining CPTPP; as well as providing information on opportunities to promote bilateral trade, reshape global supply chains...

Many delegates attended the workshop UK joining CPTPP - Implications for businesses

The British Ambassador to Vietnam affirmed that with CPTPP, many Vietnamese products exported to the UK will be exempted from tariffs, which will greatly contribute to promoting bilateral trade relations between the two countries.

Speaking at the opening of the workshop, British Ambassador to Vietnam - Iain Frew said that the relationship between the two countries has developed in both breadth and depth. In particular, trade cooperation is an important pillar in the bilateral relationship between Vietnam and the UK.

Since 2015, bilateral trade between the two sides has grown strongly, and through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the UK also wants to expand its export market to members participating in the Agreement.

"The UK's entry into the CPTPP with strong support from Vietnam marks a historic milestone for the UK. This is a strategic decision by the UK, demonstrating its strong commitment to integration and market opening. With the CPTPP, many Vietnamese products exported to the UK will be exempted from tariffs, which will greatly contribute to promoting bilateral trade relations between the two countries," said Ambassador Iain Frew.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan affirmed that Vietnam - UK economic and trade relations are also greatly supported by the CPTPP Agreement.

Affirming that CPTPP has been providing strong motivation to promote bilateral relations between Vietnam and the UK, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that, along with the Vietnam - UK Free Trade Agreement (UKVFTA), Vietnam - UK economic and trade relations are also greatly supported by the CPTPP Agreement.

According to the Deputy Minister, in 2024, the trade value between Vietnam and the UK will reach 8.4 billion USD, an increase of 18% over the same period in 2023. The UK is currently Vietnam's third largest export market in Europe. However, there is still a lot of room for cooperation between the two sides.

Because, at present, the proportion of import and export turnover with the UK market only accounts for about 6.8% of Vietnam's total import and export turnover to the world; meanwhile, Vietnam only accounts for 0.4% of the UK's total import turnover with its partners. This shows that there are many opportunities for businesses of the two countries to invest in each other's strengths.

“We have CPTPP and UKVFTA, the opportunities are huge but the important thing is to understand and take advantage of the tariff incentives from these Agreements” - Deputy Minister Nguyen Sinh Nhat Tan noted and believes that the Workshop will be an opportunity for domestic enterprises to have more information about the CPTPP Agreement as well as the UK market.

Within the framework of the Workshop, the Ministry of Industry and Trade and the British Ambassador to Vietnam signed a Memorandum of Understanding on cooperation to promote the prevention of counterfeit goods and intellectual property infringement according to the commitments in the CPTPP Agreement.

Realizing the cooperative relationship between the two countries, within the framework of the Workshop, the Ministry of Industry and Trade and the British Ambassador to Vietnam signed a Memorandum of Understanding to establish a framework for cooperation and coordination, facilitating the effective implementation of policies and laws on combating counterfeit goods and intellectual property infringement in each country when both Vietnam and the UK are members of the UK-Vietnam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the ASEAN-UK Economic Integration Program (EIP Program).

This is not only a new step forward in the bilateral relationship between Vietnam and the UK, but also strongly demonstrates the spirit of both sides in promoting the enforcement of intellectual property rights under the CPTPP and UKVFTA, thereby building a fair and sustainable business environment, protecting the rights of consumers and businesses, thereby contributing to promoting trade and investment cooperation between Vietnam and the UK.

Source: https://congthuong.vn/viet-nam-anh-thuc-thi-quyen-so-huu-tri-tue-theo-cptpp-373158.html