UK backs early signing of EVFTA in 2018
Updated at Thursday, 11 Oct 2018, 09:38
The Hanoitimes - The UK and Vietnam look forward to maintaining smooth trade relations as the UK leaves the EU.
The UK and Vietnam are strong advocates of free trade in Europe and Asia and actively promote the early signing of the EU - Vietnam Free Trade agreement (EVFTA) in 2018, according to a joint statement issued the two countries.
The joint statement was agreed between the UK's Foreign Secretary Jeremy Hunt and Vietnamese Deputy Prime Minister Pham Binh Minh during the latter's visit to the UK from October 9 - 10. The visit was part of events to celebrate the 45th anniversary of diplomatic relations between the two countries.
Signing cooporation agreement between the UK and Vietnam. Source: VGP.
According to the joint statement, the UK and Vietnam look forward to maintaining smooth trade relations as the UK leaves the EU, including through ensuring continuity for business by transitioning the prospective EU Vietnam Free Trade agreement during the Brexit transition.
The two countries also agree to consult further on the prospects of the UK joining the CPTPP.
Both sides acknowledge the key role of education in the relationship including our strengthened science partnership on research, innovation and antimicrobial resistance. In pursuit of these goals, the Decision establishing the educational and cultural status of the British Council in Vietnam has been renewed. They also emphasise the importance of enhancing cooperation on bilateral cultural diplomacy so as to help strengthen the Strategic Partnership between the two countries.
Both sides look forward to a deeper and closer relationship between the UK and ASEAN after the UK leaves the EU. They welcome further UK funding for expertise exchanges with Vietnam on anti-corruption, culture, health, civil service capacity building and reform, infrastructure, smart cities and low carbon, maritime security, peaceful settlement of international disputes.
The UK and Vietnam have a mutual commitment to regular Ministerial visits to both countries. They agree that the next round of the Strategic Dialogue between the two countries should take place in early 2019.
Following the strategic partnership signed in 2010, bilateral trade between the UK and Vietnam reached US$6 billion in 2017, and US$3.12 billion in the first six months of 2018, up 14.2% year-on-year.
The UK, which is Vietnam's 15th largest investor, currently has 344 ongoing investment projects worth US$3.48 billion in Vietnam in fields of banking, services, textile, real estate and gas exploitation, among others.