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Jun 25, 2024 / 18:08

Vietnam NA ratifies UK accession to CPTPP

Vietnam has approved the UK as a new member, making it one of the first six CPTPP countries to do so.

Vietnam's National Assembly today (25 June) approved the accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

 Members of the National Assembly vote on the accession of the United Kingdom to the CPTPP. Photo: quochoi.vn

The UK has pledged to make its market more open to Vietnam than other CPTPP countries, according to Vu Hai Ha, Chairman of the National Assembly's Foreign Affairs Committee.

The UK's commitments go beyond those in the Vietnam-UK Free Trade Agreement (UKVFTA) in several key sectors. The UK recognizes that Vietnamese manufacturing industries operate under market economy conditions.

Vietnam is one of the first six CPTPP countries to approve the UK's accession to the pact. This demonstrates Vietnam's proactive and responsible approach to strengthening its trade and investment ties with the UK.

Ho Chi Minh City NA deputy Tran Hoang Ngan said the UK's participation in the CPTPP will bring more opportunities for the pact's 11 member countries, including Vietnam.

"The UK's decision to recognize Vietnam as a market economy will have some influence on the US on the same issue," he said.

As one of the first six CPTPP countries to approve the UK's entry into the pact, Vietnam will see its status in the global community, especially with the UK, rise, he added.

The Department of Industry and Trade needs to develop clear and detailed guidance to help local businesses take advantage of the opportunities, he added.

"It would be wasteful if our businesses were unable to take advantage of the CPTPP once the UK joins. They need incentives and support to grow in a green and environmentally friendly way," he said.

The UKVFTA and CPTPP have many points in common, according to NA deputy Pham Trong Nghia of the Lang Son Province delegation.

"I strongly recommend that the government quickly improve public communication, especially on the differences between the two agreements, so that Vietnamese businesses can study and explore the advantages," he said.

According to Ngo Chung Khanh, Deputy Director of the Department of Multilateral Trade Policy under the Ministry of Industry and Trade, the UK is one of Vietnam's most important trading partners.

"The UK's accession to the CPTPP will provide more opportunities for Vietnamese exporters," he said.

The CPTPP was signed in 2018 and entered into force in Vietnam in early 2019. Vietnam is one of the first 11 members of the pact. The others are Australia, Canada, Japan, Malaysia, Mexico, Brunei, Singapore, Chile, New Zealand and Peru, which together represent around 500 million people.

According to the International Monetary Fund (IMF), the inclusion of the UK could increase the CPTPP's share of global GDP to 15%.

The UK applied to join the CPTPP in 2021, becoming the first European country to join this dynamic trade bloc and the first new member since its inception, transforming the CPTPP from a Pacific pact into a truly global agreement.