UK to consider Vietnam as CPTPP market economy in trade remedy probe

It will not apply adverse regulations to goods imported from Vietnam in investigating trade remedy cases, the Vietnamese ministry of industry and trade said.

Vietnam has been recognised as a market economy in various forms by 71 nations and territories till now.

The decision will make it convenient for Vietnam's export items to be treated fairly and it will have more opportunities to expand its export markets.

The two countries target $10 billion worth bilateral trade riding on the CPTPP, according to Vietnamese media report.

With the United Kingdom recently signing the protocol on accession to the CPTPP, the number of CPTPP member states has increased to 12.

The addition of the new member is likely to raise the bloc's gross domestic product to nearly 16 per cent of the world's total from 12 per cent.

ALCHEMPro News Desk (DS)