The United Kingdom has pledged a higher level of commitment on market opening with Vietnam than other countries in the CPTPP, said Vu Hai Ha, chairman of the Assembly’s foreign affairs committee.
It has also offered a higher level of commitment in several fields than those in the UK-Vietnam Free Trade Agreement (UKVFTA) that came into force in January 2021.
The United Kingdom will now recognise Vietnam’s manufacturing industries operating according to market economy criteria, Ha was cited as saying by a domestic media outlet.
The CPTPP is a free trade agreement in force between 11 countries—Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The United Kingdom officially applied for CPTPP membership on February 21, 2021. Accession negotiations concluded on March 31, 2023. The UK signed the Protocol of Accession on July 16, 2023.
Vietnam is the seventh CPTPP member to ratify the trade pact alongside Canada, Australia, Japan, Mexico, New Zealand and Singapore.
ALCHEMPro News Desk (DS)
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