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NA approves UK’s bid to join CPTPP

The Saigon Times

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HCMC – With an overwhelming majority, the National Assembly (NA) has passed a resolution approving the United Kingdom of Great Britain and Northern Ireland’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

This morning, June 25, 459 of 460 deputies present at the session voted in favor of the UK’s bid to accede to the CPTPP.

NA deputies agreed that the UK’s accession documents are an integral part of the CPTPP, revising and supplementing the contents under the NA’s jurisdiction.

Vu Hai Ha, chairman of the National Assembly’s Committee for External Relations, stated that the UK has committed to opening its market to Vietnam at a higher level than other CPTPP members, and higher than the commitments in the UK-Vietnam Free Trade Agreement (UKVFTA) in several important areas for Vietnam.

Within the CPTPP framework, the UK will recognize Vietnam’s manufacturing sector operating under market economy conditions.

With this NA approval, Vietnam becomes one of the first six countries to ratify the UK documents, demonstrating the country’s efforts in boosting trade and investment ties with the UK.

Furthermore, it affirms Vietnam’s role and position in the region and the world, creating new momentum for the country’s socio-economic development, contributing to the completion of the legal system, and enhancing the competitiveness of businesses.

The CPTPP currently has 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It was signed in 2018 and became effective for Vietnam at the beginning of 2019.

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