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Monday, June 17, 2024

UK ratification of CPTPP seen deepening trade with Vietnam

The Saigon Times

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HCMC – The United Kingdom (UK) has completed its ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), solidifying its commitment to the Indo-Pacific region and paving the way for stronger trade with Vietnam.

UK Trade Minister Greg Hands announced the ratification during a recent meeting with CPTPP members in Peru, highlighting the UK’s intent to become an influential member of the bloc.

The CPTPP, a major trade agreement encompassing 12 economies, is expected to enter into force for the UK by the end of the year, pending ratification by a few remaining members.

Martin Kent, UK trade commissioner for Asia Pacific, said, “Businesses in the CPTPP can get ready to take full advantage of opportunities when the deal is expected to enter into force for the UK at the end of the year.”

Vietnam, a key member of the CPTPP and a long-standing trading partner of the UK, can benefit substantially from increased access to the UK’s market of 67 million consumers. Bilateral trade between the two countries has seen rapid growth, doubling over the past decade to GBP6 billion in 2023.

During his recent visit to Vietnam, Kent met with Vietnamese officials and business executives to discuss the implementation of the CPTPP and the existing UK-Vietnam Free Trade Agreement (UKVFTA).

He also explored opportunities for further collaboration in various sectors, including health, agriculture, education, and technology.

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