Vietnam fully supports the UK to boost its economic-trade relations with the Asia-Pacific region and is willing to share its experience to accelerate the latter’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
|Spokesperson of Vietnam’s Ministry of Foreign Affairs Le Thi Thu Hang.|
Spokesperson of Vietnam’s Ministry of Foreign Affairs Le Thi Thu Hang gave the remarks in response to questions on the UK’s formal application to join the trade deal on February 1.
“The CPTPP is a next-generation free trade agreement, which shows strong determination from regional countries in bolstering trade cooperation,” said Ms. Hang in a monthly press briefing on February 4.
According to Ms. Hang, all CPTPP members have agreed on certain procedures and requirements that countries need to fulfill to join the trade deal.
“The UK is a major trading partner for members in the CPTPP, including Vietnam,” stressed Ms. Hang.
A statement from the UK government in late January said “joining the CPTPP would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam, for the benefit of UK business.”
“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade,” said UK Prime Minister Boris Johnson.
UK trade with the group was worth £111 billion in 2019, growing by 8% a year since 2016.
Last December, Vietnam and the UK had signed the UK-Vietnam Free Trade Agreement (UKVFTA) to ensure continuity in bilateral trade relations as the Brexit’s transitional period ended on December 31, 2020.
Despite severe Covid-19 impacts, bilateral trade turnover stood at US$5.6 billion in 2020, in which Vietnam exported goods worth US$4.95 billion to the UK, making the latter its third largest export market in Europe.