Vietnam, UK Commit To Fostering Multifaceted Economic Partnership
	Vietnam, UK to Actively Deepen Strategic Partnership

The National Assembly on June 25 morning ratified the UK’s protocol of accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with 94.25% of votes in favor.

The UK’s protocol of accession to CPTPP is an integral part of the trade deal, according to Vu Hai Ha, Chairman of the National Assembly’s Foreign Affairs Committee.

At the ongoing seventh session of the 15th National Assembly. Photo: VNA

The NA’s ratification is expected to contribute to enhancing Vietnam’s role and position in international economic cooperation, Vietnam News reported.

The UK has committed to a higher level of market opening for Vietnam than other countries in the CPTPP and higher than the commitments under the UK – Vietnam Free Trade Agreement (UKVFTA), for some important issues. Under the CPTPP’s commitments, the UK will recognize that Vietnam’s manufacturing industries operate under market-based economic conditions.

The NA’s ratification will make Vietnam among the first six CPTPP member countries to approve the UK’s accession protocol.

"This demonstrates Vietnam’s proactiveness and responsibility in accelerating bilateral trade and investment relations with the UK, as well as affirming the role and position of Vietnam in the regional and international arenas, create new momentum for the country’s socio-economic development, improve the legal system and enhance the competitiveness of enterprises," Ha said.

Some NA deputies, however, expressed concerns about challenges from higher requirements for trade and investment, urging solutions to be raised to bring into play opportunities from the FTAs.

Vu Hai Ha, Chairman of the National Assembly’s Foreign Affairs Committee, speaks at the working session. Photo: VNA

In response, Ha said that the focus would be on intensifying the communications work to improve awareness and understanding of CPTPP and UKVFTA.

In the draft plan for implementing the UK’s accession protocol, the Government had assigned relevant ministries and agencies to review and study amendments to the existing legal documents and issuance of new ones for commitments between Vietnam and the UK.

According to the National Assembly’s Standing Committee, there might be six CPTPP members who complete their ratification of the accession protocol by October 16, 2024, meaning that the protocol will come into force from December 16.

Ha said that it was necessary to have plans for improving the legal framework to implement the protocol when it takes effect.

CPTPP is a free trade agreement in force between 11 countries including Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

The CPTPP came into being on December 30, 2018, with the first six countries to ratify the agreement being Canada, Australia, Japan, Mexico, New Zealand, and Singapore.

The agreement has been in force for Vietnam since January 14, 2019.

A container depot at Hai Phong Port. Photo: VNA

On July 16, 2023, CPTPP parties signed an accession protocol with the UK, welcoming them as the 12th member.

The CPTPP will enter into force for the UK once all CPTPP members, including the UK, complete their respective ratification processes.

If all members have not ratified it by October 16, 2024, the protocol will enter into force after six CPTPP members and the UK ratify the agreement.

In 2023, the UK government signed the accession protocol to the CPTPP. This document is the core legal text that brings the UK into the CPTPP. It outlines UK-related provisions applicable to specific chapters, sets out the UK market access offer, and the relevant changes to the offers of the existing parties, according to gov.uk.

UK's Accession to CPTPP Bring Opportunities For Vietnamese Exports The UK's official accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a premise for Vietnamese goods to have closer access to ...

Vietnam Utilizes CPTPP to Enter the Canadian Market Vietnam is considered the country that best utilizes the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to enter the Canadian market.