Hanoi (VNA) – The National Assembly on June 25 ratified the protocol of accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of the UK, with 94.25% of votes in favour.
Presenting the report on feedback from NA deputies, Chairman of the NA’s Foreign Affairs Committee Vu Hai Ha said the legislators agreed that the protocol of accession to the CPTPP is an integral part of the trade deal. The approval process is in accordance with Vietnam’s 2023 Constitution, the Law on the Organisation of the NA and the Law on Treaties.
The NA’s adoption will make Vietnam among the first six CPTPP member states to approve the UK’s accession protocol, demonstrating the nation’s proactiveness in bolstering trade and investment ties with the UK. It also affirms its position in the region and the world, he stressed. The move will create new momentum for the country’s socioeconomic development and contribute to completing the legal system and improve enterprise competitiveness.
Some NA deputies, however, expressed concern about the challenges of higher standards for trade, investment and banking-financial services. They urged the Government to pen solutions to strengthen the implementation of UK-Vietnam Free Trade Agreement (UKVFTA) to improve the competitive capacity of enterprises and capitalise on all opportunities when the resolution takes effect.
In response, Ha said that the focus would be on increasing communication to improve awareness and understanding of CPTPP and UKVFTA.
In the draft plan for implementing the UK’s accession protocol, the Government assigned relevant ministries and agencies to review amendments to the existing legal documents and issuance of new ones to guide the implementation of Vietnam's commitments to the UK.
According to the NA Standing Committee, six CPTPP members may complete their ratification of the accession protocol by October 16, 2024, meaning that the protocol would come into force on December 16.
The NA Standing Committee has requested the Government plan to improve the legal framework to implement the protocol when it takes effect, Ha said.
The 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.
On July 16, 2023, CPTPP parties signed an accession protocol with the UK, welcoming it 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./.
According to data released by the UK government's Department for International Trade, total trade in goods and services (exports plus imports) between the UK and Vietnam was 5.9 billion GBP in the four quarters to the end of Q4 2023. This is a decrease of 17% or 1.2 billion GBP in current prices from the figure of the four quarters to the end of Q4 2022. Vietnam was the UK’s 44th largest trading partner in 2023, accounting for 0.3% of total UK trade./.
