Minister of Industry and Trade Tran Tuan Anh (Photo: VNA) Hanoi (VNA) - Minister of Industry andTrade Tran Tuan Anh and UK Secretary of State for International Trade Liz Trusssigned the agreed minutes on the conclusion of negotiations over the UK-VietnamFree Trade Agreement (UKVFTA).
The Vietnamese official said that in order to ensure therewould be no interruption to bilateral trade, the two sides began negotiationsin August 2018. Based on the EU-Vietnam Free Trade Agreement (EVFTA),negotiations went through six official and five technical sessions between 2018and 2020.
Vietnam and the UK will work together on the officialsigning of the trade deal, bringing it into effect at the beginning of 2021 toserve the mutual interests of their businesses and peoples, Anh said.
He expressed his confidence that the UKVFTA will drivebilateral trade and investment and become a means for the two economies toovercome the challenges brought about by the COVID-19 pandemic and propelrobust trade ties.
For her part, Truss said the conclusion of negotiationsis an important factor in ensuring the continuity of the dynamic and growingcommercial relationship between the two countries.
She noted that the agreement also marks an importantstep forward in the context of the UK officially applying to join theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)in early 2021.
Six joint statements between the two sides wereapproved at the signing ceremony.
The FTA will maintain the benefits for Vietnam-UKcommercial ties in the EVFTA. At the end of the tariff elimination roadmap, 99percent of tariffs on goods traded between Vietnam and the UK will be cut. Thismeans that Vietnam will save about 114 million pounds on exports to the UK,while the figure for the UK will be 36 million pounds. Trade of goods likegarments and textiles, leather and footwear, and seafood will see nointerruption, with commercial services like those in finance and e-commercegrowing further./.
VNA
