Vietnam, UK issue joint statement concluding free trade negotiations
Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Liz Truss signed the agreed minutes on the conclusion of negotiations over the UK-Vietnam Free Trade Agreement (UKVFTA).
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./.
An online dialogue on policies and markets held on October 6 offered Vietnamese and UK enterprises an insight into the opportunities and challenges in trade and investment ties between the two nations following the UK’s withdrawal from the EU.
Trade and investment relations between the UK and Vietnam will differ post-Brexit. A number of dialogue forums on policies and markets have been organised by the two countries, helping their businesses gain a clearer and more thorough understanding of the opportunities and challenges to come.
Vietnam and the United Kingdom have enjoyed good growth in bilateral trade, increasing 3.5 times over the last decade. In 2017, bilateral trade hit 6.2 billion USD.
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Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
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Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
Minister of Industry and Trade Tran Tuan Anh (Photo: VNA) 
