The UK’s accession to the CPTPP enhances trade relations with Vietnam, expected to boost exports and investment opportunities. The UK, supported by its robust financial services and the UKVFTA, aims to foster sustainable collaboration in key sectors like agriculture and technology. Events planned for 2025 will further strengthen these ties, emphasizing the commitment to mutual economic growth and innovation.
Alexandra Smith, the British Consul General in Ho Chi Minh City, emphasized the significant implications of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Effective December 15, this accession marks the UK’s entry as the first non-founding member, positioning it as a pivotal player in the Asia-Pacific trade landscape. The trade relationship between the UK and Vietnam has nearly doubled over the past decade, bolstered by the UK-Vietnam Free Trade Agreement (UKVFTA). It is expected that the CPTPP will further stimulate this growth, especially as the regions included represent significant opportunities for businesses. The UK is also committed to fostering sustainable practices within Vietnam’s rapidly developing market. Smith expressed optimism regarding the UK and Vietnam’s collaboration in areas such as agriculture, e-commerce, and healthcare, facilitated by stable trading environments and diminished trade barriers. Furthermore, she highlighted the importance of UK financial services, backed by the UK Export Finance (UKEF) initiative, which aims to provide robust financial support for joint ventures. The UK plans to host various events to strengthen business ties, ensuring mutual economic growth and continued partnership between the countries.
The recent accession of the UK to the CPTPP represents a major milestone in international trade, marking the UK’s strategic pivot towards the Indo-Pacific region. This agreement, in conjunction with the UKVFTA, signifies a commitment to deepening economic relations between the UK and Vietnam, enhancing bilateral trade that has almost doubled over the past ten years. With the global landscape shifting towards sustainable and innovative practices, the UK’s expertise in professional services positions it uniquely to support Vietnam’s ambitious growth initiatives, particularly in infrastructure and development sectors.
In summary, the UK’s entry into the CPTPP is set to enhance trade relations with Vietnam significantly, fostering growth across various sectors including agriculture, digital services, and financial support through UKEF. This collaboration not only promises to create a stable trading environment for both nations but also addresses Vietnam’s aspirations for development. By leveraging each other’s strengths, both nations are poised to unlock mutual benefits and drive substantial economic growth in the coming years.
Original Source: vietnamnews.vn
