The United Kingdom has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), enhancing UK-Việt Nam economic ties. Trade between the nations is projected to reach £6 billion ($7.7 billion) in 2024, fueled by the UK-Việt Nam Free Trade Agreement (UKVFTA) and new opportunities under CPTPP. British Consul General Alexandra Smith highlighted the importance of collaboration and sustainability in further strengthening bilateral relations, emphasizing the UK’s commitment to supporting Việt Nam through expertise and financial assistance in various sectors.
The recent accession of the United Kingdom to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) marks a significant advancement in the UK-Việt Nam economic relationship. As expressed by British Consul General in Ho Chi Minh City, Alexandra Smith, this milestone is expected to enhance bilateral trade, which has already doubled over the past decade, reaching £6 billion ($7.7 billion) in 2024. This growth is largely attributed to the prior establishment of the UK-Việt Nam Free Trade Agreement (UKVFTA).
With the entry into force of CPTPP for the UK on December 15, new trading opportunities will emerge in diverse sectors, including agriculture, healthcare, financial services, and e-commerce. The CPTPP is poised to be a gateway to the broader Indo-Pacific region, bringing increased prospects for collaboration and investment. Smith noted that British businesses are becoming more environmentally conscious, thus providing an opportunity for Việt Nam to leverage its leadership in sustainability initiatives in the region.
The UK remains committed to providing robust support through financing solutions via UK Export Finance (UKEF), which has allocated £5 billion ($6.4 billion) for projects involving UK goods and services in Việt Nam. This funding emphasizes the UK’s dedication to fostering stronger economic ties. Additionally, Alexandra Smith advised Vietnamese companies to capitalize on the expertise available from UK professionals in various fields, especially as the Vietnamese market rapidly evolves and modernizes.
Furthermore, the UK is planning several initiatives to promote bilateral collaboration, such as hosting workshops aimed at enhancing the understanding of CPTPP among businesses and organizing events to connect technology sectors in both nations. Looking ahead, the UK aims to deepen its relationship with Việt Nam through education and sustainability initiatives as both countries strive for mutual growth.
In summary, the expansion of the UK-Việt Nam economic partnership signifies a transformative era for trade and investment opportunities, with the CPTPP serving as a crucial platform for mutual cooperation and enterprise development.
The UK has recently secured its position as the first non-founding member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) following the last required ratification by Peru. This strategic move is a vital development for enhancing trade relations between the UK and Việt Nam, a country that has seen substantial growth in its trade relationship with the UK over the past decade. The UKVFTA has already set the stage for increased exchange of goods and services, and the CPTPP is expected to build on this progress, bringing new opportunities for collaboration across various sectors. The UK has also expressed a commitment to providing financial support and expertise to Vietnamese enterprises, particularly in sectors experiencing rapid growth. Overall, this development reflects a broader trend of nations seeking to strengthen economic ties through strategic trade agreements.
The UK’s accession to the CPTPP is set to enhance the economic partnership with Việt Nam significantly. With bilateral trade already on an upward trajectory, the CPTPP is anticipated to unlock even more opportunities for businesses in both nations. As a result of this agreement, reduced trade barriers will foster a more stable and predictable business environment, helping to stimulate investment and collaboration across multiple sectors. The focus on sustainability and financial support from the UK further underscores a commitment to fostering a strong bilateral relationship, paving the way for mutual growth and development in the years to come.
Original Source: vietnamnews.vn
