The UK has made a commitment to open its market with Vietnam in additional areas beyond the six common commitments according to CPTPP standards. These areas include labor – unions, e-commerce, and intellectual property. The Government presented documents to the National Assembly regarding the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of Great Britain and Northern Ireland on June 8. Negotiations between CPTPP countries and the UK concluded in March 2023, and an agreement was signed in July 2023 to make the UK a member of the 12-economy trade bloc. However, ratification by member countries is necessary for official recognition.
According to Vice President Vo Thi Anh Xuan, the UK’s membership in the CPTPP would strengthen its role and enhance bilateral relations with Vietnam, leading to increased market access opportunities for Vietnamese goods. Minister of Industry and Trade Nguyen Hong Dien confirmed that Vietnam achieved high-level commitments from the UK during negotiations, surpassing commitments made with other countries and FTAs. The UK opened its market with Vietnam in various sectors such as trade in goods, services – investment, temporary entry of businessmen, financial services, government procurement, and state-owned enterprises.
Bilateral commitments were also made in the fields of labor – unions, e-commerce, and intellectual property, including the protection of secret testing data. The UK acknowledged Vietnam’s market economy status, which may result in lower import taxes on Vietnamese goods. The Government was urged to review and amend relevant documents to guide the implementation of Vietnam’s commitments under the CPTPP, particularly in the areas of Government procurement and services – investment and temporary entry of entrepreneurs.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), signed in 2018 and effective for Vietnam from 2019, includes 11 member countries while the estimated population size of the area is 500 million people. The UK’s potential entry into the agreement would contribute significantly to global GDP after Brexit has led it to explore new trade agreements to boost exports. Singapore
