The UK has become the first non-founding member to join the CPTPP, a move expected to significantly enhance its trade relationship with Vietnam, projected to reach £6 billion by 2024. British Consul General Alexandra Smith highlighted the importance of the CPTPP in providing new opportunities for UK businesses, fostering collaboration in key sectors, and facilitating substantial financial backing for ventures between the two nations.
The United Kingdom has recently joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking a significant milestone in its trade relationships with member countries, particularly Vietnam. In an exclusive interview, British Consul General in Ho Chi Minh City, Alexandra Smith, emphasized that this accession will further enhance the already booming bilateral trade between the UK and Vietnam, which is projected to reach £6 billion by 2024.
According to Smith, the CPTPP provides British businesses with access to a wider market in the Indo-Pacific and Americas, tapping into regions projected to experience substantial economic growth. She stated that under the UK-Vietnam Free Trade Agreement (UKVFTA), trade volume has doubled over the past decade and will continue to benefit from the CPTPP framework. Moreover, she highlighted the vital importance of stability and transparency in attracting foreign investment and fostering a conducive business environment.
With the formal initiation of the CPTPP, opportunities for collaboration in sectors such as agriculture, healthcare, financial services, and e-commerce are expected to increase. Smith noted that UK food and drink exports to Vietnam surged by 97 percent since 2019, indicating Vietnam’s growing appetite for British products. Similarly, Vietnamese agricultural exports are now present in UK supermarkets, further solidifying the trade relationship between the two nations.
Alexandra Smith encouraged Vietnamese firms to leverage the UK’s expertise in high-quality professional services and financing options provided by UK Export Finance (UKEF), which has allocated £5 billion to support joint ventures in Vietnam. She indicated that these resources can significantly aid Vietnamese businesses in capitalizing on the available growth opportunities.
Looking to the future, significant plans are on the horizon, including the organization of training workshops aimed at maximizing the benefits of the CPTPP for businesses of both nations. Additionally, upcoming events such as the Southeast Asia Tech Week in March 2025 will facilitate exchanges between UK tech companies and their Vietnamese counterparts, further enhancing economic ties.
In closing, the UK and Vietnam stand on the brink of substantial economic collaboration through the CPTPP, with both parties poised to benefit from strengthened trade relations and mutual growth strategies, reaffirming their commitment to sustainability and innovation.
The UK recently ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking its first entry into an economic agreement outside the European Union. This development is expected to significantly boost trade relations with member countries, particularly Vietnam, which has been a key partner in the region. The UK and Vietnam have seen bilateral trade double over the past decade, fueled by the UK-Vietnam Free Trade Agreement (UKVFTA) and now supported by CPTPP membership.
The accession of the UK to the CPTPP opens new avenues for expanded trade and investment between the UK and Vietnam. With efforts focused on strengthening commercial ties, enhancing bilateral trade, and promoting mutual growth, both nations are set to benefit from increased economic cooperation. Strategic initiatives and forthcoming collaborations in various sectors present promising opportunities for sustainable development.
Original Source: vietnamnews.vn
