Minister of Industry and Trade Tran Tuan Anh

The Vietnamese official said that in order to ensure there would be no interruption to bilateral trade, the two sides began negotiations in August 2018. Based on the EU-Vietnam Free Trade Agreement (EVFTA), negotiations went through six official and five technical sessions between 2018 and 2020.

Vietnam and the UK will work together on the official signing of the trade deal, bringing it into effect at the beginning of 2021 to serve the mutual interests of their businesses and peoples, Anh said.

He expressed his confidence that the UKVFTA will drive bilateral trade and investment and become a means for the two economies to overcome the challenges brought about by the COVID-19 pandemic and propel robust trade ties.

For her part, Truss said the conclusion of negotiations is an important factor in ensuring the continuity of the dynamic and growing commercial relationship between the two countries.

She noted that the agreement also marks an important step forward in the context of the UK officially applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in early 2021.

Six joint statements between the two sides were approved at the signing ceremony.

The FTA will maintain the benefits for Vietnam-UK commercial ties in the EVFTA. At the end of the tariff elimination roadmap, 99 percent of tariffs on goods traded between Vietnam and the UK will be cut. This means 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 like garments and textiles, leather and footwear, and seafood will see no interruption, with commercial services like those in finance and e-commerce growing further.

Vietnam, UK should sign FTA asap: Government leader

Vietnam and the UK should sign a bilateral free trade agreement (FTA) as soon as possible to further boost two-way trade, Prime Minister Nguyen Xuan Phuc said when hosting UK Secretary of State for International Trade Elizabeth Truss in Hanoi on December 11.

Appreciating the significance of Truss’s visit, the PM said it will be a good chance for both sides to seek new measures to enhance relations, as the potential for bilateral cooperation remains substantial.

Vietnam considers the UK an important and friendly partner and supports it participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said.

He affirmed that the Vietnamese Government pledges to create the best conditions possible for UK enterprises to successfully invest in the country.

The two countries hold potential in developing green energy, Phuc said, suggesting the UK assist Vietnam in this field.

Truss expressed her delight at signing an agreement on the completion of negotiations on the UK-Vietnam FTA, adding that this is a new start to beef up bilateral cooperation.

She affirmed her country’s determination to join hands with Vietnam in promoting trade liberalisation and economic recovery in the context of the COVID-19 pandemic.

The UK will host the 26th UN Climate Change Conference (COP26) next year with the goal of bringing gas emissions down to zero by 2050. It hopes to join hands with other countries, including Vietnam, to contribute to this goal, she said.

The UK wants to cooperate with Vietnam in health, green technology, finance, digital economy and data, she added.

For COP26, PM Phuc committed that Vietnam will participate in the conference actively and responsively and contribute more to global climate change response efforts.

He also spoke highly of the UK’s stance of ensuring navigation and aviation security, safety and freedom in the East Sea.

British official: Vietnam a strategic partner of UK

UK Secretary of State for International Trade Elizabeth Truss

ietnam is a strategic partner of the UK, affirmed UK Secretary of State for International Trade Elizabeth Truss at a meeting with Chairman of the National Assembly’s Committee for Economic Affairs Vu Hong Thanh in Hanoi on December 11.

At the meeting, the guest informed about the official signing of the minutes on the conclusion of negotiations over the UK-Vietnam Free Trade Agreement (UKVFTA) by the Vietnamese Ministry of Industry and Trade and the UK Department for International Trade.

In the coming time, the two sides will soon complete procedures for the agreement to take effect on January 1, 2021, thereby promoting cooperation between the two countries, she said.

She added that the UK is currently looking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to which Vietnam is a member.

Wishing Vietnam to support and promote the UK's CPTPP joining, the UK official believed that through the deal, the two countries can strengthen bilateral cooperation, especially in areas of UK interest such as green economy and climate change.

For his part, Thanh affirmed that Vietnam always attaches great importance to all-round cooperation with the UK. He wished that the two sides will soon complete the procedures to make the bilateral FTA effective.

He said that among the free trade agreements that Vietnam has signed, the CPTPP is a new-generation FTA that is assessed to have positive impact on the Vietnamese economy. He hoped that the UK will soon join the pact, thus facilitating economic cooperation between the two countries.

Regarding climate change and sea level rise, Thanh stated that as one of the heavily affected countries, Vietnam is aware of the risks from these phenomena. This is a global issue that requires the cooperation of all countries, especially developed countries, including the UK.//.VNA