UK trade commissioner visits Vietnam for CPTPP ratification

UK Trade Commissioner for Asia Pacific Martin Kent has wrapped up his first official visit to Vietnam as the UK is lobbying for the ratification of its joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Kent, accompanied by UK Deputy Trade Commissioner for Southeast Asia Rhiannon Harries, visited Vietnam on May 13-17 to promote the bilateral trade and investment relationship and explored opportunities for collaboration.

The UK intends to be an influential member of CPTPP and is already involved in meetings and discussions with CPTPP parties on the future of the agreement, the British Embassy in Hanoi said in a Friday statement.

Martin Kent said: “The UK’s ratification of CPTPP highlights our commitment to the Indo-Pacific, a region that will be economically and strategically crucial in the coming decades. Businesses in the CPTPP can get ready to take full advantage of opportunities when the deal is expected to enter into force for the UK at the end of the year – including greater access to the UK’s market of 67 million consumers, or the world’s sixth largest economy.”

Iain Frew, British Ambassador to Vietnam, expressed hope that the National Assembly (NA), the country’s parliament, will ratify the UK’s accession soon and committed to working closely with Vietnam, other partners and businesses to make the most of this new partnership.

During his stay, the commissioner visited the NA, where he met with the permanent member of the Foreign Affairs Committee Pham Phu Binh to encourage ratification of the UK's accession to the CPTPP in the upcoming 7th NA session which is scheduled to start on May 20.

At a meeting with senior leaders in the Ministry of Industry and Trade, he discussed CPTPP and the implementation of the UKVFTA as well as ASEAN economic affairs to encourage further economic and regional cooperation.

The commissioner also met with key representatives of UK businesses as well as Vietnamese companies to support enhanced business relations between the UK and Vietnam in sectors from health to agri-food, education and tech. He discussed the Vietnamese economic outlook and developments with top economists from ADB, World Bank, IMF, and UNDP.

Over the years, bilateral trade between the United Kingdom and Vietnam has witnessed significant growth with bilateral trade hitting all-time highs. Bilateral trade doubled during the last 10 years from £3 billion ($3.81 billion) in 2013 to around £6 billion in 2023. This was in part made possible by the UK-Vietnam Free Trade Agreement (UKVFTA), which signed in December 2020.

CPTPP, also known as TPP11 or TPP-11, is a trade agreement between 11 nations, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Only six economies, in addition to the UK, need to ratify by October for the deal toenter into force by the end of the year. Singapore, Japan, and Chile have already ratified, with other countries in the works.