Tuesday, February 27, 2024
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HomeBusinessEconomyUK - Vietnam trade increases by almost 11 percent

UK – Vietnam trade increases by almost 11 percent

By Caribbean News Global fav

LONDON, England – The UK and Vietnam held their first Joint Economic and Trade Committee (JETCO) in three years May 25, in a bid to increase cooperation across several sectors, including education, agriculture, technology, healthcare and renewable energy.

The minister of state for trade policy, Penny Mordaunt, welcomed her Vietnamese counterpart, Dang Hoang An, vice-minister of industry and trade, to London for the talks.

Minister of state for trade policy Mordaunt, said:

“I am delighted to host Mr Dang Hoang An and his team in London. Vietnam is growing fast and is expected to become one of the world’s major economies by 2050. They are a vital CPTPP member, and an important trading partner for the UK that demonstrates our Indo-Pacific tilt in action.

“Our talks … strengthen ties between our nations, including resolving market access barriers into each other’s economies and providing support to Vietnam so that they can reach their net-zero commitments.”

The UK will reinforce its commitment to helping Vietnam meet their net-zero goals by sharing expertise in the renewable energy sector and hosting a Forum for UK and Vietnamese businesses.

Minister Mordaunt will host a roundtable on renewable energy attended by experts, industry representatives and officials.

“The UK and Vietnam share a longstanding trading relationship, with trade increasing between the two countries by almost 11 percent from 2020, when the UK-Vietnam Free Trade Agreement was signed, and 2021. This agreement eliminates 99 percent of all tariffs and helps forge a deeper relationship with a country who shares our belief in free trade,” said the department for international trade, department for environment, food & rural affairs.

Vietnam is a member of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) which the UK remains on track to join by the end of this year, moving into the final phase of negotiations at the beginning of 2022. CPTPP is a free trade area made up of 11 countries with a joint GDP of £9 trillion.

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