The National Assembly on June 25 morning ratified a resolution approving the UK’s accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with 94.25% of votes in favour.
Presenting the report on NA deputies' feedback, Chairman of the NA’s Foreign Affairs Committee Vu Hai Ha said all legislators agreed on the necessity of ratification.
The UK has committed to a higher level to market opening for Vietnam than other CPTPP countries and higher than the commitments under the UK – Vietnam Free Trade Agreement (UKVFTA) for some important issues. Under the CPTPP’s commitments, the UK will recognise that Vietnam’s manufacturing industries operate under market-based economic conditions, he said.
The NA’s ratification will make Vietnam among the first six CPTPP member countries to approve the UK’s accession protocol.
This demonstrates Vietnam’s proactiveness and responsibility in accelerating bilateral trade and investment relations with the UK, affirms its role and position in regional and international arenas, creates new momentum for its socio-economic development, improves the legal system and enhances the competitiveness of enterprises, Ha noted.
He added that the focus will be on intensifying the communications work to improve public awareness and understanding of CPTPP and UKVFTA, and effectively implement the trade pacts.
The Government has assigned relevant ministries and agencies to review and study amendments to the existing legal documents, or issue new ones to guide the implementation of Vietnam's commitments to the UK.
According to the NA Standing Committee, six CPTPP members may complete their ratification of the accession protocol by October 16, 2024, meaning that the protocol would come into force on December 16.
The NA Standing Committee has requested the Government have plans to improve the legal framework to implement the protocol when it takes effect, Ha said.
