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Viet Nam vows to enhance negotiations on UK’s joining CPTPP

VGP - Viet Nam will continue its coordination with other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to soon conclude the negotiations on the UK’s accession to the trade pact.

February 25, 2023 3:12 PM GMT+7
Viet Nam vows to enhance negotiations on UK’s joining CPTPP - Ảnh 1.

Minister of Industry and Trade Nguyen Hong Dien made the above statement during his phone talks with Secretary of State for the Department for Business and Trade of the UK Kemi Badenoch on February 23.

The UK's participation in the agreement will bring about wonderful trade and investment opportunities to each CPTPP member, noted Nguyen, considering the deal as a model of economic cooperation in the region.

For her part, Badenoch said joining the CPTPP is one of her top priorities as the Secretary of State for the Department for Business and Trade of the UK, expressing thanks to Viet Nam for its cooperation and support for the process.

Viet Nam's hosting the next round of talks in Phu Quoc late this month will contribute to the accelerating the process, especially in the context of the two countries celebrating the 50th anniversary of the bilateral diplomatic ties this year, she noted.

Badenoch expected that CPTPP members and the UK will handle the pending issues during the meeting to end the negotiations in principle.

After the four rounds of talks held online in 2022, the next meeting is scheduled for February 27 in Phu Quoc in the southern province of Kien Giang.

The CPTPP was signed by 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam in Chile on March 8, 2018.

Eight months later, Viet Nam ratified the trade deal that took effect on January 14, 2019.

The trade area represents 13.5 percent of the global economy, a total of US$10 trillion dollars and 15 percent of the global trade revenue, equal to US$5 trillion./.