Entry into drive of the Free Commerce Settlement between the UK and Viet Nam


(MENAFN – Caribbean Information World)

LONDON, England – The UK and Viet Nam have a robust and rising bilateral commerce relationship and share a strategic dedication to world commerce, free motion of capital and funding, the Worldwide Commerce Division mentioned as a spotlight an vital symbolic step on this partnership. the UK-Viet Nam Free Commerce Settlement enters into drive.

“Between 2011 and 2020, Viet Nam’s share in UK whole commerce doubled. The free commerce settlement covers £ 5.1 billion in commerce and supplies a platform for creating commerce and funding, in addition to certainty for UK and Vietnamese companies. Commerce in items starting from clothes and footwear to seafood and prescribed drugs can proceed uninterrupted. The free commerce settlement ensures entry to phased tariff reductions between the UK and Viet Nam. The deal locks in 65 % of all tariffs which have already been eradicated on commerce between the UK and Viet Nam.

This can improve to 99 % of tariffs after six years. This contains the elimination of tariffs for UK exporters of equipment, mechanical home equipment and prescribed drugs. The preferential FTA tariffs will present Viet Nam with an similar alternative to extend exports of key merchandise reminiscent of telephones and elements, clothes, footwear and fish to the UK. Viet Nam continues to profit from duty-free tariff charge quotas for its 14 merchandise, together with rice, with higher market entry ”.

Below the Free Commerce Settlement, commerce in companies can proceed to flourish. Viet Nam has not solely opened up extra sub-sectors for UK service suppliers, however has additionally made deeper commitments than these set out within the WTO – giving the UK favorable entry to the Vietnamese market. Subsectors which have greater commitments beneath the settlement embrace monetary companies, telecommunications, and academic companies.

“Concerning mental property rights, either side proceed to decide to a excessive stage of safety. Iconic British merchandise together with Scotch Whiskey, Scottish Farmed Salmon, Irish Whiskey and Irish Cream, in addition to 36 Vietnamese farm merchandise together with Moc Chau Tea, Buon Ma Thuot Espresso, Hai Hau Rice and Phu Quoc fish sauce, proceed to be protected. The UK-Viet Nam FTA additionally maintains entry to authorities procurement in Viet Nam, so UK corporations have extra alternatives to bid on authorities procurement.

“It additionally serves as a stepping stone in direction of the UK’s accession to the Complete and Progressive Settlement for the Trans-Pacific Partnership (CPTPP), a precedence for the UK. Viet Nam helps and welcomes the UK’s utility to hitch the CPTPP. This can convey us nearer to the CPTPP’s imaginative and prescient of advancing financial integration and supporting world commerce and funding liberalization.

“This newest milestone in a 12 months of strengthening bilateral and commerce relations between the UK and Viet Nam follows the signing in September of an up to date bilateral strategic partnership settlement, which can accompany and complement the FTA. The UK is dedicated to deepening its engagement within the Indo-Pacific, together with as a robust and dependable associate within the area’s rising prosperity, and on this nation, Viet Nam might be a key associate. ” , the worldwide commerce division mentioned in a press. Launch.

Associated: Commerce Agreements Between UK, Singapore, Vietnam, Starting Of New Commerce Period With Asia

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