NA ratifies the UK’s CPTPP accession protocol
CPTPP is a free trade agreement in force between 11 countries including Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Việt Nam. In 2023, CPTPP parties signed an accession protocol with the UK, welcoming them as the 12th member.
The National Assembly on Tuesday morning ratified the UK’s protocol of accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), with 94.25 per cent of votes in favour.
The UK’s protocol of accession to CPTPP is an integral part of the trade deal, according to Vũ Hải Hà, Chairman of the National Assembly’s Foreign Affairs Committee.
The NA’s ratification is expected to contribute to enhancing Việt Nam’s role and position in international economic cooperation.
The UK has committed to a higher level of market opening for Việt Nam than other countries in the CPTPP and higher than the commitments under the UK – Việt Nam Free Trade Agreement (UKVFTA), for some important issues. Under the CPTPP’s commitments, the UK will recognise that Việt Nam’s manufacturing industries operate under market-based economic conditions.
The NA’s ratification will make Việt Nam among the first six CPTPP member countries to approve the UK’s accession protocol.
"This demonstrates Việt Nam’s proactiveness and responsibility in accelerating bilateral trade and investment relations with the UK, as well as affirming the role and position of Việt Nam in the regional and international arenas, create new momentum for the country’s socio-economic development, improve the legal system and enhance the competitiveness of enterprises," Hà said.
Some NA deputies, however, expressed concerns about challenges from higher requirements for trade and investment, urging solutions to be raised to bring into play opportunities from the FTAs.
In response, Hà said that the focus would be on increasing communication to improve awareness and understanding of CPTPP and UKVFTA.
In the draft plan for implementing the UK’s accession protocol, the Government had assigned relevant ministries and agencies to review and study amendments to the existing legal documents and issuance of new ones for commitments between Việt Nam and the UK.
According to the National Assembly’s Standing Committee, there might be six CPTPP members who complete their ratification of the accession protocol by October 16, 2024, meaning that the protocol will come into force from December 16.
Hải said that it was necessary to have plans for improving the legal framework to implement the protocol when it takes effect.
CPTPP is a free trade agreement in force between 11 countries including Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Việt Nam.
The CPTPP came into being on December 30, 2018, with the first six countries to ratify the agreement being Canada, Australia, Japan, Mexico, New Zealand and Singapore.
The agreement has been in force for Việt Nam since January 14, 2019.
On July 16, 2023, CPTPP parties signed an accession protocol with the UK, welcoming them as the 12th member.
The CPTPP will enter into force for the UK once all CPTPP members, including the UK, complete their respective ratification processes.
If all members have not ratified it by October 16, 2024, the protocol will enter into force after six CPTPP members and the UK ratify the agreement. — VNS
