Cooperation between Vietnam and the United Kingdom will be boosted after the latter becomes a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), British Ambassador in Vietnam Iain Frew said in a video released by the British Embassy in Vietnam on Sunday.

Britain formally signed a treaty in New Zealand on Sunday to become the 12th member of the free trade bloc.

The CPTPP is a landmark trade pact agreed in 2018 between 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, Reuters reported.

“I am delighted to announce that the UK is now an official member of the CPTPP. The pact will make it easier for Vietnamese and British companies to trade,” said the British ambassador.

The milestone is meaningful as it marks the 50th anniversary of diplomatic relations between Vietnam and the United Kingdom this year, said Frew.

“The UK and Vietnam are now part of a trade bloc of 12 countries with combined GDP of $15 trillion. Together, we will be helping to set progressive trade rules for the future,” he stressed.

On behalf of the British government, Britain’s Business and Trade Secretary Kemi Badenoch signed the treaty to make the country the first in Europe to join the CPTPP.

“This is a modern and ambitious agreement, and our membership in this exciting, brilliant and forward-looking bloc is proof that the UK’s doors are open for business," Reuters reported, citing Badenoch.

Joining the CPTPP will give the UK multiple big chances and expand its access to the market of more than 500 million people.

The trade accord will also spur the British economic growth and create hundreds of thousands of jobs, she said.

A report recently released by the British government showed that in 2019, one in every 100 British employees worked for a CPTPP-owned firm, equivalent to over 400,000 jobs across the UK.

Britain expects businesses from CPTPP countries to make a positive contribution to the UK economy.

In 2019, CPTPP-owned enterprises accounted for 0.3 percent of all businesses in the UK, but generated 6.1 percent of the country’s total business turnover.

Speaking of the benefits of joining the CPTPP, the British ambassador in Vietnam said that Britain’s whisky and automobile exports to CPTPP members are eligible for tax exemption.

British Deputy Ambassador Marcus Winsley told Tuoi Tre (Youth) newspaper that Britain expects to make its contribution to digitalization and intellectual property processes in the trade bloc.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!