Benefits of Vietnam's ratification of the UK's CPTPP Accession Document

VOV.VN - The implementation of the CPTPP will help members gain better access to the UK market. The UK also made very high commitments to Vietnam on opening its market for goods, services and investment...

Along with the UK Government taking the necessary steps to ratify the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) on May 16, 2024, other CPTPP member countries, including Vietnam, must also complete their own domestic legalization processes. The fact that the Vietnamese National Assembly considered the proposal to ratify the United Kingdom of Great Britain and Northern Ireland's accession document to the CPTPP at its 7th session also means that Vietnam will be among the first 6 countries to sign the UK's CPTPP protocol.

VOV reporter interviewed Mr. Luong Hoang Thai - Director of Multilateral Trade Policy Department, Ministry of Industry and Trade about this content.

Reporter: Sir, what is the significance of the National Assembly's consideration of the proposal to ratify the CPTPP accession document of the United Kingdom of Great Britain and Northern Ireland at the 7th session? Mr. Luong Hoang Thai : In recent times, we have implemented a consistent policy of multilateralization and diversification of relations. In particular, in the field of international economic integration, we have made strong progress and participated in high-standard playgrounds, in which CPTPP is one of the agreements that have been concluded in Vietnam. When this agreement was designed, it took into account the need to be expanded to demonstrate the position of the region in international trade, and the UK was the first partner that the CPTPP countries decided to negotiate to join. After a period, this negotiation process has been successfully concluded. All countries have a policy of valuing open, rule-based trade, and working together to promote it in a mutually beneficial direction. Meanwhile, after leaving the EU, the UK also tends to actively promote relations with countries in the Asia- Pacific region, so the two sides have met on that common goal, and reached the end of negotiations. That is why in July 2023, the countries signed to accept the UK's participation in the CPTPP. However, this signing needs to be ratified by the Parliaments of the parties. And according to regulations, if the Agreement is ratified by the UK and at least 6 member countries, it will take effect in October 2024. That is why we have also promoted the domestic ratification process so that we can work with the UK and other CPTPP countries to put the Agreement into effect. So far, the UK and 4 CPTPP member countries have completed the domestic ratification process. And if Vietnam completes this ratification process, the Agreement will most likely be put into effect at the time the countries expect. Therefore, the consideration of the National Assembly's opinion this time is extremely important. It continues to demonstrate the common policy as when our National Assembly ratified the CPTPP Agreement initially. Reporter: What benefits will Vietnam and its members gain when the UK implements the CPTPP Agreement, sir? Mr. Luong Hoang Thai : The UK's accession negotiations to the CPTPP are one-way negotiations. Because the CPTPP Agreement already exists and the countries agree that all parties, if they want to join the CPTPP Agreement, must accept all the existing rules from the CPTPP Agreement. Thus, when the UK negotiates to join the CPTPP, the UK negotiates to open its market to CPTPP countries and accept the common rules and regulations established by the CPTPP countries. Therefore, the implementation of the CPTPP will help CPTPP members better access the UK market. The UK also made very high commitments to Vietnam on opening its markets for goods, services and investment. And in terms of the general goals of the CPTPP, the UK has also recognized that Vietnam's economy operates according to the principles of a market economy. Reporter: Vietnam is one of the first 10 members - it can be considered a founding member of the CPTPP - the role of "judge" when admitting new members. What must Vietnam do to get the best benefits for all parties, including Vietnam, sir? Mr. Luong Hoang Thai : When the CPTPP Agreement was put into effect, we also set a principle, which is: If the countries interested in the Agreement are willing to play by the common rules of the Agreement, and are willing to open their markets to each other on the principle of mutual benefit, accepting all the common rules of international trade, they can also join the CPTPP. The UK was the first country to affirm that determination and we have also successfully negotiated with other countries for the UK to join the CPTPP. In the coming time, the CPTPP will continue to consider a number of other economies interested in this Agreement. If we pay attention, not only the countries that have applied for membership in the past have shown their determination to continue negotiating, but in the past, many economies and especially some of our neighboring ASEAN countries have also shown great interest. Therefore, in addition to building an open institution and admitting members, we have always affirmed our support for the CPTPP, taking the Asia-Pacific region and especially the central position of ASEAN as the core to promote cooperative relations with partners around the world... Reporter: Thank you!