The National Assembly assigns the Prime Minister the responsibility of approving and directing relevant agencies and organizations at the central and local levels to implement the plan for the implementation of the accession document to the CPTPP Agreement of the United Kingdom and Northern Ireland.
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| The results of the approval vote. |
Continuing the 7th Session, on the morning of June 25th, with 459 out of 460 attending delegates voting in favor, the National Assembly passed a Resolution approving the accession of the United Kingdom and Northern Ireland to the Comprehensive and Progressive Trans- Pacific Partnership Agreement (CPTPP).
The CPTPP was signed in 2018 and came into effect for Vietnam at the beginning of 2019. The agreement includes 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru, and Vietnam.
The International Monetary Fund (IMF) estimates that the UK's accession would bring the CPTPP to a market of over 500 million people, with an estimated GDP of over $13.6 trillion, equivalent to 15% of the world's GDP.
In fact, the CPTPP countries and the UK concluded negotiations in March 2023 and signed an agreement making the UK a member of the 12-economy trade bloc in July 2023. To be officially recognized, CPTPP member countries need to ratify the relevant documents.
The resolution states that the entire content of the United Kingdom's Accession Instrument to the CPTPP Agreement and the provisions of the CPTPP Agreement signed on March 8, 2018 in Chile, as set out in Appendix 2 of Resolution No. 72/2018/QH14 dated January 12, 2018 of the National Assembly on the ratification of the CPTPP Agreement and related documents, shall apply to the United Kingdom.
The National Assembly has tasked the Government with reviewing relevant legal documents to promptly amend, supplement, or issue new ones, ensuring the consistency of the legal system and adherence to the roadmap for implementing commitments in the UK's accession document to the CPTPP Agreement.
The Prime Minister is tasked with approving and directing relevant agencies and organizations at the central and local levels to implement the plan for executing the UK's accession document to the CPTPP Agreement.
The UK has been studying the possibility of joining the CPTPP since 2018, aiming to stimulate exports post-Brexit. The government estimates that the agreement would help them reduce import tariffs on cars, wine, and dairy products. The UK's GDP would increase by an additional £1.8 billion ($2.2 billion) per year in the long term.
The CPTPP is an agreement in addition to the free trade agreements (FTAs) that the UK already has with most member countries.
Before the National Assembly voted and presented the report explaining and incorporating the opinions of the delegates, the Chairman of the Foreign Affairs Committee, Vu Hai Ha, stated that the Standing Committee of the National Assembly believes that the UK has made a higher level of commitment to market opening with Vietnam compared to other countries in the CPTPP, and higher than the commitments of the Free Trade Agreement between Vietnam and the United Kingdom (UKVFTA), in several important areas for Vietnam.
"Within the framework of joining the CPTPP Agreement, the United Kingdom will recognize Vietnamese manufacturing industries as operating under market economic conditions," Mr. Ha said.
The National Assembly's ratification of the document at its 7th session places Vietnam among the first six CPTPP countries to ratify the UK's accession to the CPTPP.
This demonstrates Vietnam's proactive and responsible approach in promoting bilateral trade and investment relations with the United Kingdom; affirms Vietnam's role and position in the region and the world; and creates new impetus for the country's socio-economic development, according to the National Assembly Standing Committee.
Earlier, during discussions on the UK's ratification of the CPTPP, some delegates suggested a mechanism to provide financial support to small and medium-sized enterprises.
Another opinion suggests that the government should provide support packages to help businesses enhance their competitiveness, transition to green practices, and meet environmentally friendly requirements.
In addition, some delegates suggested enhancing the trade defense capabilities of businesses, especially small and medium-sized enterprises, to protect domestic production and markets…
Mr. Ha stated that, taking into account the opinions and solutions raised by National Assembly deputies aimed at enhancing competitiveness and leveraging Vietnam's advantages, and enabling localities and businesses to seize opportunities when the document comes into effect, the Standing Committee of the National Assembly requested the Government to research, supplement, and specify these contents in detail in the plan for implementing the document.
The Standing Committee of the National Assembly also noted that if all six CPTPP members complete the ratification procedures before October 16, 2024, the document will soon come into effect (from December 16, 2024).
Therefore, the Standing Committee of the National Assembly requests the Government to study and revise the plan, specifying the completion time for the tasks related to lawmaking and institutional development, in order to promptly implement them when the document comes into effect.
Source: https://baodautu.vn/phe-chuan-van-kien-gia-nhap-cptpp-cua-anh-va-bac-ireland-d218440.html
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