Parliament ratifies UK's accession document to CPTPP.

With 459 out of 460 attending delegates voting in favor, the National Assembly passed a Resolution approving the United Kingdom and Northern Ireland's accession to the Comprehensive and Progressive Trans- Pacific Partnership Agreement (CPTPP) on the morning of June 25.

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.

Parliament ratified the United Kingdom and Northern Ireland's accession document to the Comprehensive and Progressive Trans- Pacific Partnership (CPTPP) Agreement.

GIA HAN

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. With the resolution passed, the National Assembly agreed to apply the entire content of the UK's CPTPP Accession Instrument and the CPTPP provisions signed on March 8, 2018 in Chile, as outlined in Appendix 2 of Resolution No. 72 of 2018 of the National Assembly on the ratification of the CPTPP Agreement and related documents, to the United Kingdom. The National Assembly tasked the Government with reviewing relevant legal documents to promptly amend, supplement, or issue new regulations, ensuring the consistency of the legal system and adherence to the roadmap for implementing the commitments in the UK's CPTPP Accession Instrument. The Prime Minister is tasked with approving and directing relevant central and local agencies and organizations to implement the UK's accession document to the CPTPP. The UK has been studying the possibility of joining the CPTPP since 2018, aiming to stimulate exports post-Brexit. The UK government estimates that the agreement will help reduce import tariffs on cars, wine, and dairy products. The UK's GDP is projected to increase by an additional £1.8 billion ($2.2 billion) annually in the long term. The CPTPP is a supplementary agreement alongside 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 National Assembly's Foreign Affairs Committee, Vu Hai Ha, stated that the National Assembly Standing Committee assessed that the UK had 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 sectors operating under market economic conditions," Mr. Ha said.

The United Kingdom will recognize Vietnamese manufacturing industries operating under market economic conditions within the framework of the CPTPP.

GIA HAN

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. Previously, during discussions on the UK's ratification of the CPTPP, some delegates suggested a mechanism to provide capital support for small and medium-sized enterprises. Others proposed a government support package to help businesses enhance their competitiveness, transition to green practices, and meet environmentally friendly requirements. In addition, some delegates suggested enhancing the trade defense capacity of businesses, especially small and medium-sized enterprises, to protect domestic production and markets. Mr. Ha stated that, in response to the opinions and solutions raised by National Assembly delegates aimed at improving competitiveness and leveraging Vietnam's advantages, and enabling localities and businesses to seize opportunities when the document comes into effect, the National Assembly Standing Committee requested the Government to research, supplement, and detail these contents in the implementation plan. The National Assembly Standing Committee also noted the possibility that all six CPTPP members will complete the ratification procedures before October 16, 2024, thus allowing the document to come into effect sooner (from December 16, 2024). Therefore, the Standing Committee of the National Assembly proposes that the Government 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.

Thanhnien.vn

Source: https://thanhnien.vn/quoc-hoi-phe-chuan-van-kien-gia-nhap-cptpp-cua-anh-185240625083454926.htm