Vietnam participates in the UK trade policy review at the WTO

According to VNA correspondent in Geneva, Ambassador Mai Phan Dung, Head of the Vietnamese Mission in Geneva, on October 28 delivered a speech at the first trade policy review session of the UK. The event took place at the headquarters of the World Trade Organization (WTO), with the participation of a delegation from the UK led by Mr. Chris Bryant, Secretary of State for Business and Trade.

Ambassador Mai Phan Dung speaks at the review session. Photo: VNA

In his speech, Ambassador Mai Phan Dung said that Vietnam highly appreciates the resilience of the UK economy , the sixth largest economy in the world, with total trade turnover accounting for about 60% of GDP (2024), growing 3.6% in 2024 compared to 2019 despite facing the impacts of the COVID-19 pandemic.

The UK is one of the world’s most open and globally connected markets, with a strong commitment to trade, investment and innovation. FDI inflows into the UK have more than doubled in the past decade, from £1 trillion (2014) to £2.1 trillion (2023), making the UK the top FDI destination in Europe and the third largest globally. The UK’s trade growth has been supported by the implementation of new tariff and trade facilitation measures under its independent trade policy following its exit from the European Union.

The UK has been progressively liberalising tariffs through a number of agreements, including joining the Comprehensive and Progressive Agreement for Trans- Pacific Partnership, offering tariff preferences and facilitating business inputs. These reforms have helped reduce compliance costs for businesses.

Ambassador Mai Phan Dung noted that the UK is a strong supporter of the WTO and the multilateral trading system, providing stability and predictability for businesses and consumers globally. Vietnam welcomes the UK's active role in WTO reform, especially in supporting the restoration of the dispute settlement system, promoting multilateral initiatives, participating in active dialogues and discussions on areas such as digital trade, the Multi-Party Interim Appellate Arbitration Arrangement (MPIA), the Fisheries Subsidies Agreement, etc. to maintain the effective operation of the WTO. Vietnam also highly appreciates the UK's efforts in implementing the "Aid for Trade" initiative and facilitating preferential market access for goods from more than 90 developing countries through the Trade Programme for Developing Countries.

On the basis of the Vietnam-UK Free Trade Agreement, CPTPP and other existing cooperation frameworks, Vietnam and the UK have been cooperating closely in many areas such as trade, investment, sustainable development, capacity building cooperation, trade defense, etc. Ambassador Mai Phan Dung expressed that Vietnam wishes to continue to cooperate closely with the UK to make the most of FTAs ​​and existing cooperation frameworks, bringing benefits to businesses and people.

Source: https://baotintuc.vn/thoi-su/viet-nam-tham-gia-phien-ra-soat-chinh-sach-thuong-mai-cua-anh-tai-wto-20251029204225170.htm