Vietnam, UK sign free trade deal
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Due to the impact of COVID-19 epidemic, the Vietnamese government representatives and the Minister of Industry and Trade Tran Tuan Anh had not been able to be present to sign the deal, and the two governments have authorized the ambassadors for the mission. The bilateral deal will take effect from 11 p.m., December 31.
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| Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Elizabeth Truss sign the minutes on the conclusion of negotiations over the UKVFTA on December 11. Photo: VNA |
Earlier on December 11, Minister Anh and UK Secretary of State for International Trade Elizabeth Truss signed the minutes on the conclusion of negotiations over the UKVFTA to create a foundation for the two nations to conduct necessary legal documents for the official signing.
Accoring to the VNA, the UKVFTA was negotiated based on principles of commitments of the EU-Vietnam FTA with necessary adjustments to ensure the deal conforms with the Vietnam-UK bilateral trade framework.
Accordingly, the deal includes nine articles, one Appendix revising some articles of the EVFTA, one Protocol and one bilateral exchange letter between Vietnam and the UK. Currently, the two sides are rushing to complete domestic procedures in accordance with the laws of each party so as to ensure the agreement can be implemented from 11pm on December 31.
In the context that the UK official left the EU and the Brexit transition period is about to end on December 31, the signing of the free trade agreement will ensure the bilateral trade cannot be disrupted.
As it inherits the EVFTA, the UK-Vietnam Free Trade Agreement will create a comprehensive, long-term and stable economic-trade cooperation framework between the two countries, thus contributing to deepening their multifaceted cooperation, especially when the two sides just extended the maintenance of bilateral relations at the strategic partnership level.
Vietnam and the UK set up diplomatic relations in 1973. Over the past 47 years, bilateral ties have unceasingly developed. According to the General Department of Vietnam Customs, two-way trade reached 6.6 billion USD in 2019.
