On Friday, March 26, Vietnamese Deputy Foreign Minister Tu An Dong presided over a memo exchange ceremony confirming the date of entry into force of the Vietnam-UK Free Trade Agreement.
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Vietnamese Deputy Foreign Minister Tu An Dong (right) and UK Ambassador to Vietnam Gareth Ward in Hanoi.
Photo: VNA / CVN
The Free Trade Agreement between Vietnam and the United Kingdom was formally signed in London on December 29, 2020 and will be provisionally enforced from 1is being January 2021.
This is the third “new generation” free trade agreement that Vietnam signed and implemented, which helps maintain and strengthen the framework for economic and trade cooperation with the United Kingdom, which is one of Vietnam’s main and important partners.
Speaking at the ceremony, Vietnamese Deputy Foreign Minister Tu An Dong and UK Ambassador to Vietnam Gareth Ward highly praised the efforts of agencies, ministries and sectors in both countries to promote early completion of the approval procedures for this agreement.
This agreement will help Vietnam maintain preferential terms of trade and economic benefits through market-opening commitments, which were previously mentioned in the Vietnam-EU Free Trade Agreement.
Trade in services continues. The two sides have conditions for enhancing cooperation in financial services, banking and e-commerce. The agreement also promotes protection of intellectual property rights, protection of geographical indications, clean growth and sustainable development.
In January 2021, the total value of exports between Vietnam and the United Kingdom reached 657.35 million US dollars, up 78.57% over the same period last year.
According to the regulations, the agreement will enter into force on the first day of the second month after the date of receipt of the final notification from the parties regarding the completion of domestic legal procedures. Thus, after exchanging notes to confirm the completion of the internal procedures of both parties, the agreement will formally enter into force in 1is being May 2021.
VNA / CVN
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