UK to continue support for VN-EU free trade agreement

October 20, 2016 | 10:28

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The UK will continue supporting the Việt Nam-EU Free Trade Agreement (EVFTA) even after it leaves the European Union.

The UK will continue supporting the Việt Nam-EU Free Trade Agreement (EVFTA) even after it leaves the European Union. - Photo vietnamfinance.vn

Minister of State for Trade and Investment, Mark Ian Price, made the statement at the ninth meeting of the Việt Nam-UK Joint Economic, Trade Co-operation Commission in Hà Nội yesterday.

He said trade between Việt Nam and the UK has seen continuous growth in recent years, and the UK wants to see further growth in bilateral trade.

Minister of Industry and Trade Trần Tuấn Anh affirmed that the UK is an important trade and investment partner of Việt Nam.

Huge investment opportunities are opening up in such fields as industry and agriculture for foreign businesses, including those from the UK, he said.

He urged the two countries’ management agencies to take stronger actions in order to implement commitments set in the signed FTA.

The ongoing visit of the UK Minister of State for Trade and Investment provides a chance for the European country to get a clearer vision about cooperation opportunities between the two countries in the future, Minister Trần Tuấn Anh added.

The negotiation of the EVFTA was concluded on December 1, 2015. The official document on the agreement was made public on February 1, 2016.

The EVFTA is considered a comprehensive and high-quality agreement, which pays attention to the balanced interests for both Việt Nam and the EU and complies with the World Trade Organisation (WTO)’s regulations.

Under the trade pact, which is expected to take effect from 2018, Việt Nam is committed to removing most import tariffs as well as export taxes.

Statistics showed nearly 47 per cent of Việt Nam’s exports to the UK were mobile phones, computers and electronic spare parts. Việt Nam recorded a trade surplus of US$3.9 billion with the UK in 2015 and $1.7 billion in the first five months of 2016.

VNS

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