Approval for UK's CPTPP membership proposed to National Assembly

June 08,kết quả lillestrom 2024 - 16:02 Your browser does not support the audio element. The UK's accession to the CPTPP will further reinforce Việt Nam's role with the UK in the region, enhance Việt Nam's position in international economic cooperation, and strengthen bilateral relations with the UK.

Vice President Võ Thị Ánh Xuân presenting the proposal to ratify the document on the United Kingdom's accession to the CPTPP, in a National Assembly meeting on Saturday. VNA/VNS Photo Văn Điệp

HÀ NỘI Vice President Võ Thị Ánh Xuân, on behalf of the President, presented a proposal to the National Assembly on Saturday to ratify the document on the United Kingdom's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

On February 1, 2021, the UK officially submitted its application to join the CPTPP. Following this, negotiations between the UK and the CPTPP member countries were conducted.

Essentially, the negotiation for the UK's accession to the CPTPP was unilateral, with the UK making numerous commitments to open new markets and accepting all existing commitments within the CPTPP. On June 16, 2023, with the authorisation of the Government, the Minister of Industry and Trade, along with ministers from other CPTPP countries and the UK, signed the document on the UK's accession to the CPTPP, making it the twelfth signatory member of the agreement.

Assessing the impact of the UK's accession to the CPTPP, the Vice President noted that Việt Nam and the UK already have a bilateral Free Trade Agreement (FTA). The UK's accession to the CPTPP will further reinforce Việt Nam's role with the UK in the region, enhance Việt Nam's position in international economic cooperation, and strengthen bilateral relations with the UK.

Significantly, the UK's recognition of Việt Nam's market economy status is important as it provides a basis for Việt Nam to continue lobbying other countries, including the US, to recognise Việt Nam as a market economy. From a multilateral perspective, the UK's accession to the CPTPP will help connect the Asia-Pacific, Americas, and Europe, elevating the CPTPP from a regional agreement to a global one.

In terms of economic impact, the UK's accession to the CPTPP will help attract other economies to join this regional FTA, expanding market access opportunities for Vietnamese goods and increasing Việt Nam's appeal to foreign investors. The UK is one of the largest import markets in the world, and the negotiation results achieved will strongly boost trade and investment activities between Việt Nam and the UK, particularly facilitating Vietnamese exports to a market with substantial annual import turnover.

Regarding labour, employment, and social impacts, sectors where the UK excels in exports, such as machinery, high-tech equipment, financial services, and banking, are complementary rather than competitive to Việt Nam's key sectors. Therefore, there will be no significant competition regarding employment; instead, it will help develop the labour market and increase job opportunities in corresponding fields in Việt Nam.

However, the UK is one of the most demanding markets globally regarding domestic standards for goods circulation. Thus, Vietnamese exports to the UK face the challenge of meeting these stringent standards.

Additionally, Việt Nam will also commit to opening its market for goods and services to the UK. This creates certain competitive pressures for Vietnamese businesses and their products and services. Nevertheless, this is healthy, selective competition with an appropriate roadmap. Importantly, given the high complementarity between the UK and Việt Nam's economic structures, the competitive pressure is expected to be minimal.

Vice President Xuân stated that the Government proposes ratifying the document at the seventh session to make Việt Nam one of the first CPTPP countries to ratify the protocol. So far, three have been three CPTPP members: Singapore, Japan, and Chile, that have announced the completion of domestic procedures.

"Based on the Government's proposal with the aforementioned contents and pursuant to the 2016 Law on International Treaties, the President respectfully requests the National Assembly to consider and decide on the ratification of the document on the UK's accession to the CPTPP at the 7th session of the 15th National Assembly," said Xuân.

Presenting the verification report at the session, Chairman of the National Assembly's Committee on Foreign Affairs Vũ Hải Hà stated that the Committee on Foreign Affairs agreed on the necessity of ratifying the document.

Responding to concerns from many deputies about the challenges posed by the demanding European markets, including the UK, for Vietnamese businesses and exports, deputy Nguyễn Văn Thân from the northern Thái Bình Province noted that recent surveys showed many localities and businesses have rapidly adapted to technological changes following agreements like the EVFTA and CPTPP, contributing to increased product value. He urged the Government to continue providing support to businesses to seize opportunities and advantages to upgrade their technologies.

Deputy Thái Quỳnh Mai Dung from Vĩnh Phúc expressed strong agreement with the President's proposal, the Government's explanatory report, and the Committee on Foreign Affairs' verification report. Deputy Mai Dung hoped that in 2024, the Ministry of Industry and Trade would issue an annual FTA Index to evaluate the implementation results of FTAs by localities, serving as a benchmark and providing a standard process for implementation. This would also facilitate better monitoring and adjustment in the future.

Also during the morning session, the National Assembly discussed in groups the draft Law on Prevention and Combat of Human Trafficking (amended) and the draft Law on Juvenile Justice. VNS