UK-Vietnam FTA to become effective on December 31

Representatives from Vietnam and the United Kingdom signed a free trade agreement between the two countries in London on December 29 evening (Vietnam time).

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Vietnam Ambassador to the UK Tran Ngoc An and UK Ambassador to Vietnam Gareth Edward Ward were authorised to sign the deal as leading officials of the Vietnam Gov’t and Minister of Industry and Trade Tran Tuan Anh were unable to travel to the UK to sign directly amid Covid-19. 

The deal 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.

It includes nine articles, one Appendix revising some articles of the EVFTA, one Protocol and one bilateral exchange letter between Vietnam and the UK.

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 23:00 on December 31.

The UK-Vietnam Free Trade Agreement is expected to 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.

VNA