Vietnam's National Assembly ratifies UK's CPTPP accession document

On the morning of June 25, with 459/460 National Assembly deputies present in favor, the National Assembly voted to pass the resolution ratifying the document of accession to the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) of the United Kingdom of Great Britain and Northern Ireland. Previously, on behalf of the National Assembly Standing Committee, Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha presented a report explaining and accepting the opinions of National Assembly deputies. Regarding the authority to ratify and the procedures for proposing the ratification of the document, National Assembly deputies all agreed that the document of accession to the CPTPP Agreement of the United Kingdom of Great Britain and Northern Ireland is an integral part of the CPTPP Agreement, with the content of amending and supplementing the CPTPP Agreement under the authority of the National Assembly to ratify. The procedures and dossiers for submitting the document for ratification comply with the provisions of the 2013 Constitution, the Law on the Organization of the National Assembly, and the Law on International Treaties. Regarding the necessity of ratification, the time of ratification and the draft resolution of the National Assembly for ratification, the National Assembly deputies all agreed on the necessity of ratification, the time of ratification of the document by the National Assembly at the 7th session and the draft resolution of the National Assembly for ratification. Mr. Ha also pointed out that the UK has made a higher commitment to open its market to Vietnam than other countries in the CPTPP, higher than the commitment of the Vietnam-UK Free Trade Agreement (UKVFTA) in a number of important contents for Vietnam. Within the framework of joining the CPTPP Agreement, the UK will recognize Vietnam's manufacturing industries operating under market economy conditions. The National Assembly's ratification of the document at the 7th session will put Vietnam among the first 6 CPTPP countries to ratify the document, demonstrating Vietnam's positivity and responsibility in promoting bilateral trade and investment relations between Vietnam and the UK. In addition, it affirms Vietnam's role and position in the region and the world; creating new momentum for the country's socio-economic development, contributing to perfecting the legal system, and improving the competitiveness of businesses. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in 2018 and took effect in Vietnam from the beginning of 2019. The agreement includes 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru and Vietnam. Together, these countries have a population of around 500 million. The International Monetary Fund (IMF) estimates that with the UK’s participation, the group would account for 15% of global GDP. The UK applied to join the CPTPP in 2021. The UK is the first European country to join the dynamic trade bloc and the first new member since the CPTPP was created, transforming the CPTPP from a Pacific pact to a truly global agreement.

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Source: https://tuoitre.vn/quoc-hoi-viet-nam-phe-chuan-van-kien-gia-nhap-cptpp-cua-anh-20240625084302452.htm