Hanoi，February 2, 2023(AseanAll)—The British trade minister arrived in Hanoi on February 1 to start his ASEAN tour of Vietnam, Malaysia and Singapore.
Minister of State Greg Hands of the UK Department for International Trade arrived in Hanoi on February 1 for high-level trade talks on how the UK joining of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will boost the economic firepower of the world’s most dynamic trade bloc, according to the British Embassy in Vietnam.
(Photo: British Embassy in Vietnam)
On the same day, he held talks with Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh.
Vietnam was the first leg of his three-day Asia-Pacific tour, the visit aims to promote the UK’s engagement in the CPTPP, of which Vietnam is a founding member.
It was also an opportunity to mark the 50th anniversary of the UK - Vietnam diplomatic relations and discuss the thriving bilateral trade relationship, which has increased 12.4% over the last year and is valued at 5.9 billion GBP (7.3 billion USD), the British Embassy in Vietnam noted.
The UK’s membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will add another like-minded partner and strong voice to this powerful alliance, taking the trade bloc’s GDP to £11 trillion. It will give UK businesses tariff-free access on over 99% of goods to a market of around 500 million customers, according to the British government website on January 31.
With the next round of CPTPP negotiations coming soon, the minister expressed the UK’s desire to finalise accession at the earliest opportunity.
Minister of State for Trade Policy Greg Hands said: "Joining CPTPP will add even more economic clout to this exciting and dynamic trade alliance, helping it grow to £11 trillion or from 12 to 15% of global GDP."
This visit will also strengthen British bilateral trade relationships with Vietnam, Malaysia and Singapore – which total £32bn. These fast-growing economies represent huge opportunities for our life sciences and technology sectors.
