UK and Vietnam to boost agricultural trade | Article
The UK and Vietnam held their first Joint Economic and Trade Committee (JETCO) talks in three years last week (May 25) in London with the aim of increasing cooperation in several sectors, including agriculture.
The UK government, which seeks to deepen trade relations in the Indo-Pacific region, said the meeting was aimed at addressing market access barriers in each other’s economies.
It comes after the UK and Vietnam agreed to sign a free trade deal last year, eliminating 99% of all tariffs.
Vietnam is a member of the CPTPP – an 11-country free trade zone with a GDP of £9 trillion – which the government says the UK is set to join by the end of this year.
Vietnam is among the fastest growing economies in the region and is expected to become one of the world’s leading economies by 2050. It is a major exporter of agricultural products, such as fresh tropical fruits and processed dairy products , pork and poultry.
Minister of State for Trade Policy, Penny Mordaunt, hosted her Vietnamese counterpart, Mr. Dang Hoang An, Deputy Minister for Industry and Trade, in London for the talks.
Minister of State for Trade Policy Penny Mordaunt said: “I am delighted to welcome Mr Dang Hoang An and his team to London. Vietnam is growing rapidly and is expected to become one of the world’s leading economies by 2050. It is a core member of the CPTPP and an important trading partner for the UK, demonstrating our Indo-Pacific tilt in action.
“Our talks today are strengthening ties between our nations, including addressing market access barriers in each other’s economies and providing support to Vietnam so it can meet its net zero commitments.
“The UK and Vietnam share a long-standing trade relationship, with trade between the two countries increasing by nearly 11% between 2020, when the UK-Vietnam Free Trade Agreement was signed. Vietnam, and 2021. This agreement eliminates 99% of all customs duties and helps forge a deeper relationship with a country that shares our faith in free trade.