The UK and Vietnam have held their first Joint Economic and Trade Committee (JETCO) in three years, looking to strengthen their trade partnership and reinforce net zero commitments.
Minister of State for Trade Policy, Penny Mordaunt, said that trade between the two has grown by almost 11% in a year as the UK continues to deepen trade relationships in the Indo-Pacific region.
“Vietnam is growing fast and is expected to become one of the world’s major economies by 2050,” she said. “They are a vital Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) member, and an important trading partner for the UK that demonstrates our Indo-Pacific tilt in action.”
The CPTPP is a free trade area made up of 11 countries with a joint GDP of £9 trillion. The UK remains on track to join by the end of this year having moved into the final phase of negotiations at the beginning of 2022.
The UK and Vietnam share a long-standing trading relationship, with trade increasing between the two countries by almost 11% from 2020, when the UK-Vietnam Free Trade Agreement was signed, and 2021.
This Agreement eliminates 99% of all tariffs and helps forge a deeper relationship with a country which shares the UK’s belief in free trade.
Ms Mordaunt said that the UK will also reinforce its commitment to helping Vietnam meet its net zero goals by sharing expertise in the renewable energy sector and hosting a Forum for UK and Vietnamese businesses.
She will host a round table on renewable energy attended by experts, industry representatives and officials.
