(VOVWORLD) -The UK-Vietnam Free Trade Agreement (UKVFTA) which was signed and took effect on the first day of 2021, is predicted to create more impetus to strongly boost exports.
 (Illustrative photo: VNA) |
Kenneth Atkinson, President of the British Chamber of Commerce Vietnam (Britcham), said that UKVFTA will provide opportunities to increase trade and support employment as well as promote growth for both Vietnam and the UK.
With the elimination of 65% of the total tariffs from the time the agreement coming into force and 99% of the total tariffs to be removed after 6-7 years, the deal will bring many practical benefits to the UK's enterprises exporting machinery, pharmaceuticals, chemicals, and spirits, he said.
UKVFTA will help ensure the implementation of rules and commitments that businesses and the governments of the two countries have so far agreed, Mr. Atkinson said.