(VOVWORLD) - The UK-Vietnam Free Trade Agreement (UKVFTA), which took effect on the first day of 2021, is predicted to strongly boost exports.
 Illustrative image by VNA |
Kenneth Atkinson, President of the British Chamber of Commerce in Vietnam (Britcham), said the pact will provide opportunities to increase trade, support employment, and promote growth for both Vietnam and the UK.
With the elimination of 65% of all tariffs as soon as the agreement took effect, and with 99% of all tariffs to be removed after 7 years, the deal benefit UK enterprises that export machinery, pharmaceuticals, chemicals, and spirits, he said.