(VOVWORLD) -The National Assembly on Tuesday morning passed the Resolution ratifying the accession of the UK to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
 Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha. (Photo: National Assembly) |
By a vote of 459 to 1, deputies agreed that the ratification procedures complied with the 2013 Constitution, the Law on Organization of the National Assembly, and the Law on International Treaties.
Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha said that within the CPTPP, the UK will recognize Vietnam’s manufacturing industries operating according to market economy criteria.
"Ratifying the UK's accession makes Vietnam one of the first six countries to do so. This will strengthen trade and investment ties with the UK, affirm Vietnam's regional and global role, and boost socio-economic development, legal improvements, and business competitiveness", Ha added.
The CPTPP agreement, signed in 2018 and effective in Vietnam since early 2019, includes 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru, and Vietnam.
With the UK's addition, the CPTPP will contribute an estimated 15% of global GDP, according to the International Monetary Fund.
The UK applied to join the Agreement in 2021, the first European country to apply and the first new country to apply since its inception. Its accession will make the CPTPP a truly global agreement.