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| Ambassador Mai Phan Dung, Permanent Representative of Vietnam to the UN, the WTO, and other international organizations in Geneva, speaks at the UK’s first Trade Policy Review at the WTO__Photo: VNA |
Vietnam welcomes the UK’s active role in the reform of the World Trade Organization (WTO), particularly in supporting the restoration of the dispute settlement system and promoting multilateral initiatives, a Vietnamese diplomat has said.
Delivering a speech at the UK’s first Trade Policy Review at the organization, Ambassador Mai Phan Dung, Permanent Representative of Vietnam to the UN, the WTO, and other international organizations in Geneva, spoke highly of the resilience of the British economy, currently the world’s sixth largest. Its total trade made up 60 percent of GDP last year, a 3.6 percent increase compared with 2019 despite impacts of the COVID-19 pandemic.
The UK is one of the world's most open and globally connected markets, with strong commitments to trade, investment, and reform, the ambassador observed. Foreign direct investment (FDI) into the UK has more than doubled over the past decade, surging from GBP 1 trillion in 2014 to GBP 2.1 trillion in 2023, making this country the leading FDI destination in Europe and the third largest globally.
Dung highlighted that the UK’s trade development has been backed by new tax measures and trade facilitation policies under an independent trade policy framework following its exit from the European Union (EU). It has gradually advanced tariff liberalization through multiple agreements, including accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), while introducing tariff incentives and facilitating business inputs. These reforms have contributed to reducing compliance costs for enterprises.
The Vietnamese diplomat said the UK has been a strong advocate for the WTO and multilateral trade system, which provide stability and predictability for businesses and consumers alike.
Vietnam highly values the European country’s efforts to implement the Aid for Trade program and offer preferential market access for goods from over 90 developing countries through its Developing Countries Trading Scheme, he went on.
Building on the UK – Vietnam Free Trade Agreement (UKVFTA), the CPTPP, and other cooperation frameworks, both countries have been working closely across various areas including trade, investment, sustainable development, capacity building, and trade remedies. Vietnam is interested in keeping close cooperation with the UK to fully capitalize on the existing free trade pacts and cooperation frameworks, delivering tangible benefits to enterprises and businesses of both sides, according to the ambassador.- (VNA/VLLF)
