As the Prime Minister’s Trade envoy for Vietnam I am pleased to see the UK now strike a deal and establish a new Free Trade Agreement, marking the start of a new era as we regain control and the ability to negotiate free trade agreements across the globe.
Vietnam is one of the fastest-growing economies in Asia and it is important that we work closely with our allies to boost businesses and strengthen our economies. Trade with Vietnam has tripled between 2010 and 2019 and is now worth £5.7 billion. This trade agreement will see 99% of tariffs eliminated, including on machinery and pharmaceutical products that we export.
This will provide businesses with new and exciting opportunities whilst also establishing stability in the markets, so much of their coffee is used in our local brand! As trade envoy, I look forward to working closely with my counterparts to ensure that we continue to open doors for businesses and promote British goods abroad, especially from South Derbyshire.
As we sign this trade agreement along with Singapore it strengthens the opportunity to join the Trans-Pacific Partnership (CPTPP) which accounted for 13% of global GDP in 2019 which would rise to 16% of the UK joined. I believe this would provide businesses with numerous opportunities and see the UK secure a stronger position on the global stage. These trade deals mark the start of a new post-Brexit era and I look forward to exploring these new opportunities.