The UKVFTA Agreement shall enter into force on the first day of the second month following the date on which the parties’ final notice of completion of internal legal proceedings has been completed.
Information from the Ministry of Industry and Trade said that on March 26, at the headquarters of the Ministry of Foreign Affairs, Deputy Minister of Foreign Affairs To Anh Dung presided over the ceremony to exchange the Note to confirm the effective date of the Free Trade Agreement. between Vietnam and the United Kingdom and Northern Ireland (UKVFTA).
Subject to paragraph 2a of Article 9, the UKVFTA Agreement shall enter into force on the first day of the second month after the date on which the parties’ final notice of completion of internal legal proceedings is received.
Thus, following the organization of the ceremony to exchange this note, the UKVFTA Agreement will officially take effect from May 1, 2021.
The Official Letter exchange ceremony affirms the effective date of the Free Trade Agreement between Vietnam and the United Kingdom and Northern Ireland (UKVFTA). (Photo: Ministry of Industry and Trade)
According to the European – American Market Department (Ministry of Industry and Trade), the Ministry of Industry and Trade has recently coordinated closely with the UK in signing and implementing procedures for the early effect of the UKVFTA Agreement. Best.
In particular, the recent adoption of a Resolution by the Government of Vietnam on the ratification of UKVFTA will help the Agreement to become officially effective soon (the Agreement is in effect temporarily from January 1, 2021). .
“Vietnam will complete the process of notifying the approval of the Agreement to the UK in this March 2021 for the Agreement to officially take effect from May 1, 2021”, Deputy Minister of Industry and Trade Dang Hoang An also spoke the same way at a telephone call with the State Department of UK Trade Policy Assistant Greg Hands.
This Agreement will help Vietnam and the UK maintain favorable trade conditions and economic benefits through market-opening commitments already included in the Free Trade Agreement between Vietnam and the European Union. Europe (EVFTA).
Trade in services continues to be maintained, in which the two sides have conditions to further promote cooperation in services in the coming time. In January 2021, the total export turnover between Vietnam and the UK reached 657.35 million USD, up 78.57% over the same period last year.
According to the General Department of Customs, in the first 2 months of this year, two-way trade turnover between Vietnam and the UK reached 1.024 billion USD, up 20.05% over the same period last year. This shows that the UKVFTA Agreement has created an important impetus in the recovery of trade between Vietnam and the UK this year.
In addition, the fact that the UK is implementing the vaccination strategy on a large scale and the prospect of positive economic growth recently launched by prestigious international institutions, promises the field of economic cooperation. Trade between the two countries continues to be a bright spot in the good bilateral relationship between Vietnam and the UK.
In the coming time, the Ministry of Industry and Trade will continue to coordinate with relevant ministries and agencies to develop an Implementation Plan to ensure the maximum use of opportunities provided by this Agreement, bringing benefits to Vietnamese people and businesses.
According to VietnamBiz
