The UK is set to recognize Vietnam as operating under market economy principles now the former has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the Ministry of Industry and Trade (MoIT).
Being recognized as a market economy would create the conditions for Vietnam’s export products to be treated more fairly and penetrate further into other markets, it said.
Production and trade will also be more sustainable and investment more easily attracted, contributing to boosting economic development.
In recognizing Vietnam as a market economy, the UK will remove unfavorable rules on the country’s export products, according to the MoIT.
Vietnam has been recognized as a market economy by 71 countries and territories.
The UK officially signed an agreement to join the CPTPP on July 16, 2023.
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