The UK and Vietnam have held their first trade talks in three years in a bid to strengthen ag trade

The Minister of State for Trade Policy, Penny Mordaunt, welcomed her Vietnamese counterpart, Mr Dang Hoang An, Vice Minister of Industry and Trade, to London for the talks

The Minister of State for Trade Policy, Penny Mordaunt, welcomed her Vietnamese counterpart, Mr Dang Hoang An, Vice Minister of Industry and Trade, to London for the talks

Source: gov.uk

The UK and Vietnam held their first Joint Economic and Trade Committee (JETCO) talks in three years last week (25 May) in London in a bid to increase cooperation across several sectors, including agriculture.

The UK government, which is looking to deepen trade relationships in the Indo-Pacific region, said the meeting looked at resolving market access barriers into each other’s economies.

It comes after the UK and Vietnam agreed to sign a free trade agreement last year, eliminating 99 per cent of all tariffs.

Vietnam is a member of CPTPP - a free trade area of 11 countries with a GDP of £9 trillion - which, according to the government, the UK is on track to join by the end of this year.

Vietnam is among the fastest growing economies in the region, and is expected to become one of the world’s major economies by 2050, and is a major exporter of agri produce, such as fresh tropical fruits and processed dairy, pork and poultry products.

The Minister of State for Trade Policy, Penny Mordaunt, welcomed her Vietnamese counterpart, Mr Dang Hoang An, Vice Minister of Industry and Trade, to London for the talks.

Minister of State for Trade Policy Penny Mordaunt said: ”I am delighted to host Mr Dang Hoang An and his team in London. Vietnam is growing fast and is expected to become one of the world’s major economies by 2050. They are a vital CPTPP member, and an important trading partner for the UK that demonstrates our Indo-Pacific tilt in action.

”Our talks today strengthen ties between our nations, including resolving market access barriers into each other’s economies and providing support to Vietnam so that they can reach their net-zero commitments.

“The UK and Vietnam share a longstanding trading relationship, with trade increasing between the two countries by almost 11 per cent from 2020, when the UK-Vietnam Free Trade Agreement was signed, and 2021. This agreement eliminates 99 per cent of all tariffs and helps forge a deeper relationship with a country who shares our belief in free trade.”