With the advantages of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), along with less competitive pressure compared to other major markets, seafood exports to the CPTPP bloc have had positive results. than in the first half of 2023.

Vietnam now ranks second among leather and footwear exporters to Canada.

Last month the UK formally joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – the Asia-Pacific trade bloc worth around 12tn pounds (US$15tn) in GDP and including Chile, Peru and Mexico.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which both Vietnam and Canada are members, has brought about many benefits to businesses of both sides.

Vietnam's seafood export turnover in the second quarter of 2023 reached over 2.3 billion USD, 30% higher than the first quarter. However, compared to the same period in 2022, the negative growth rate of 27.5% remained unchanged from the first quarter. Therefore, by the end of the first half of this year, seafood exports were 27.5% lower than the same period last year, reaching 4.15 billion USD.

The United Kingdom recently decided to recognise Vietnam's manufacturing industries operating under market economic conditions within the framework of the former joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

With the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) gaining the UK as a new member, more co-operation opportunities will open up for the nation and the European country, according to insiders

Vietnamese exports to the British market will have to face off with robust rivals from other CPTPP nations.

The signing is a formal confirmation of the agreement for the UK to join the trading bloc, following a substantial conclusion of negotiations earlier this year. The UK government will now take the necessary steps to ratify the agreement, including parliamentary oversight, while other CPTPP member states finalize their internalization processes.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect Wednesday in Brunei, the last of the original 11 signatories to implement the trade pact.