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.

Vietnam continues to back up Britain’s entry into a major trade pact, although the exact benefits for members are yet to be fully understood.

Though the UK is set to officially join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) later this year, it may not reap big benefits as desired, due to several agricultural and environmental reasons, besides its existing trade pacts with many of the CPTPP’s economies, including Vietnam.

The global multilateral trading system is under extreme pressure. The re-emergence of great power rivalry; the politicisation of trade; and the challenge China presents to the ‘Washington consensus’ mean that the conditions that helped facilitate the wave of globalisation seen at the end of last century and the beginning of this one is in jeopardy.

China will also reasonably reduce the negative list of foreign investment access and launch free trade pilot zones, among others.

Four types of fresh Vietnamese fruits, namely mango, longan, lychee, and dragon fruit, have been exported to the Australian market. However, expanding market share for these products is not easy because Australia sets strict requirements on labelling and food safety; some standards are even higher than those of the US and EU.