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The UKVFTA Agreement will take effect from May 1 (03/31/2021)
Pursuant to Clause 2a Article 9, the Free Trade Agreement between the Socialist Republic of Vietnam and the United Kingdom and Northern Ireland (UKVFTA) will take effect on the first day of the second month after the date of final notification of the completion of internal legal proceedings from the parties. Thus, the UKVFTA Agreement will officially take effect from May 1, 2021.

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. The European-American Market Department (Ministry of Industry and Trade) said that the recent approval of the Resolution by the Government of Vietnam on the ratification of UKVFTA will help the Agreement come into effect in a very soon time. to take effect temporarily from January 1, 2021). Previously, on March 26, Deputy Minister of Foreign Affairs To Anh Dung presided over the ceremony to exchange the Official Letter confirming the effective date of the UKVFTA Agreement. 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 UK is implementing the vaccine vaccination strategy on a large scale and the positive economic growth prospect recently launched by prestigious international institutions, promising 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. After the UKVFTA Agreement was officially signed on December 29, 2020 in the UK, Vietnam and the UK have completed domestic procedures allowing the temporary application of this Agreement from 23:00 GMT on 31 /. 12/2020 (ie 6am on 1/1/2021 Vietnam time). In the context that the UK has officially left the European Union and the transition is about to end (December 31, 2020), the provisional application of the UKVFTA Agreement will ensure bilateral trade between Vietnam. South and the UK were not interrupted after the end of the transition while the two sides continued to complete domestic procedures in accordance with each party's laws.
Source: baochinhphu.vn
 
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