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The United Kingdom and Vietnam signed an agreement on free trade, Trade Secretary Elizabeth Truss said Tuesday. Earlier in the month, the country s government announced signing a free trade deal with Singapore and concluded negotiations with Vietnam. Today our Ambassadors signed the UK Vietnam trade deal securing continuity for businesses, Truss tweeted, adding that the deal will gradually remove 99 per cent of tariffs. According to the VNA news agency, the ceremony took place in London and involved the ambassadors as the Vietnamese trade minister and high-level officials were unable to visit the UK over the situation with COVID-19. The agreement will come into force on Friday and stipulates elimination of 99 per cent of tariffs within seven years.
Vietnam, UK sign free trade deal ahead of Brexit
By Phuong Anh December 29, 2020 | 10:44 pm GMT+7
Workers at a textile factory in Vietnam s southern province of Long An, February 2020. Textile is on the list of industries expected to benefit from the new free trade deal between Vietnam and the U.K. Photo by VnExpress/Quynh Tran.
Vietnam and the U.K. signed a bilateral free trade pact Tuesday to maintain their existing relationship once the Brexit transitional period ends on December 31.
The Vietnam - U.K. Free Trade Agreement (UKVFTA) was signed in London at 9 p.m. Tuesday, Hanoi time.
Because of Covid-19, the Vietnamese government representatives and the Minister of Industry and Trade Tran Tuan Anh had not been able to be present to sign the deal, and the two governments have authorized the ambassadors for the mission.