UK and Vietnam look to strengthen trade in agriculture

The UK and Vietnam have held their first trade meeting in three years in a bid to increase cooperation across several sectors, including agriculture.

Both countries held a Joint Economic and Trade Committee (JETCO) meeting on Wednesday (25 May) as trade increased by 11% in the past year.


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% of all tariffs.


Vietnam is a member of CPTPP - a free trade area with a GDP of £9 trillion - which the UK is in the process of joining.


The South East Asian country is among the fastest growing economies in the region, and is expected to become one of the world’s major economies by 2050.


It is a major exporter of agri produce, such as fresh tropical fruits and processed dairy, pork and poultry products.


Minister of State for Trade Policy Penny Mordaunt said the JETCO meeting looked to increase cooperation across several sectors, including agriculture and technology.


"They are a vital CPTPP member, and an important trading partner for the UK that demonstrates our Indo-Pacific tilt in action," she said.


"Our talks today strengthen ties between our nations, including resolving market access barriers into each other’s economies."


Source: Farming UK