UK-Vietnam free trade pact finalised

Last Friday, Britain and Vietnam finalised a free trade agreement; it is the second deal London has reached in Southeast Asia while the deadlock over post-Brexit European Union arrangements seems to continue.

The deal with Vietnam comes into force January 1, 2021 and will be Britain's third, following Thursday's pact with Singapore and October's first post-Brexit trade deal with Japan.

Vietnam stands to benefit from tariff savings of £114 million on its exports while British exports will be £36 million better off, with 99 percent of tariffs eliminated once the agreement is fully implemented.

As reported on, British International Trade Secretary Liz Truss and Vietnam's Trade Minister Tran Tuan Anh on Friday finalised the deal which basically locks in the benefits of London's existing trading relationship with Vietnam under an EU deal.

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