TT Meridian attended the UK Government’s CPTPP Reception

On 4 December 2024, the UK Government hosted a CPTPP Reception at the Foreign, Commonwealth and Development Office in London, which was attended by UK-based firms trading with Vietnam including TT Meridian.

This event was significant in light of the UK’s official membership to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) taking effect on 15 December 2024.

The CPTPP is a free trade agreement that involves several countries in the Asia-Pacific region, including Vietnam. With the UK joining, this trade agreement is set to create new opportunities and strengthen economic ties among member nations.

TT Meridian’s participation highlighted UK-Vietnam’s active trading activities and their commitment to the CPTPP. The event provided a platform for discussions on how businesses, especially those based in the UK, can leverage the CPTPP to expand trade, reduce tariffs, and foster stronger economic collaboration. It also served to strengthen the relationship between Vietnam and the UK within this trade framework.

The UK’s accession to the CPTPP is a notable development in international trade. The CPTPP was formed in 2018 as a successor to the Trans-Pacific Partnership (TPP) after the withdrawal of the United States. It aims to promote free trade and economic integration among its members, who span the Asia-Pacific region and now include the UK.

For the UK, joining the CPTPP is part of a broader trade strategy to diversify its trade relationships post-Brexit. The government views CPTPP membership as a way to access fast-growing economies in the Asia-Pacific region, reduce trade barriers, and promote UK exports. The agreement covers a wide range of areas, including trade in goods and services, investment, intellectual property, and government procurement.

Vietnam is an important and active member of the CPTPP. The country has been undergoing significant economic growth and trade liberalization in recent years, and the CPTPP aligns with its goals of further integrating into the global economy. Vietnam benefits from the CPTPP through increased market access for its exports, reduced tariffs, and improved trade rules. The agreement also helps to attract foreign investment and promote domestic economic reforms.