Britain and Vietnam signed a free trade agreement on Tuesday, Vietnam’s trade ministry said, days before Britain completes its transition out of the European Union
The deal, which will for Britain replace the existing EU-Vietnam Free Trade Agreement (EVFTA), will take effect on Dec 31, the ministry said in a statement.
Trade between Vietnam and Britain has risen by an average of 12% a year over the past decade to reach $6.6 billion last year, and the deal will help boost Vietnam’s exports of garments, footwear products, rice, seafood and wooden furniture, it said.
Since leaving the EU in January, Britain has been striking out alone and negotiating new trade deals with countries to replace those the bloc had negotiated.