Vietnam and the U.K. concluded a free-trade agreement that will see 99% of tariffs between the two countries eliminated after seven years.
Vietnam will see 114 million pounds ($151 million) in tariff savings on its exports by the time the deal is fully implemented, the two country’s trade ministers said in a joint statement Friday. The U.K. stands to save 36 million pounds on its exports.
The sides had been negotiating the agreement since August 2018, Vietnamese Industry and Trade Minister Tran Tuan Anh said. Vietnam’s trade deal with the EU will no longer apply to the U.K., which is leaving the common market, after Dec. 31, with the new agreement taking effect the following day.
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