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Customs & Global Trade Alert | December 2024
This alert is to provide an update on the progress of the local implementing legislation concerning the United Kingdom of Great Britain and Northern Ireland (UK)’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
In July 2023, the United Kingdom of Great Britain and Northern Ireland (hereafter together referred to as “the United Kingdom”) signed the Protocol of Accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (the CPTPP), officially becoming the 12th member of this Agreement upon the notification of completion of ratification procedures of six member countries (namely Japan, Singapore, Chile, New Zealand, Vietnam, and Peru) in August 2024. Consequently, the CPTPP is taking effective for the aforementioned countries and the United Kingdom starting from 15 December 2024.
In preparation for the implementation, local authorities are diligently working on establishing the legal frameworks concerning the special import and export tariffs and the origin certification process. Please take note of the following key points:
- Special Preferential Import and Export Tariff: The Ministry of Finance, through Official Letter No. 10152/BTC-HTQT dated 24 September 2024, has solicited public comments on the Draft Decree amending and supplementing certain provisions of Decree 115/2022/ND-CP, which stipulates Vietnam's special import and export tariff under the CPTPP. The Decree is currently under review and has not yet been finalized or issued.
- Origin Certification Process: On 21 November 2024, the Ministry of Industry and Trade, through the Department of Import – export, issued guidelines regarding the Certification of Origin (C/O) applicable for goods exported to the UK. These guidelines were communicated to the Regional Import – export Management Office via Official Letter No. 981/XNK-XXHH (OL 981). Detailed instructions for each criterion on the C/O Form CPTPP are provided in the appendix attached to OL 981.
Businesses are strongly advised to pay close attention to these developments to fully leverage the benefits of the CPTPP for goods imported from and exported to the UK.