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11 Dec 2020 10:30PM CNA
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HANOI: Britain and Vietnam on Friday (Dec 11) finalised a free trade agreement, the second deal London has reached in Southeast Asia in as many days while deadlock continues over post-Brexit European Union arrangements.
The deal with Vietnam comes into force Jan 1, 2021 and will be Britain’s third, following Thursday’s pact with Singapore and October’s first post-Brexit trade deal with Japan.
Brexit: What will change from January 1?
It s not clear when the final UK-Vietnam deal, which is expected to come into effect on January 1 next year, will be signed. I think the UK-Vietnam trade deal will basically mimic that of the EU with Vietnam but with potentially less favorable terms for the UK, Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, an investment bank, and a senior research fellow at Bruegel, told DW. For Vietnam, the UKVFTA basically means hyperconnectivity with many economies, including the UK. This can help Vietnam attract manufacturing FDI and become a much more relevant center for the global value chain, she added.
UK and Switzerland Sign Post-Brexit Business Travel Deal
The United Kingdom and Switzerland signed an agreement on Dec. 14 to allow professional workers to travel freely between the two countries after the Brexit transition period ends on Dec. 31.
The UK–Switzerland Services Mobility Agreement will allow UK professionals, such as accountants, consultants, lawyers, and IT experts, to continue travelling freely to Switzerland and work visa-free for up to 90 days a year.
The agreement has closed “a looming gap,” as the free movement of persons between Switzerland and the UK will cease to apply as of Jan. 1, 2021, Switzerland’s Federal Council said in a media release when the deal was approved on Dec. 4.