VN to sign crucial trade agreements

17:17 | 16/10/2014

VGP – Between now and mid-2015, Viet Nam is scheduled to sign a number of free trade agreement (FTA) with its major economic partners.

According to a source from the Multilateral Trade Policy Department under the Ministry of Industry and Trade, from now to mid-2015, Viet Nam is likely to sign a Trans-Pacific Partnership (TPP) with 11 countries; and FTAs with the European Union, the Customs Union of Russia, Belarus and Kazakhstan and the Republic of Korea.
 
In addition to that, an ASEAN Economic Community is due to take shape in December 2015.
 
Minister of Industry and Trade Vu Huy Hoang said the signing of these FTAs is aimed at seeking new markets for Vietnamese businesses, accelerating exports and reeling in investments to Vietnam’s underdeveloped fields.
 
The Minister said during negotiations, Viet Nam will fight for the continuous application of quota constraints to sensitive goods, like products sourced from agriculture and animal husbandry and other locally-produced consumer commodities whose competitiveness is yet strong enough.
 
He stated that the move constitutes term protective measures only and home businesses need to step by step work to stand firm on their own feet so that the country could fully participate in the global playing ground.
 
In this context, Vietnamese businesses should start equipping themselves comprehensively right away to prepare for their future integration, he said.
 
They should be proactive making them well prepared for difficulties and challenges in an attempt to set foot steadily on choosy markets, according to the Minister.
 
Viet Nam has so far signed FTAs with Chile and Japan while joining the ASEAN Free Trade Agreement and five FTAs between ASEAN and its dialogue partners of India, Australia-New Zealand, the Republic of Korea, Japan and China.- VNA