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Vietnam-Korea FTA negotiations end

12/12/2014 02:23 PM
Afternoon 10/12, representing the Government of Vietnam and the Government of Korea signed the agreement on ending negotiations Free Trade Agreement Vietnam - South Korea.

Lãnh đạo hai nước đã chứng kiến lễ ký kết Biên bản thỏa thuận về kết thúc đàm phán
Hiệp định thương mại tự do Việt Nam – Hàn Quốc. Ảnh VGP/Nhật Bắc

Summit occasion special 25th anniversary of the establishment of ASEAN dialogue relations - South Korea, in the presence of Prime Minister Nguyen Tan Dung and President Park Geun Hye Korean pm 10/12 in Busan, (Korea), Minister of Industry and Trade Vu Huy Hoang and Minister of Commerce Industry and Energy Yoon Sang-jick Korea signed a memorandum of Agreement to conclude negotiations on a Free Trade Agreement Vietnam - South Korea (VKFTA).

Officially launched in Hanoi on 08/06/2012, after eight official negotiations and 8 meeting interim, chief negotiator level meeting, the two sides have basically the content of the Agreement with the whole comprehensive, high level of commitment and ensure balance of interests.

Agreement includes the main content of the group: Merchandise trade (tariff reduction commitments); Trade in services (including the Annex on Telecommunications, Financial ...), Investment, Intellectual Property, measures of food safety and animal and plant quarantine (SPS); Rules of Origin, Customs Facilitation, Trade Defense, Technical Barriers to Trade (TBT), E-commerce, competition, Institutional and Legal, Economic Cooperation.

Korean side for Vietnam preferential cutting tariffs, create new export opportunities for important agricultural commodities, such as major seafood shrimp, fish, tropical fruits and industrial goods such as textiles, unfortunately, mechanical products. Besides, Korea also pledged additional market opportunities for the services sector, investment in Vietnam and agreed to strengthen economic cooperation, devoted comprehensive technical support in many areas.

For the first time, the Korean market access for sensitive products such as garlic, ginger, honey, shrimp, create significant competitive opportunities for Vietnam compared to other competitors in the region.

To the Vietnam preferential to Korean industrial groups such as materials for the textile, garment, plastic materials, electronic components, trucks and cars from 2500 cc and above, automobile spare parts, electrical appliances, iron and steel products, electrical cables.

Korea liberalization 96.48% of imports from Vietnam, Vietnam reverse liberalization 92.75% of the total value of imports from Korea in 2012. In terms of tariffs, South Korea liberalization 95.43% of all tariff lines, Vietnam committed to 89.75% of tariff lines.

Other commitments on services, investment, intellectual property, competition, trade defense, dispute resolution, economic cooperation, sanitary and phytosanitary measures, technical measures for commercial, ... are unified to ensure balance of interests, in accordance with domestic law and without prejudice to other negotiations of Vietnam today.

Besides the important export interests, VKFTA Agreement is expected to facilitate imports improve efficiency, especially in the group of materials by serving the manufacturing industry, key exports such as textiles , footwear, electronics, reduce dependence on imports from other sources. Thereby supporting reform, economic restructuring and increase export of value added goods group high.

The commitments on services, investment and transparent policy environment, ventilation, encourage fair competition, in accordance with the provisions of international agreements are expected to contribute to attract investment from Korea, especially in the field of high technology, manufacturing, and promote links the two economies, enhance people's exchanges, strengthen, deepen cooperation partnership strategy strategy Vietnam - South Korea.

It is expected that the two sides will complete the negotiation of the remaining technical issues and complete the necessary domestic procedures for early conclusion of the Agreement in early 2015. /.

Source: baodientu.chinhphu.vn

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