Vietnam, RoK start FTA negotiations

Vietnam and the Republic of Korea (RoK) began Free Trade Agreement (FTA) negotiations in Hanoi on August 6.

At the meeting, Vietnamese minister of Industry and Trade Vu Huy Hoang and his RoK counterpart Bark Tae-ho agreed to negotiate the FTA in line with World Trade Organisation (WTO) regulations and improve the commitments in the FTA between the RoK and Asean, taking into account sensitive areas and the development gap between the two countries.

They said that adjustments to the scope and fields covered by the agreement will include trade, services, investment, economic cooperation regulations and other issues of mutual concern.

They also agreed to organise the first round of negotiations to discuss the adjustments and structure as well as methods of the negotiations as soon as possible.

Bark said the FTA will help strengthen bilateral political, economic and cultural cooperation and tighten the strategic RoK-Vietnam partnership which was established in November 2009.

The two ministers said they hope that the FTA will accelerate regional economic cooperation and integration.

Relations between Vietnam and the RoK have developed vigorously in various areas such as politics, economy, trade, investment, culture, tourism and labour, since the two countries established diplomatic ties in 1992.

Two-way trade has increased from $500 million in 1992 to nearly $18 billion in 2011. Once the FTA is signed, it will help facilitate trade and investment liberalisation between both countries, aiming to raise bilateral trade to $20 billion by 2015.

The RoK is currently Vietnam’s fourth largest trade partner, after China, the US and Japan.

http://english.vov.vn/Home/Vietnam-RoK-start-FTA-negotiations/20128/140753.vov

 

Category: Economy