VN, RoK wrap up FTA negotiations (11/12)
11/12/2014 - 15 Lượt xem
The
event was witnessed by PM Nguyen Tan Dung and President Park
Geun-hye during the former's working visit to the RoK to attend
celebrations of the 25th anniversary of the ASEAN-RoK dialogue
relations.
The two countries started the FTA talks on August
6, 2012. After eight official negotiation rounds and eight mid-term and
chief negotiator meetings, the two sides basically approved of the
contents of the agreement on a comprehensive scope with high commitments
and ensuring balanced mutual interests.
The FTA chiefly focuses on the trading of
goods (commitments to tax cuts) and services (including appendix on
telecom, finance and so on), investment, intellectual property, measures
on food hygiene and safety, rules of origin, customs facilitation,
trade defence, technical barriers in trade, e-commerce, institutions and
law, and economic cooperation.
The RoK will offer tariff cut and new export
opportunities for Viet Nam’s key agro-fishery products including shrimp
and fish and tropical fruits, and industrial products such as
garment-textile, and mechanical products.
Additionally, the RoK agreed to give more
opportunities for Viet Nam’s services and investment, while enhancing
economic cooperation and providing technical assistance in various
fields for Viet Nam.
For the first time, the RoK allows Vietnamese
garlic, ginger, honey, and shrimp to enter its market, giving an
advantage to Viet Nam over other competitors in the region.
In return, Viet Nam will offer preferential
treatment for the RoK’s industrial products such as materials and
accessories for textile-garment, plastic materials, electronic parts,
trucks and cars of 2,500cc and over, automobile parts, electrical home
appliances, iron and steel products and electric cable.
The RoK will liberalise tariff for 95.43% of its tax lines. Meanwhile, Viet Nam also pledges to grant 89.75% for the RoK.
The FTA is expected to help improve the import
efficiency for the production of export staples such as garment-textile,
footwear, and electronics, while increasing the rate of high-added
value products.
Other commitments on services,
investment, transparent and open investment climate and fair competition
in accordancewith international rules are expected to
raise investments from the RoK, especially in the high technology and
processing industry.
The two sides are completing remaining technical
issues and necessary procedures so as to officially ink the FTA in early
2015./.
Source: Chinhphu.vn
Source: Chinhphu.vn
