New generation FTAs ​​have positive impacts on import and export

The Ministry of Industry and Trade has just issued Document No. 5545/BCT-DB dated August 16, 2023 on the implementation results of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the European Union - Vietnam Free Trade Agreement (EVFTA) and the Vietnam - United Kingdom Free Trade Agreement (UKVFTA) by ministries, branches and localities in 2022.

New generation FTAs ​​have positive impacts on Vietnam's import-export and investment activities.

The Ministry of Industry and Trade affirmed that new generation FTAs, including CPTPP, EVFTA and UKVFTA, have positive impacts on export, import and investment attraction activities in our country.

For example, with the CPTPP Agreement, in 2022, trade turnover between Vietnam and CPTPP countries reached 104.5 billion USD, up 14.3% compared to 2021. Of which, Vietnam's exports to CPTPP countries reached 53.6 billion USD, up 17.3% compared to 2021. Vietnam's imports to CPTPP countries reached 50.9 billion USD, up 11.3% compared to 2021.

Notably, Vietnam's exports to 8/10 CPTPP members all grew positively, with some markets increasing by 163% such as Brunei. Although Mexico and Peru recorded a decrease in growth in the 3 new FTA markets (Mexico decreased by 0.5% and Peru decreased by 5.5%), the largest market, Canada, still increased by nearly 20.1%.

Regarding the EVFTA Agreement, in 2022, trade between Vietnam and European Union (EU) member countries will reach 62.24 billion USD, an increase of 9.2% compared to 2021.

Vietnam's exports to EU countries reached 46.8 billion USD, up 16.7% compared to 2021. Imports from EVFTA countries reached 15.4 billion USD, down 8.6% compared to 2021.

Export turnover to the EU according to the EVFTA C/O form (EUR.1 form) reached 12.1 billion USD, accounting for 25.9% of total exports to the EU, up 49.4% compared to 2021.

Regarding the UKVFTA Agreement, in 2022, trade between Vietnam and the UK reached 6.8 billion USD, up 3.3% compared to 2021. Vietnam's exports to the UK reached 6.1 billion USD, up 5.2% compared to 2021, while imports from the UK reached 771 million USD, down 9.8% compared to 2021.

Export turnover to the UK under the C/O form EUR.1 reached 1.4 billion USD, accounting for 23.5% of total exports to the UK. Many important Vietnamese products exported to the UK continue to have positive utilization rates.

In addition, the work of disseminating information, improving competitiveness and developing human resources... about the CPTPP, EVFTA, UKVFTA agreements has also been implemented by ministries, branches and localities and achieved positive results.

Source link: https://congthuong.vn/fta-the-he-moi-tac-dong-tich-cuc-toi-xuat-nhap-khau-267630.html