The FTA between Vietnam and the UAE will be an important legal document with commitments on tariff reduction and other commitments related to market opening and trade facilitation.
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Minister of Industry and Trade Nguyen Hong Dien received Minister of State for Foreign Trade of the Ministry of Economy of the United Arab Emirates (UAE) Thani bin Ahmed Al Zeyoudi. (Source: Ministry of Industry and Trade)
During his visit to Vietnam, Minister of State for Foreign Trade of the Ministry of Economy of the United Arab Emirates (UAE) Thani bin Ahmed Al Zeyoudi and a business delegation from the country worked with the head of the Ministry of Industry and Trade of Vietnam to discuss directions for promoting economic and trade relations between the two countries.
One of the focuses that the two sides agreed to promote in the coming time is the negotiation of the Comprehensive Economic Partnership Agreement between Vietnam and the UAE (CEPA).
Minister of Industry and Trade Nguyen Hong Dien said: "CEPA negotiations are of great significance in promoting bilateral relations between Vietnam and the UAE in terms of economy, trade and investment."
He suggested that the technical levels of both sides exchange and work responsibly in the spirit of cooperation, flexibility, and understanding, and soon agree on some important contents, creating favorable conditions for the next discussion sessions, aiming at the goal of soon concluding negotiations on the basis of balancing the interests of both sides.
"The CEPA between Vietnam and the UAE will be an important legal document with commitments on tariff reduction and other commitments related to market opening, trade and investment facilitation expected to appear in the Agreement, creating a big "push" to promote economic, trade and investment cooperation between the two countries in the coming time," Minister Nguyen Hong Dien emphasized.
In the coming time, the two sides will focus on discussing the expected contents of CEPA, including: trade in goods, rules of origin, trade in services, investment facilitation, e-commerce, customs cooperation, trade defense, legal - institutional...
The Ministerial Declaration on the launch of CEPA negotiations was signed by Minister of Industry and Trade and Minister of State for Foreign Trade of the UAE Ministry of Economy Thani bin Ahmed Al Zeyoudi on April 6 in the UAE.
The FTA between Vietnam and the UAE is expected to promote cooperation opportunities in investment and trade, maximizing the potential of bilateral relations. Vietnam is a highly open economy, becoming a manufacturing factory for many important industries in the region and the world, while the UAE has many strengths as a transit port and a financial and logistics center.
The UAE is currently Vietnam's largest trading partner in the Middle East - North Africa region. Bilateral trade turnover in 2022 reached 4.4 billion USD, of which Vietnam's exports to the UAE reached 3.8 billion USD and imports from the UAE reached 582.6 million USD, up 1.6% compared to 2021.
Currently, Vietnam accounts for about 2.2% of the import market share in the UAE and the UAE accounts for about 0.2% of Vietnam's import market share.
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