CEPA Agreement opens new economic cooperation path for Vietnam

International press and UAE newspapers unanimously believe that the Vietnam - UAE CEPA Agreement will open up new economic cooperation paths that are beneficial to both countries.

On October 28, 2024, during his official visit to the UAE, Prime Minister Pham Minh Chinh and Vice President and Prime Minister of the United Arab Emirates (UAE) Mohammed bin Rashid Al Maktoum witnessed the signing ceremony of the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Economy Thani bin Ahmed Al Zeyoudi signed the Vietnam - UAE Agreement (CEPA).

Immediately after the event, many major international newspapers and news sites reported on the event and emphasized that the Vietnam - UAE FTA (CEPA) will be an important step to promote cooperation, economy, trade and investment between Vietnam and the UAE in particular and the Middle East and Africa in general.

The official news agency of the UAE - Emirates News Agency-WAM published an article about the signing of the Vietnam - UAE CEPA Agreement. Screenshot

The official news agency of the United Arab Emirates (UAE) - Emirates News Agency-WAM posted a video of the signing event. Screenshot

Accordingly, the official news agency of the UAE - Emirates News Agency-WAM has published an article of nearly 2,000 words providing information about the signing ceremony as well as the prospects when the Agreement is signed.

Quoting the UAE Vice President and Prime Minister, Emirates News Agency-WAM wrote: “Today, together with Vietnamese Prime Minister Pham Minh Chinh, I witnessed the signing of the Comprehensive Economic Partnership Agreement between our two countries. Vietnam is one of the fastest growing countries in mainland Asia... and we are their largest trading partner in the region... Our non-oil trade has grown by 38% between 2022 and 2023.”

Emirates News Agency-WAM wrote: “The signing of the Agreement is a new move to launch a new phase of constructive cooperation and shared economic growth for the two countries. The Agreement will enhance access to global markets, facilitate customs procedures and enhance competition on the basis of fair trade. The Comprehensive Economic Partnership Agreement is expected to contribute to enhancing the access of UAE service providers to a wide range of sectors of the Vietnamese market, including business, communications, engineering contracts, financial services, health and social services, tourism and travel.

The agreement aims to boost bilateral trade momentum between the two countries as Vietnam is witnessing the highest economic growth in the Association of Southeast Asian Nations (ASEAN) region with an annual growth rate of 7%. Vietnam is also the UAE’s largest trading partner in the region as non-oil trade volume between the two countries exceeded $6.06 billion in the first half of 2024, up 9% over the same period in 2023.

Foreign trade is an essential pillar of the UAE's economic agenda. The UAE's non-oil foreign trade with the world will peak in 2023 at 3.5 trillion dirhams.

The Comprehensive Economic Partnership Agreement with Vietnam is an important addition to the UAE’s foreign trade network, helping to accelerate the progress of non-oil foreign trade towards the target of 4 trillion dirhams (1.1 trillion USD) by 2031” . (Rough translation).

The UAE's Khaleej Times also dedicated a prime spot on its homepage to report on the event with the headline "UAE, Vietnam sign CEPA, promote deep economic ties". Screenshot

The UAE's Khaleej Times also dedicated a prime spot on its homepage to report on the event with the headline "UAE, Vietnam sign CEPA, promoting deep economic ties ".

The author of the article believes that the CEPA Agreement will promote deep economic relations between the two countries. The article quotes the UAE Vice President's comment when talking about the signing of CEPA: "Vietnam is one of the fastest growing economies in Asia and we are their largest regional trading partner."

"Our national companies, including DP World, Mubadala and Borouge, have invested significantly in Vietnam. Our non-oil trade with the country is set to exceed $12 billion by 2023 ," the UAE Vice President added.

According to the author of the article: “ The Comprehensive Economic Partnership Agreement with Vietnam will boost the UAE’s efforts to achieve its non-oil trade target of 4 trillion dirhams ($1.1 trillion) by 2031. The CEPA is expected to improve UAE service providers’ access to various sectors in the Vietnamese market, including business and communications, engineering, financial services, healthcare and social services, travel and transportation.

Regarding the CEPA Agreement, Al Bayan newspaper published an article with the title: Cooperation agreement strengthens UAE's position as a global hub for economy, trade, industry and investment. Screenshot

Al Bayan newspaper - founded in 1980 and owned by Dubai Media Incorporated - carried the news under the headline: Cooperation agreement strengthens UAE's position as a global hub for economy, trade, industry and investment.

The article wrote: “ Ministers, officials of the UAE Government and local government leaders emphasized the importance of the Comprehensive Economic Partnership Agreement between the UAE and Vietnam, representing a qualitative step forward in the country's program of expanding its global partnership network, as Vietnam is doing, Vietnam is considered a strategic partner with one of the most prominent economies in Asia.

The agreement will strengthen the UAE’s position as a global hub in the economic, commercial and industrial sectors, officials said. It will also increase the contribution of various sectors to the gross domestic product to reach 3 trillion dirhams over the next decade, in line with the “We Are Emirates 2031” vision, and open up new areas of cooperation for companies and investors from both sides, supporting key projects in the fields of clean energy, environmental sustainability and food security.

“With the signing of the Comprehensive Economic Partnership Agreement between the UAE and Vietnam, we are opening up new avenues of economic cooperation that will benefit both countries. By removing trade barriers and improving market access, this agreement will not only enhance bilateral trade but also create new investment opportunities, support growth and diversification, and strengthen our position as a global trade and investment hub,” said His Excellency Mohammed bin Hadi Al Husseini, Minister of Finance.

In connection with this event, Reuters also reported: “The United Arab Emirates and Vietnam have signed the CEPA, the first free trade agreement that Vietnam has established with a Middle Eastern country, the Vietnamese Ministry of Industry and Trade said in a statement on Tuesday .

The agreement, signed after a year of negotiations, was signed by Vietnamese Prime Minister Pham Minh Chinh in Dubai on Monday, the ministry said in a statement.

The deal is expected to pave the way for exporters and investors in the agriculture, energy, technology and logistics sectors as the country seeks to boost trade with the Middle East.

Under the CEPA Agreement, the UAE committed to gradually eliminating tariffs on 99% of Vietnam's exports and Hanoi committed to eliminating tariffs on 98.5% of UAE's exports.

Last year, trade turnover between the two countries reached about $4.7 billion, up 6% compared to 2022, the ministry said .

WAM News Agency , full name Emirates News Agency-WAM, is one of the leading news agencies in the Middle East and is the national news agency of the United Arab Emirates (UAE).

Khaleej Times is an English-language daily newspaper published in Dubai, United Arab Emirates.

Al Bayan - founded in 1980 and owned by Dubai Media Incorporated; an Arabic-language newspaper in the United Arab Emirates owned by the Government of Dubai.

Source: https://congthuong.vn/hiep-dinh-cepa-mo-ra-con-duong-hop-tac-kinh-te-moi-cho-viet-nam-uae-trung-dong-va-chau-phi-355516.html