Building an ecosystem to take advantage of FTAs to boost cinnamon and cinnamon products exports

Within the framework of implementing the Ecosystem to take advantage of free trade agreements (FTAs), recently, in Yen Bai province, the Ministry of Industry and Trade coordinated with the Department of Industry and Trade of Yen Bai to organize a "Discussion and direct discussion with business leaders in provinces and cities about the ecosystem to take advantage of FTAs, including the Vietnam - United Kingdom Free Trade Agreement (UKVFTA), in the cinnamon sector".

The conference was held in person with the participation of representatives of the Ministry of Industry and Trade (Department of Multilateral Trade Policy); the Ministry of Agriculture and Rural Development (Department of International Cooperation); representatives of management agencies on FTA implementation and import-export of Yen Bai province, and the provinces of Lao Cai and Quang Nam; representatives of the Vietnam Pepper and Spice Association; the Tony Blair Institute for Development (TBI) and related enterprises and cooperatives in the province.

Xây dựng hệ sinh thái tận dụng các FTA để đẩy mạnh xuất khẩu quế và sản phẩm từ quế

Direct discussion with business leaders in provinces and cities about the ecosystem for taking advantage of FTAs, including the UKVFTA, in the cinnamon sector

Vietnam is currently one of the countries with a relatively strong position in cinnamon production and export in the world . Meanwhile, cinnamon is a long-standing crop associated with the traditions, customs and cultures of ethnic minorities in Yen Bai province. Therefore, cinnamon is a product with great potential for Yen Bai enterprises to boost exports, not only to traditional markets, but also to new markets with higher standards.

With Vietnam having implemented 16 FTAs up to now, including 3 new generation FTAs: CPTPP, EVFTA and UKVFTA, this is a great opportunity to bring cinnamon and cinnamon products to new trading partners due to the impact of preferential commitments on import and export taxes and demand from these new markets, thereby helping cinnamon businesses in Yen Bai in particular and Vietnam in general to increase value and participate more deeply in regional and global production chains.

At the seminar, delegates introduced the Ecosystem Project to take advantage of FTAs, including: Objectives, connection methods, roles and benefits of participating parties, methods of operation to support businesses to take advantage of FTAs, participation criteria, difficulties in building the Ecosystem, roadmap and steps to build the Ecosystem in the coming time; shared about the import and export situation of cinnamon products in the first 6 months of 2024; the current situation of cinnamon planting, production, processing and export in the cluster of provinces with partners in new generation FTAs.

Along with that, based on practical opinions from enterprises and cooperatives, delegates discussed to propose strategic directions to promote cinnamon export activities to new generation FTA markets, strengthen the construction of close connections between central and local management agencies, enterprises, associations, cooperatives and people, thereby building an Ecosystem to take advantage of FTA for Yen Bai's cinnamon industry as well as localities with strengths in this product.

Source: https://congthuong.vn/xay-dung-he-sinh-thai-tan-dung-cac-fta-de-day-manh-xuat-khau-que-va-san-pham-tu-que-340453.html