At the 42nd ASEAN Economic Ministers’ Meeting, the Chairman, Vu HuyHoang, confirmed the positive impact the Free Trade Agreements (FTAs)have had on trade within the group.
Hoang, who isalso Vietnam ’s Minister of Industry and Trade, said in an interviewwith the Vietnam News Agency (VNA) that ASEAN has signed FTAs with sixof its major partners, including China , the Republic of Korea ,Japan , India and Australia and New Zealand .
The minister said the FTAs with these partners have helped boostASEAN’s exports, especially to China , RoK and Japan , which benefitsVietnam immensely.
As a result, 27.8 percentof Vietnam ’s export revenues to Japan receive preferential tariffrates under the ASEAN-Japan Comprehensive Economic Partnership Agreement(AJCEP). The rates under the free trade agreements between ASEAN andits partners are 21 percent to China and 79 percent to the RoK.
The head of trade called on the 10-member bloc to work out along-term and consistent strategy to harmonise regulations of thedifferent FTA’s.
“ASEAN needs to tap its centralposition in the region better and take full advantage of thepreferential tariffs offered by the FTAs,” said Hoang.
He rejected the argument that some Vietnamese exports facedifficulties due to the similarity in exports between Vietnam , ASEANand China . Hoang emphasised that it’s the economic structure whichwill decide the level of cooperation.
“Up to 80percent of Vietnam ’s imports from China and between 65 and 75percent of its imports from ASEAN are from a third country as well asthe raw materials and equipment for production,” he explained.
“That’s why stepping up cooperation with China and ASEAN hasfacilitated Vietnam ’s capacity to produce more and export more,” heemphasised.
The minister described China asVietnam ’s leading trade and investment partner, with the potential forenormous amounts of bilateral trade still lying ahead.
The 2008 bilateral trade revenue of 20.2 billion USD has made China Vietnam’s second biggest trading partner, after ASEAN.
The ASEAN-China Free Trade Agreement (ACFTA) has given Vietnameseindustries more chance of accessing materials and equipment forproduction and export activities, said the minister.
The ACFTA, which asks China to cut 90 percent of all import tariffson Vietnamese products from 2010, would create ideal conditions forVietnamese imports to take a foothold in the world’s third largesteconomy, especially products that Vietnam is strong in such asagricultural produce, seafoods and minerals./.
Hoang, who isalso Vietnam ’s Minister of Industry and Trade, said in an interviewwith the Vietnam News Agency (VNA) that ASEAN has signed FTAs with sixof its major partners, including China , the Republic of Korea ,Japan , India and Australia and New Zealand .
The minister said the FTAs with these partners have helped boostASEAN’s exports, especially to China , RoK and Japan , which benefitsVietnam immensely.
As a result, 27.8 percentof Vietnam ’s export revenues to Japan receive preferential tariffrates under the ASEAN-Japan Comprehensive Economic Partnership Agreement(AJCEP). The rates under the free trade agreements between ASEAN andits partners are 21 percent to China and 79 percent to the RoK.
The head of trade called on the 10-member bloc to work out along-term and consistent strategy to harmonise regulations of thedifferent FTA’s.
“ASEAN needs to tap its centralposition in the region better and take full advantage of thepreferential tariffs offered by the FTAs,” said Hoang.
He rejected the argument that some Vietnamese exports facedifficulties due to the similarity in exports between Vietnam , ASEANand China . Hoang emphasised that it’s the economic structure whichwill decide the level of cooperation.
“Up to 80percent of Vietnam ’s imports from China and between 65 and 75percent of its imports from ASEAN are from a third country as well asthe raw materials and equipment for production,” he explained.
“That’s why stepping up cooperation with China and ASEAN hasfacilitated Vietnam ’s capacity to produce more and export more,” heemphasised.
The minister described China asVietnam ’s leading trade and investment partner, with the potential forenormous amounts of bilateral trade still lying ahead.
The 2008 bilateral trade revenue of 20.2 billion USD has made China Vietnam’s second biggest trading partner, after ASEAN.
The ASEAN-China Free Trade Agreement (ACFTA) has given Vietnameseindustries more chance of accessing materials and equipment forproduction and export activities, said the minister.
The ACFTA, which asks China to cut 90 percent of all import tariffson Vietnamese products from 2010, would create ideal conditions forVietnamese imports to take a foothold in the world’s third largesteconomy, especially products that Vietnam is strong in such asagricultural produce, seafoods and minerals./.
