VN, RoK agree to conclude FTA negotiations this year

Vietnam, RoK agree to conclude FTA negotiations this year

Vietnam and the RoK agreed to conclude the negotiations on a bilateral FTA by the end of this year.

Party General Secretary Nguyen Phu Trong and Prime Minister of the Republic of Korea (RoK) Chung Hong-Won agreed to conclude the negotiations on a bilateral free trade agreement by the end of this year, thus achieving the target of 70 billion USD in two-way trade by 2020.

In a meeting in Seoul on October 2, the leaders acknowledged the cooperation prospects between the two countries, expressing their delight at the growing bilateral ties, especially since Vietnam and the RoK set up their strategic partnership five years ago.

Party General Secretary Nguyen Phu Trong proposed the RoK PM to upgrade the Inter-Governmental Committee to ensure a more effective coordination of bilateral ties in the future.

PM Chung Hong-Won said his country continued to regard Vietnam as a key development and investment partner. He avowed that the RoK would prioritise Vietnam in terms of ODA provision, especially in the fields of energy, infrastructure, science and technology, education and training, and human resources development.

The Party leader said Vietnam welcomed RoK businesses and would create the best conditions possible for RoK investors to operate in Vietnam .

Host and guest spoke highly of the effective bilateral cooperation on labour for mutual benefit in recent years. They agreed to intensify their cooperation in this field, while pledging to provide more support for the Vietnamese community in the RoK, with a special focus on Vietnamese-Korean couples and families.

On the same day, Party General Secretary Nguyen Phu Trong met with the Speaker of the RoK National Assembly Chung Ui Hwa who expressed his belief that the Party leader’s visit would contribute to the intensification and expansion of the strategic partnership between the two countries.

Chung Ui Hwa said his country was keen to deepen its bilateral ties with Vietnam further.

The Party General Secretary highlighted that Vietnam attached importance to developing its strategic partnership with the RoK, pledging to lift the relationship up to new heights.

Vietnam ’s continuous policy is to support a peaceful, stable and nuclear-free Korean Peninsula , lauding all efforts and initiatives for dialogue, mediation and cooperation, peace and solidarity between the two Koreas , he stated.

Vietnam is ready to cooperate and make contributions to improve the relationship between the two regions for peace and stability in the Korean Peninsula and Northeast Asia , the Party leader said.

He thanked the RoK side for supporting Vietnam in hosting the 132 nd Assembly of the Inter-Parliamentary Union (IPU) and extended the invitation of National Assembly Chairman Nguyen Sinh Hung to Chung Ui Hwa to attend the event in 2015.

Both sides concurred that it was necessary for the two legislative bodies to exchange information and expertise to realise their agreement signed in 2013, contributing to enhancing the friendship, mutual understanding and trust between the two peoples.

Also on October 2, Party General Secretary Nguyen Phu Trong met with Kim Moo-Sung, Chairman of the Supreme Council of the Saenuri Party.

Kim Moo-Sung spoke highly of the role of the Communist Party of Vietnam, expressing his belief that under the Party’s leadership Vietnam would continue to gain achievements in the renewal and development process.

The Party Chief lauded the RoK’s development in recent years, to which the Saenuri Party contributed significantly.

He said he hoped that as the ruling political party in the RoK, the Saenuri Party would continue to foster the Vietnam-RoK strategic partnership.

Both sides agreed that the cooperation between the Communist Party of Vietnam and political parties in the RoK, especially the Saenuri Party, was crucial to ensuring long-standing ties between the two States.

They shared the wish to increase the exchange of leadership experience between the two parties.

The two party leaders also witnessed the signing of a memorandum of understanding on cooperation between the two parties for the 2015-16 period.

Later on the day, the Vietnamese Party Chief visited and talked with professors, lecturers and students of the Hankuk University of Foreign Studies, which pioneers in teaching Vietnamese and doing studies on Vietnam .

He underscored the need to ratchet up connectivity for both countries’ sustainable development and prosperity, expressing belief that the students at this meeting will join in realising it.

Party General Secretary Nguyen Phu Trong on the same day attended an official dinner hosted by President Park-Geun-hye./.

See more