Necessary preparations by domestic businesses for the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) was the focus of discussions among experts at a workshop held in Ho Chi Minh City.
At the event, co-organised on July 2 by the municipal Department of Industry and Trade, the Centre of the World Trade Organisation (WTO) and the Ho Chi Minh City Enterprises Association, they highlighted the huge potential for domestic businesses from access to the 175 million-people market with a GDP of nearly 2.5 trillion USD.
Nguyen Khanh Ngoc from the Ministry of Industry and Trade attached significance to the accuracy of certificates of origin for products, saying that errors take away any incentives from the agreement for the sector.
Domestic firms should enhance their understanding of the FTA to overcome difficulties, raise product competitiveness and improve product quality to meet the strict requirements of these markets.
Participants pointed to the impact of the FTA on a number of domestic sectors, saying that FTA commitments will include cutting 82 percent of tax lines on the garment-textile sector and 72 percent for the rubber sector.
The free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) (grouping Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) was signed on May 29 after more than two years of negotiations, opening up a new chapter in the partnership between Vietnam and the union as well as each EAEU member nation in particular.
The agreement is expected to be effective from early next year, after all signatories complete their domestic procedures.-VNA
At the event, co-organised on July 2 by the municipal Department of Industry and Trade, the Centre of the World Trade Organisation (WTO) and the Ho Chi Minh City Enterprises Association, they highlighted the huge potential for domestic businesses from access to the 175 million-people market with a GDP of nearly 2.5 trillion USD.
Nguyen Khanh Ngoc from the Ministry of Industry and Trade attached significance to the accuracy of certificates of origin for products, saying that errors take away any incentives from the agreement for the sector.
Domestic firms should enhance their understanding of the FTA to overcome difficulties, raise product competitiveness and improve product quality to meet the strict requirements of these markets.
Participants pointed to the impact of the FTA on a number of domestic sectors, saying that FTA commitments will include cutting 82 percent of tax lines on the garment-textile sector and 72 percent for the rubber sector.
The free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) (grouping Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) was signed on May 29 after more than two years of negotiations, opening up a new chapter in the partnership between Vietnam and the union as well as each EAEU member nation in particular.
The agreement is expected to be effective from early next year, after all signatories complete their domestic procedures.-VNA
