Yue Han Signed Bilateral VKFTA Consultations Agreement On Textile Garments And Raw Materials Will Be Offered.

Under the testimony of Vietnamese Prime Minister Ranjig and South Korean President Park Geun Hye, the Ministry of Commerce and industry, Wu brilliance and Yoon Sang-Jick, Minister of trade, industry and energy, signed the Vietnam Vietnam free trade agreement.

Complete the consultation agreement.

VKFTA consultation officially launched negotiations in August 6, 2012. After 8 rounds of formal consultations and 8 rounds of mid-term meetings and main level talks, the two sides basically reached a consensus on the comprehensive scope, the degree of commitment and the balance of interests.

The main contents of the agreement include trade in goods (tariff concession commitment), trade in services (including communications, finance and other appendices), investment, intellectual property rights, food hygiene and safety and animal and Plant Quarantine (SPS), rules of origin, customs convenience, trade remedy, technical barriers to trade (TBT), e-commerce, competition, system and law, economic cooperation, etc.

South Korea offers Vietnam tariff concessions to create new and important export opportunities for Vietnamese aquatic products such as shrimp, fish, vegetables and fruits, as well as textile and garment, machinery and other industrial products.

In addition, South Korea has undertaken to invest more services in Vietnam, including investment in services and investment fields, and is in favour of strengthening economic cooperation and providing comprehensive technical assistance in many areas.

For the first time, South Korea opened the market for products that are highly sensitive to garlic, ginger, honey, shrimp and so on, providing Vietnam with competitive opportunities compared with competitors in other regions.

Vietnam also provides preferential treatment for South Korea's various industrial products, including textile and garment ingredients, plastics, electronic parts, trucks, cars, auto parts, household appliances, steel products, cables, etc. above 2500cc.

In the part of tax liberalization, South Korea liberalized 95.43% taxes, and Vietnam committed 89.75% tax liberalization.

Other commitments related to services, investment, intellectual property rights, competition, trade remedy, dispute resolution, economic cooperation, disease health measures and technical trade measures are agreed on the basis of safeguarding the interests balance, meeting the requirements of national laws and other consultations in Vietnam.

In addition to important export benefits, VKFTA is expected to help improve import efficiency, especially supply.

The ingredients of the main export industries, such as footwear and electronic products, are less dependent on imports from other countries.

Thus, it helps to restructure and pfer the economic structure and increase the proportion of products with high added value.

The agreement is more pparent, encouraging fair competition, and services that conform to international rules, investment, policy environment and other commitments, which is expected to attract more investment in Korea, especially in high technology.

At the same time, at the same time, it will promote economic cooperation, strengthen people's exchanges, consolidate and deepen the strategic partnership between Vietnam and South Korea.

It is expected that the two sides will complete the remaining technical consultation and the necessary procedures at home to facilitate the signing of the agreement early next year.