Vietnamese Minister of Industry and Trade Vu Huy Hoang and Minister for Trade Bark Taeho of the Republic of South Korea on Monday officially agreed to launch negotiations for a free trade agreement (FTA) between the two countries.
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Minister of Industry and Trade Vu Huy Hoang and Minister for Trade Bark Taeho shake hands, Hanoi, Vietnam, August 6, 2012 - Photo: VGP
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The two Ministers agreed to work toward a FTA which is in accordance with regulations of the World Trade Organization and improves commitments enshrined in the ASEAN-RoK free trade agreement.
They also agreed to launch the first round of talks to discuss on the scope and structure of the FTA as well as ways of negotiations.
The two-way trade turnover increased to US$18 billion in 2011 from US$500 million since the two countries set up diplomatic ties in 1992, said Minister Bark Taeho.
Continued liberation of trade and investment through a bilateral trade agreement would take an important role in pushing up the two-way trade value to US$20 billion by 2015, he stressed.
Meanwhile, Minister Hoang affirmed his determination to step up negotiations for early signing of the FTA for the sake of the two countries.
Currently, Vietnam’s export volume only accounts for less then 1%, equivelent to US$4.7 billion of RoK’s total import value.
In 2011, RoK was Vienam’s fourth biggest trade partner after China, the US, and Japan./.