A seminar on the Viet Nam-EU Free Trade Agreement (FTA) took place on January 16 in Da Nang City to help enterprises in the central region to have better understanding of the FTA’s impacts on important export-related industries.
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The seminar on Viet Nam-EU free trade agreement (FTA), Da Nang, January 16, 2013
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The seminar was held by the Multilateral Trade Assistance Project (MUTRAP) and the Da Nang Branch of the Viet Nam Chamber of Commerce and Industry.
According to MUTRAP Director Bui Huy Son, who is also the Head of the Asia-Pacific Market Department under the Ministry of Industry and Trade, the Viet Nam-EU relationship has entered a new period since the signing the Partnership and Cooperation Agreement in June 2012.
The first session of negotiations for the FTA concluded in October 2012 and the next session will take place in January 2013 in Brussels. The FTA signing will benefit Viet Nam, since at least 90% of tariff lines on Vietnamese exports to the EU will be slashed.
According to the General Statistics Office, the EU became Viet Nam’s biggest export market in 2012 with export turnovers of some US$20.3 billion, up 22.5%.
Many enterprises in the central region have business relations with European partners. Their key exports to the European market include woodwork, seafood, garment, handicraft, children’s toy, and footwear.