Vietnam, Israel finalize FTA negotiations
Vietnam and Israel have announced the conclusion of negotiations for their free trade agreement (FTA) which will serve as a premise for both nations to sign the deal this year.
Both sides have announced the finalization of negotiations for their free trade agreement (FTA)
The announcement was made at a working session on April 2 between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat during the former’s ongoing visit to the Middle East nation.
Dien said with the reciprocal economies and growing two-way trade, both nations will greatly benefit from the agreement, whose negotiations lasted seven years with 12 rounds.
He suggested the two sides intensify coordination and delegation exchange to seek and promote cooperation opportunities in trade and investment, and incentivize Israeli businesses to invest in Vietnam in such fields as industry, high-tech agriculture, IT, green production and industrial infrastructure.
Dien also called on Israel to share its experience and technology in digital economy, digital transformation and energy transition.
In response, Barkat consented to go ahead with cooperation and exchange activities between the two ministries, as well as trade promotion programmes in order to facilitate the operation of their enterprises, enabling them to optimise the VIFTA once it is put into place.
According to the Vietnamese Ministry of Industry and Trade, Israel is Vietnam’s third biggest importer and fifth largest trade partner in West Asia.
Last year’s bilateral trade hit US$2.2 billion, up 17.9% on-year, of which Vietnamese exports stood at US$785.7 million and its import reached US$1.4 billion.
With the official conclusion of negotiations, the two countries will soon speed up the final internal and legal work to prepare for the signing of the Vietnam-Israel FTA, slated for this year as part of activities to celebrate the 30th anniversary of both nations' diplomatic ties.
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