Asean china free trade agreement

Market of 3.5 billion consumers RCEP, launched in 2012, includes the 10 ASEAN members, as well as China, India, Japan, the Republic of Korea, Australia and New Zealand. Vietnam’s Minister of Industry and Trade Tran Tuan Anh said the conclusion of negotiations marks a very important milestone in the country’s process of international economic integration in particular and of all countries participating in RCEP in general, given increasing trade protectionism around the globe. According to Tran Tuan Anh, RCEP, with a market of around 3.5 billion consumers and total gross domestic product (GDP) of approximately US$49 trillion that accounts for about 39 percent of global GDP, will form the largest free trade area in the world. Member countries are to join the open market for goods and services, investment opportunities, facilitated trade and simplified customs procedures. The trade deal is expected to strongly promote the development of regional and global value chains, helping … [Read more...] about Breakthrough in RCEP negotiations on world’s largest free trade area

Do Thu Hoang, Vice President of Toyota Vietnam, said at a forum Thursday that suppliers in the country are capable of making simple parts such as seats and wires, but for other parts like fuel caps, costs in Vietnam are 2-3 times higher than in Thailand and Indonesia. The country has to import about $2 billion worth of car parts each year, mostly components like the breaking and steering system, from countries like Japan, China and South Korea, according to a report submitted at the forum by the Ministry of Industry and Trade. Pham Tuan Anh, deputy head of the ministry’s industry department, said that the large portion of imports puts the localization rate of cars with nine seats or less at 7-10 percent, even though the country had targeted a 60 percent rate by 2010. Anh said that the reason for the imports is the country’s small market size, making suppliers unable to produce large volumes to lower prices. Hoang proposed that the government provides financial support for … [Read more...] about Making cars costs more in Vietnam than other ASEAN countries

Trade growth continues to decrease from previous quarter due to macro headwinds across the regionHigh Technology sector, and ocean exports of Basic Raw Materials and Machinery Parts to grow moderately as multilateral ties with ASEAN nations open new opportunitiesSEOUL, SOUTH KOREA - Media OutReach - 9 December 2019 - South Korea's trade is set to experience moderate growth in the machinery and technology industries, offering some optimism amidst a continuing trade for the three-month period ending in January 2020, according to data from the DHL Global Trade Barometer released by DHL, the world's leading logistics company. The DHL Global Trade Barometer, an early indicator of global trade developments calculated using Artificial Intelligence and Big Data, revealed that South Korea's trade outlook is set to decelerate further to 43 points, below the threshold of 50 which indicates growth[1]. Despite a general slowdown in trade, South Korea's outlook remains relatively … [Read more...] about South Korea trade continues to face mild decline

Illustrative image (Source: VNA) Hanoi (VNA) – The Customs Mutual Assistance Agreement between the Governments of Vietnam and the US was signed in Hanoi on December 6 in the presence of Vietnamese Deputy Prime Minister Vuong Dinh Hue. The signatories of the document were Vietnamese Deputy Finance Minister Vu Thi Mai and US Deputy Chief of Mission in Vietnam Caryn McClelland. Speaking at the event, Deputy Minister Mai said that Vietnam attaches importance to its comprehensive partnership with the US, reflected through the Vietnamese Government’s efforts to remove obstacles for bilateral economic-trade relations and facilitate US firms’ business activities in Vietnam over recent times. As part of the joint efforts in promoting healthy trade ties and cooperation between the two countries, in recent years, the Vietnamese Ministry of Finance, through the General Department of Vietnam Customs (GDC), and the US Department of Homeland Security, through the US Customs and … [Read more...] about Vietnam, US sign customs mutual assistance agreement

The Ministry of Industry and Trade (MoIT) will negotiate with Chinese authorities to allow goods to pass through hitherto unused border gates in the northern province of Lang Son, like Chi Ma, Na Hinh and Binh Nghi, in order to resolve congestion at the Tan Thanh border gate, said Tran Thanh Hai, deputy director of the ministry’s Import and Export Department. On Wednesday morning, in a meeting with Chinese Ambassador to Vietnam Xiong Bo and Yunnan Province’s Party Committee Deputy Secretary Wang Yobo, Deputy Prime Minister Vuong Dinh Hue had mentioned the difficulties Vietnamese exporters have been facing at the border, and asked China to help resolve the issue. Xiong Bo said Chinese border authorities have been overwhelmed by the sudden surge in traffic, and have sent personnel to inspect and resolve the issue. For his part, Wang Yobo said that the southern Chinese province wants to raise bilateral trade turnover with Vietnam, and stands ready to purchase Vietnamese farm … [Read more...] about Vietnam wants more northern border gates to process fruit exports to China