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Japanese partnership deal promotes bilateral trade
Chief negotiator Phan The Rue of Vietnam has expressed strong belief in the Vietnam-Japan Economic Partner Agreement (VJEPA) to boost bilateral trade and investments.
Rue said the VJEPA meets the regional motto “Strategic Partnership for Peace and Prosperity in Asia ”.
The former Deputy Minister of Trade added that both countries agreed to ratify the agreement in order to deploy it at the beginning of 2009.
The VJEPA was signed in Japan on December 25, 2008 after nine rounds of negotiations.
Japan has agreed for the first time to work closely with Vietnam towards early recognition of the country’s full market economy and establishment of an equal trade relationship between the two countries.
In the first stage of the agreement, both countries will realise a tariff reduction towards a free trade area, allowing over 94.5 percent of Vietnam ’s export revenues and over 87.6 percent of Japan ’s export revenues to be exempt from import tariffs.
Aquatic products, farm produce, apparel, steel, chemicals and electronic appliances will benefit the most from the commitment to trade liberalisation.
Japan also agreed to extend soft loans from its official development assistance (ODA) to train up to 300 Vietnamese nurses in Japan .
In the first year of implementing the agreement, the two countries will resume negotiations on migration in an effort to broaden opportunities for Vietnamese nurses and workers of other trades.
Rue emphasised other opportunities such as more access to financial sources, technology, goods and production materials brought in by the agreement to entrepreneurs and consumers from the two countries.
He added that the VJEPA will make a positive impact on restructuring the two economies in relation to other regional and global economies.
Japanese Ambassador Mitsuo Sakaba reaffirmed that Vietnam is an important trade partner of Japan . He also said he strongly believed that the deployment of the VJEPA would pave the way for the two countries to further strengthen relations in trade and investment in the future.
Vietnam and Japan have recorded major progress in trade and investment relations after 35 years of establishing bilateral diplomatic relations.
Two-way trade revenues trebled the 2000 figure to over 12 billion USD in 2007 and were expected to reach 16 billion USD in 2008, achieving the 2010 target two years ahead of schedule.
Over the past two decades since Vietnam announced the Law on Foreign Investment, Japan has invested in 1,046 valid projects with a combined capital of over 17 billion USD, ranking third of 84 foreign investors in Vietnam.
VNA
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