|
Vietnam discusses Free Trade Agreement with EFTA
40 representatives from Vietnamese businesses, management agencies, and policy groups and Norway’s and Switzerland’s embassies in Vietnam on September 23 participated in a seminar to explore a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA).
Thea Ottmann, First Secretary of Norway‘s Embassy in Vietnam, recognised Vietnam as EFTA’s strategic partner and said a research team has been set up to study the feasibility of the free trade agreement.
Le Van Dao, Chairman of the Vietnam Textile and Apparel Association (Vitas), says the FTA will help Vietnamese textile and garment businesses penetrate the EU market.
Vietnam is now seen as a newly-emerging economy whose assets include an improved infrastructure and an annual economic growth rate of 7-8 percent. Its power consumption is projected to triple by 2025.
With a total population of only 13 million, EFTA, which includes Switzerland, Norway, Iceland, and Liechtenstein, has a GDP of nearly US$1,000 billion per year and is the EU’s third biggest partner. It has signed FTAs with 31 countries and territories.
Trade relations between Vietnam and EFTA members have seen significant growth in recent years. In 2010, it is estimated that Vietnam will export products worth US$2.3 billion to Switzerland and import products worth US$559 million.
Seminar participants agreed that an FTA would lay a firm foundation for the future growth of Vietnam-EFTA trade relations.
VOV
|
