Despite there being no commitments on services and investment in the Vietnam - Chile Free Trade Agreement (FTA), the pact has nonetheless been a boost to trade and economic ties between the two countries.
|Deputy Minister of Industry and Trade Do Thang Hai (centre) poses for a group photo with participants of the meeting in Hanoi (Photo: VNA) |
Hanoi - Despite there being no commitments on services and investment in the Vietnam - Chile Free Trade Agreement (FTA), the pact has nonetheless been a boost to trade and economic ties between the two countries.
The view was shared at the fourth meeting of the Vietnam - Chile free trade council, which was held online and chaired by Deputy Minister of Industry and Trade Do Thang Hai and Vice Minister of Trade at Chile’s Ministry of Foreign Affairs, Rodrigo Yanez.
According to the Ministry of Industry and Trade’s European - American Market Department, the two countries have enjoyed robust relations over the years.
Despite the difficulties posed by the COVID-19 pandemic, two-way trade in 2020 topped 1.28 billion USD, up 4.43 percent year-on-year and 2.5-fold higher than the figure recorded in 2013, prior to the FTA coming into effect.
Chile is now one of Vietnam’s four largest trade partners in Latin America, while Vietnam is the largest trade partner of Chile in ASEAN.
Trade in goods in the first four months of this year rose 15.3 percent year-on-year to 401.1 million USD, with Vietnam’s exports standing at 321.3 million USD, up 11.8 percent.
Both sides recognised the efforts made to implement the FTA.
The subcommittee for trade in goods discussed matters regarding tariffs and origin of goods and considered the application of electronic certificates of origin to simplify procedures for exporters in both countries.
Meanwhile, the subcommittee for hygiene and phyto-sanitation worked on import procedures for several agricultural products.
Vietnam has begun risk analysis on Chilean kiwi fruit while the South American country said it will begin analyses of Vietnamese rambutan in July.
Both agreed to step up measures to help Vietnamese and Chilean businesses capitalise on the Vietnam - Chile FTA as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), after it is ratified by Chile. The latter agreement will make a significant contribution to bolstering bilateral cooperation in the fields of economy, trade, and investment.