PM urges early conclusion of Vietnam-UAE CEPA negotiations

Prime Minister Pham Minh Chinh (R) and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, Hanoi, August 26 (VNA)

Hanoi - Prime Minister Pham Minh Chinh called for the early conclusion of negotiations on the Vietnam-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) at a reception in Hanoi on August 26 for UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and leaders of 19 major UAE corporations.

Welcoming the Minister of State and business leaders from sectors such as logistics, energy, minerals, food, investment funds, finance, and banking, PM Chinh commended the progress in CEPA negotiations and highlighted the role of Al Zeyoudi as the UAE's chief negotiator.

Congratulating the UAE on its remarkable achievements, particularly in economy, the PM expressed Vietnam's eagerness to learn from the UAE's experiences.

Vietnam values its multifaceted friendship and cooperation with the UAE, one of its leading economic partners in the Middle East, he said.

Both sides expressed their delight at the recent positive development of the bilateral ties, with regular exchanges of all-level delegations and two-way trade estimated at nearly 4 billion USD in the first seven months of this year, up 47% year on year

They expressed determination to further bolster comprehensive cooperation and elevate the bilateral relations by finalising and signing the CEPA.

PM Chinh suggested facilitating cooperation and investment between businesses of both countries, considering the possibility of reducing tariffs on certain goods to leverage complementary strengths of their economies, aiming for a two-way trade target of 10 billion USD.

Both sides need to work closely to realise the agreements already reached, well prepare for the 6th meeting of the Inter-Governmental Committee in 2025, and step up cooperation in the energy, oil and gas sectors, he said.

They should also enhance collaboration in developing the Halal food industry, promoting the Vietnamese export of Halal products, seafood, fresh fruits, and processed foods to the UAE and the Middle East, PM Chinh said, encouraging the UAE to support the establishment of an international financial centre in Ho Chi Minh City and invest in other sectors.

As both sides should enhance collaboration in labour, culture, sports, tourism, and people-to-people exchanges through easing visa requirements and launching direct flights, he said Vietnam would step up its efforts to train human resources to meet the UAE's needs.

PM Chinh noted that Vietnam is ready to serve as a bridge for the UAE to strengthen cooperation with the Association of Southeast Asian Nations (ASEAN), while considering the UAE as a gateway to foster collaboration with the Middle East.

Al Zeyoudi updated the PM on the CEPA negotiations, assuring that UAE ministries and agencies are actively working with Vietnamese counterparts to finalise and sign the agreement.

The UAE wants to strengthen collaboration with Vietnamese firms to produce and process Halal food, he said, adding that the UAE plans to establish a council of business cooperation with Vietnam to deepen and improve the effectiveness of Vietnam-UAE cooperation, particularly in trade and investment.

Vietnam-UAE trade boost imminent Vietnam and the United Arab Emirates are set to benefit from an economic cooperation deal slated for inking this year, with trade and investment forecast to improve.

Vietnam to finalise trade agreement with UAE Vietnam and the United Arab Emirates (UAE) are eager to negotiate on the comprehensive economic partnership agreement (CEPA) between the two nations, aiming for a boost in trade and investment.

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