Vietnam, Japan to Sign FTA Next Year
Vietnam and Japan may sign a bilateral free trade agreement (FTA) in November next year, said the Ministry of Trade.
Trade Minister Truong Dinh Tuyen was cited last week as saying that the two sides are trying to wrap up negotiations by then. Tuyen also urged companies in Vietnam to focus on quality, pricing and trade promotion to penetrate the Japanese market.
To prepare for the singing, the Japanese government would like to lower the current average import tariffs on Vietnamese goods to 2.8 per cent by 2008 from of 5.05 per cent now.
Japan would slash taxes on many Vietnamese goods by 92 per cent and scrap duties on thousands of others immediately after the agreement takes effect.
In return it wanted Vietnam to lower the corresponding rate on Japanese products to 7 per cent from 14 per cent currently.
Vietnam hopes bilateral trade with Japan will grow up to US$17 billion in 2010 from nearly US$10 billion in 2006.
Only as of 2003 did Japan begin advocating the FTA with Vietnam. Japan has signed FTAs with many countries, especially ASEAN nations. (Young People Online, VietnamNet)
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