Vietnam, Japan Boosting VJEPA Implementation
The Joint Committee on the Implementation of the Vietnam-Japan Economic Partnership Agreement (VJEPA) opened its first meeting in Tokyo on October 1 to discuss measures to effectively execute the pact.
The meeting marked a new step forward economic, trade and investment cooperation between Vietnam and Japan, said Minister of Industry and Trade Vu Huy Hoang.
During the meeting, participants affirmed that the VJEPA will accelerate bilateral trade and investment ties and other fields, including intellectual property.
Vietnam and Japan inked the VJEPA in Tokyo last December after the 19-month negotiation period.
This is the first bilateral free trade agreement for Vietnam since joining the World Trade Organization.
Under the agreement, Hanoi and Tokyo agreed to exempt taxes for 92% of bilateral traded goods within 10 years of implementation (2009-2019).
Japan will exempt 7,220 out of 9,100 import tax lines for Vietnamese products from October 1 to March 31, 2012 while Vietnam will cancel 2,586 out of 8,873 tax lines for imports from Japan during the time.
Last year, trade between Vietnam and Japan hit US$15.5 billion. (New Hanoi, Vietnamplus)
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