Vietnam, RoK Discuss Ways to Beef Up FTA Talks
A seminar on negotiations for a free trade agreement (FTA) between Vietnam and the Republic of Korea (RoK) took place in Ha Noi on December 12.
Earlier on September 6, 2012, the two countries kicked off negotiations for FTA to further strengthen investment and trade ties.
The two-way trade volume expanded 36 times over the last 19 years from US$0.5 billion in 1992 to US$18 billion in 2011.
Last year, the RoK was the fourth biggest trade partner of Vietnam. Meanwhile, Vietnam is the eighth biggest importer of the Northeast Asian country.
Vietnam chiefly imports machines, equipment, garment raw materials, footwear, fuel, iron, steel, plastic, chemical substances, transport vehicles and exports minerals, raw materials, farm products, garments and textiles and furniture.
The two countries are striving for US$20 billion trade turnover by 2015, said Deputy Minister Choi Kyonglim of the Korean Ministry of Foreign Affairs and Trade.
The bilateral trade agreement is expected to provide a new cooperation framework for both countries in 21st century.
Mr Koh Kyung Sok from the Korean negotiation delegation said that once the FTA is signed the two countries will broaden scopes of cooperation beyond the current ones of energy, infrastructure, agro and fishery sector and ODA.
Vietnamese
