CEPA set to promote Vietnam – UAE economic ties
VOV.VN - A comprehensive economic partnership agreement (CAPE) between Vietnam and the United Arab Emirates (UAE) is expected to raise bilateral economic, trade and investment cooperation to new heights as soon as it is signed and comes into effect.
The agreement was shared by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, during their talks in Hanoi on June 5.
The formulation of long-term cooperation frameworks such as CEPA will provide the necessary foundation for the two sides to enhance cooperation in the future, in which the UAE can be a bridge between Vietnam and other countries in the region, Dien said.
Vietnam always considers the UAE - a leading economic, trade, financial, tourism and logistics center of the Middle East and the world - one of its most important partners in the region, he continued to say.
He suggested that both sides speed up negotiations towards signing the deal as soon as possible, so as to bring opportunities and practical benefits to the business communities of the two countries.
Dien also suggested the two sides work closely together to successfully organize the fifth meeting of the Vietnam - UAE Intergovernmental Committee in October 2023.
He called on UAE businesses to examine and invest in a number of fields in Vietnam, such as: renewable energy, clean energy, chemical industry, supporting industries, material production, and industrial park building in potential economic zones.
Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi for his part affirmed the UAE government always considers Vietnam an important partner in the Asia-Pacific region, and wishes to strengthen cooperation with Vietnam in all fields.
He agreed with Dien’s proposals and said the UAE is ready to coordinate with the Vietnamese side to ramp up negotiations towards penning the deal in the near future.
The UAE Minister of State expressed his delight at the positive developments in economic and trade cooperation between Vietnam and the UAE over the past time, noting the total import-export turnover between the UAE and Vietnam reached US$8.7 billion, accounting for 39% of total trade exchange between the UAE and Southeast Asian countries.
According to the official, the UAE is currently an important transit market in the Middle East, with imported goods to be re-exported to other states in the region, as well as to other continents such as Europe and Africa. This creates favourable conditions for Vietnam’s key products such as agricultural products, textiles, and footwear to have the opportunity to access many other markets, through the UAE.
He also informed Dien about plans of a number of UAE ministerial missions to work in Vietnam in the near future.
Minister Dien welcomed the UAE’s goodwill and suggested that UAE firms strengthen cooperation in investment, production and business in Vietnam to fully tap into the potential of the Vietnamese market according to free trade agreements that Vietnam has signed.
The UAE is currently Vietnam’s largest trading partner in the Middle East - North Africa region. Bilateral trade turnover in 2022 reached US$4.4 billion, including US$3.8 billion worth of Vietnamese exports. Vietnam accounts for about 2.2% of the import market share of the UAE while the UAE makes up about 0.2% of the import market share of Vietnam.
