Vietnam, RoK cover significant ground at fifth FTA round
(VOV) - Vietnam and the Republic of Korea (RoK) made progress in negotiations on customs, the rule of origin, services, investment, laws, trade protection, sanitary and phytosanitary measures (SPS) and the technical barriers to trade (TBT) agreement during the fifth round of FTA talks in Seoul.
Vietnamese representatives participated in the May 20-23 talks with a focus on competition, e-commerce, and intellectual property.
Regarding the opening of commodities market, Vietnam urged the RoK to consider Vietnam’s advantageous products for export such as seafood and farm produce (rice and tropical fruits and vegetables).
Vietnam might also consider export benefits of the RoK and make improvements to its commitments, in line with the ASEAN-Korea Free Trade Agreement (AKFTA).
Both sides affirmed determination to conclude the AKFTA this year and the sixth round of FTA is expected to be held in mid-July in Vietnam.
Bilateral trade between Vietnam and the RoK has witnessed remarkable growth over the past twenty years. Two-way trade turnover has increased by nearly 55 times from 0.5 billion in 1992 to US$27.3 billion last year. In 2013, the RoK was Vietnam’s largest trade partner while Vietnam was the RoK’s sixth biggest export market.
The RoK is an important consumption market for Vietnam’s key export products such as seafood, garment and textile, footwear, wood products and farm produce.
Vietnam’s major imports from the RoK include machines and equipment, garments and textiles, leather shoes, oil and gas, iron and steel, plastics, chemicals and means of transport.