On July 25th, 2023, at the Office of the Prime Minister of Israel, in the presence of Israeli Prime Minister Benjamin Netanyahu bongdaso mobile Vietnam Deputy Prime Minister Tran Luu Quang, Minister of Industry bongdaso mobile Trade Nguyen Hong Dien announced bongdaso mobile Israel's Minister of Economy bongdaso mobile Industry Nir Barkat signed the Vietnam - Israel Free Trade Agreement (VIFTA).
The signing of VIFTA marks the achievement of efforts of both countries after 7 years with 12 negotiation sessions bongdaso mobile 30th anniversary of establishing diplomatic relations. This is the first time for Israel to sign FTA with a SEA country bongdaso mobile Vietnam with a West Asia country.
Israel is currently one of the leading trade, investment bongdaso mobile labor cooperation partners of Vietnam in West Asia. The economic structure of Vietnam bongdaso mobile Israel is complementary, the import bongdaso mobile export products of the two countries not only do not compete directly but also complement each other.
The signing bongdaso mobile implementation of VIFTA will create a favorable premise for both countries to promote export/import major products of both countries, improving the competitiveness.
In addition, Vietnam's market of over 100 million people, Israeli goods bongdaso mobile technologies can reach ASEAN, Asia-Pacific bongdaso mobile other major economies in the region with 16 FTAs that Vietnam has joined.
The Agreement consists of 15 chapters bongdaso mobile a number of attached appendices with basic contents such as trade in goods, services - investment, rules of origin, technical barriers to trade (TBT), international trade agreements, Sanitary bongdaso mobile phytosanitary measures (SPS), customs, trade remedies, government procurement, legal - institutional.
Both countries committed to raise liberalization rate of trading bongdaso mobile overall towards the end of the angreement: Israel is 92,7% of tariff lines while Vietnam is 85,8%, the two sides expect two-way trade to have a remarkable growth, soon reaching 3 billion USD bongdaso mobile higher in the future.
Furthermore, VIFTA will create more investment opportunities for both countries bongdaso mobile more jobs in specific industries that Israel interested.
Source: https://logistics.gov.vn/chinh-sach/trong-nuoc/viet-nam-va-israel-ky-ket-hiep-dinh-thuong-mai-tu-do
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