FTA providing impetus for Viet Nam - Chile trade
Despite there being no commitments on services and investment in the Viet Nam - Chile Free Trade Agreement (FTA), the pact has boosted trade and economic ties between the two countries.
Despite there being no commitments on services and investment in the Viet Nam - Chile Free Trade Agreement (FTA), the pact has boosted trade and economic ties between the two countries.
The view was shared at the fourth meeting of the Viet Nam - Chile free trade council, which was held online and chaired by Deputy Minister of Industry and Trade (MoIT) Do Thang Hai and Vice Minister of Trade at Chile’s Ministry of Foreign Affairs, Rodrigo Yanez on Thursday.
According to the Ministry of Industry and Trade’s European - American Market Department, the two countries have enjoyed robust relations over the years.
Despite the difficulties posed by the COVID-19 pandemic, two-way trade in 2020 topped US$1.28 billion, up 4.43 per cent year-on-year and 2.5-fold higher than the figure recorded in 2013, prior to the FTA coming into effect.
Chile is one of Viet Nam’s four largest trade partners in Latin America, while Viet Nam is the largest trade partner of Chile in ASEAN.
Goods trade in the first four months of this year rose 15.3 per cent year-on-year to $401.1 million, with Viet Nam’s exports standing at $321.3 million, up 11.8 per cent.
Both sides recognised the efforts made to implement the FTA.
The subcommittee for trade in goods discussed matters regarding tariffs and origin of goods and considered the application of electronic certificates of origin to simplify procedures for exporters in both countries.
Meanwhile, the subcommittee for hygiene and phytosanitation worked on import procedures for several agricultural products.
Viet Nam has begun risk analysis on Chilean kiwi fruit while the South American country said it will begin analyses of Vietnamese rambutan in July.
Both agreed to step up measures to help Vietnamese and Chilean businesses capitalise on the Viet Nam - Chile FTA as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after it is ratified by Chile. — VNS
