The two-way rade between Viet Nam and Cuba is expected to increase in the future as 90 per cent of the tax lines of both sides have been proposed for prompt elimination or reduction. — Photo VNA

HA NOI (Biz Hub) – Viet Nam and Cuba made significant progress in their second negotiation round on a new trade deal after the four days of sitting in Ha Noi, the Ministry of Industry and Trade (MoIT) said on September 1.

The Vietnamese delegation was co-headed by Director and Vice Director of the MoIT's American Market Department, Nguyen Duy Khien and Tran Duy Dong. Meanwhile, Rigoberto Enoa Novo, Director of the Trade Policy with Asia and Oceania Department under the Cuban Ministry of Foreign Trade and Investment led the Cuban delegation.

The two sides reached a consensus on the wording of the agreement, and openly negotiated issues relating to tax incentives.

Accordingly, 90 per cent of the tax lines of both sides have been proposed for prompt elimination or reduction, accounting for 99 per cent of the two countries' export turnover to each other.

In the coming time, Viet Nam and Cuba will continue refining the wording of the agreement, and the offers of tariff preferences.

The third negotiation round of the agreement will be held in Havana, Cuba in the first quarter of 2017. — VNS