Korea, Vietnam officially sign bilateral free trade deal
And while competition from China is heating up,...Korea's free trade deal with Vietnam is a step closer to going into effect,... as officials from both countries signed the pact in Hanoi earlier today.
Our Song Ji-sun tells us more about the agreement which is expected to boost the presence of Korean products and investors... in one of the ASEAN region's biggest and fastest growing markets.
An upgrade to the 2007 FTA between Korea and ASEAN members, including Vietnam.
That's how Seoul's trade ministry described this new agreement,...which will help to expand the already growing business between the two nations.
Bilateral trade with Vietnam hit 30-billion U.S. dollars last year,... and the FTA is expected to raise that figure by 20-percent a year.
Korea is Vietnam's second biggest exporter after China,... and the new deal is expected to give Korean products a competitive edge over Japan's in pricing.
Japanese goods had an advantage after the country signed an Economic Partnership Agreement with Vietnam in 2009.
The new FTA will remove tariffs on over 92 percent of Korea's export volume to Vietnam -- from the previous 86-percent agreed in the ASEAN pact,... edging past Japan's tariff-free volume of 90-percent.
Popular Korean export items, such as washing machines, rice cookers, cosmetics and automobiles,...will see tariffs disappear over the next ten years.
The two countries will also seek to enhance protection for foreign investors... by reinforcing investor-state dispute settlement.
More than four-thousand Korean companies have already entered the Vietnamese market, which boasts an annual GDP growth of 5-point-4 percent in 2013.
The two countries will work toward ratifying the bill,... aiming to implement the pact within this year. Song Ji-sun, Arirang News.
Our Song Ji-sun tells us more about the agreement which is expected to boost the presence of Korean products and investors... in one of the ASEAN region's biggest and fastest growing markets.
An upgrade to the 2007 FTA between Korea and ASEAN members, including Vietnam.
That's how Seoul's trade ministry described this new agreement,...which will help to expand the already growing business between the two nations.
Bilateral trade with Vietnam hit 30-billion U.S. dollars last year,... and the FTA is expected to raise that figure by 20-percent a year.
Korea is Vietnam's second biggest exporter after China,... and the new deal is expected to give Korean products a competitive edge over Japan's in pricing.
Japanese goods had an advantage after the country signed an Economic Partnership Agreement with Vietnam in 2009.
The new FTA will remove tariffs on over 92 percent of Korea's export volume to Vietnam -- from the previous 86-percent agreed in the ASEAN pact,... edging past Japan's tariff-free volume of 90-percent.
Popular Korean export items, such as washing machines, rice cookers, cosmetics and automobiles,...will see tariffs disappear over the next ten years.
The two countries will also seek to enhance protection for foreign investors... by reinforcing investor-state dispute settlement.
More than four-thousand Korean companies have already entered the Vietnamese market, which boasts an annual GDP growth of 5-point-4 percent in 2013.
The two countries will work toward ratifying the bill,... aiming to implement the pact within this year. Song Ji-sun, Arirang News.
Category
🗞
News