ASEAN member countries and the Republic of Korea have not effectivelytaken advantage of the ASEAN – RoK Free Trade Area (AKFTA), which cameinto force in 2008.
The remark was made by economic experts at a workshop held in Ho Chi Minh City on November 12 to introduce AKFTA.
Five years since the agreement was signed, trade turnover betweenASEAN and the RoK doubled to 131.2 billion USD in 2012. Trade betweenVietnam and the RoK increased over four times, reaching 21.7 billion USDin the period. Vietnam and the RoK also cooperated effectively in manyfields, especially in electronics and construction.
However, experts said that the results have not matched expectations andthat they need to improve the effectiveness of the agreement.
The State’s management agencies and business community should workclosely, while mapping out suitable policies to overcome difficulties inthe process of participating in free trade market, such as themanagement of goods’ origin.
Free tradeagreement (FTA) is an effective form that helps increase globalcompetitiveness of the industry and agriculture sectors, thus manycountries have used agreements to cope with the economic downturn andpromote growth. The number of signed FTAs increased continuously inrecent years, with about 364 inked at the end of October, 2013.
Yoo Dong Hoo from the RoK’s Ministry of Trade, Industry and Energysaid the RoK is active in pursuing FTAs because along with removingtariff and non-tariff barriers, the form helps expand the global exportmarket.
In order to overcome thechallenges of FTAs, the RoK Government developed and provided amanagement system of ensuring the origin of products, while organisingexchanges between its businesses and those from partner countries toenhance mutual understanding, Yoo added.
Jointly organised by the Vietnam Chamber of Commerce and Industry(VCCI) and the RoK’s Consulate General in Ho Chi Minh City, the workshophelped the business community of ASEAN countries and the RoK takeadvantage of opportunities as well as deal with challenges inimplementing free trade commitments between the two sides, thuspromoting market access and enhancing export.-VNA
The remark was made by economic experts at a workshop held in Ho Chi Minh City on November 12 to introduce AKFTA.
Five years since the agreement was signed, trade turnover betweenASEAN and the RoK doubled to 131.2 billion USD in 2012. Trade betweenVietnam and the RoK increased over four times, reaching 21.7 billion USDin the period. Vietnam and the RoK also cooperated effectively in manyfields, especially in electronics and construction.
However, experts said that the results have not matched expectations andthat they need to improve the effectiveness of the agreement.
The State’s management agencies and business community should workclosely, while mapping out suitable policies to overcome difficulties inthe process of participating in free trade market, such as themanagement of goods’ origin.
Free tradeagreement (FTA) is an effective form that helps increase globalcompetitiveness of the industry and agriculture sectors, thus manycountries have used agreements to cope with the economic downturn andpromote growth. The number of signed FTAs increased continuously inrecent years, with about 364 inked at the end of October, 2013.
Yoo Dong Hoo from the RoK’s Ministry of Trade, Industry and Energysaid the RoK is active in pursuing FTAs because along with removingtariff and non-tariff barriers, the form helps expand the global exportmarket.
In order to overcome thechallenges of FTAs, the RoK Government developed and provided amanagement system of ensuring the origin of products, while organisingexchanges between its businesses and those from partner countries toenhance mutual understanding, Yoo added.
Jointly organised by the Vietnam Chamber of Commerce and Industry(VCCI) and the RoK’s Consulate General in Ho Chi Minh City, the workshophelped the business community of ASEAN countries and the RoK takeadvantage of opportunities as well as deal with challenges inimplementing free trade commitments between the two sides, thuspromoting market access and enhancing export.-VNA
