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Binh Duong companies updated on new free trade agreements

Binh Duong companies updated on new free trade agreements

The event was attended by Herb Cochran – Executive Director of the American Chamber of Commerce in Vietnam (Ho Chi Minh City) and representatives from the EU Delegation to Vietnam.

It aimed to provide local agencies and enterprises with the latest information about the two agreements and Vietnam’s international economic integration, so they can make effective integration plans.

Herb Cochran provided participants an insight into important contents in the EVFTA and opportunities and challenges it will bring, along with an overall account of the EU market and the Vietnam-EU trade.

He also spoke about difficulties in the TPP ratification and problems related to the origin of apparel and footwear which are main export products of Vietnam.

As a major industrial hub in the south of Vietnam, Binh Duong contributed US$21 billion to the country’s export revenue of US$162.1 billion in 2015.

The EVFTA was officially signed on December 2, 2015, after over three years of negotiation. It is expected to come into force from 2018.

Meanwhile, economic ministers of the 12 TPP members signed the deal in New Zealand on February 4, 2016.

The TPP is now undergoing a two-year ratification period in which at least six countries – which account for 85 percent of the 12 nations’ combined gross domestic production – must approve the final text for the deal to be implemented.