Ministry of Industry and Trade to submit FTA negotiation plan for 2025 in May
The Ministry of Industry and Trade is developing a roadmap for negotiations and signing of free trade agreements (FTA) in the rest of the year that must be reported to the Prime Minister within this month.
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| FTA negotiation plan for 2025 to be submitted in May. At Tan Cang - Cai Mep International Terminal. (Photo: VNA) |
The task is part of the Resolution No 124/NQ – CP issued after the Government’s regular April meeting.
Amid volatile, complicated and unpredictable global situation coupled with domestic challenges, the Government asked for drastic efforts to be taken to expand markets, diversify export products and supply chains and well as timely provide information support to enterprises.
This means the Ministry of Industry and Trade must gear up negotiation preparations for FTAs in 2025.
Trade negotiations with the US must be accelerated together with promoting Vietnam’s participation in the expanded Information Technology Agreement (ITA2) and open the door for the technology products from the US.
Trade promotions must be enhanced to boost exports to potential markets such as the Middle East, North America, Latin America, India, Egypt and Pakistan.
The ministry must also strengthen trade defence measures and coordinate closely with relevant ministries and localities to monitor and inspect the production and distribution of food, pharmaceuticals and functional foods. Violations related to counterfeit or substandard goods must be handled strictly in accordance with the established laws.
Updates from the General Statistics Office show that exports totalled 140.34 billion USD in January to April, up 13% over the same period last year.
To date, Vietnam has signed 16 FTAs with over 60 of the world’s major markets and three are under negotiation.
(Source: VNA)
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