The Ministers acknowledged the strong and long-standing economic partnership between Vietnam and Australia, based on complementary economies, strong people-to-people links and a commitment to maintaining a rules-based global trading system. Two-way trade has increased rapidly in recent years. Vietnam is now the 10th largest trading partner in goods and the 14th largest trading partner in goods and services (Australian 2024 figures); Australia is Vietnam’s 10th largest trading partner in goods (Vietnam 2024 figures).
The Ministers acknowledged the achievements from practical initiatives under the Australia-Vietnam Enhanced Economic Engagement Strategy, Australia’s Southeast Asia Economic Strategy 2040 and the Trade Ministers’ Dialogue, which have created a conducive business environment and built a strong network of partners to support increased trade and investment.
The Ministers discussed ways and means to enhance cooperation in priority areas of trade relations, including agriculture , education, tourism, trade promotion and opportunities to promote business activities of enterprises of both countries in each other's markets. The two Ministers welcomed the progress in opening the market for goods, including Vietnamese grapefruit and Australian blueberries, and agreed to promote market opening for other agricultural products.
Minister of Industry and Trade of Vietnam and Minister of Trade and Tourism of Australia
The Ministers discussed priority initiatives under the Comprehensive Strategic Partnership to promote trade and investment in sectors critical to the industries of the future. The Ministers stressed the need to work together to (i) Maintain sustainable mineral supply chains; (ii) Support each country’s climate and energy transition objectives; (iii) Explore the significant potential for enhanced investment cooperation in energy and critical minerals. The Ministers recognized the importance of digital trade rules and looked forward to further deepening cooperation on digital transformation and the digital economy.
Ministers affirmed their strong support for the WTO-led rules-based trading system and agreed to continue building positive momentum to support ambitious WTO reform and rule-making ahead of the 14th WTO Ministerial Conference in 2026 and beyond. Ministers also reaffirmed their support for enforceable trade rules, as demonstrated by Vietnam’s recent decision to join the Interim Multiparty Appellate Arbitration Arrangement (MPIA). Australia welcomed Vietnam’s hosting of APEC in 2027. Ministers also acknowledged the importance of free trade agreements (AANZFTA, RCEP and CPTPP) in supporting trade liberalization and inclusive economic growth, and affirmed their commitment to maximizing the benefits of these agreements for business.
Minister Don Farrell welcomed Vietnam's transition to the role of CPTPP Chair from Australia in 2026. Ministers assessed the importance of the CPTPP as a high-quality agreement, agreed on the importance of a meaningful joint review and efforts to expand the Agreement.
Ministers agreed to build on Australia's achievements during its Presidency year to further strengthen and expand the Agreement, which is vital to the shared prosperity of Australia and Vietnam.
Australia also welcomes Vietnam to chair APEC in 2027 and agrees to work together to ensure the success of this Forum.
Source: https://moit.gov.vn/tin-tuc/tuyen-bo-chung-doi-thoai-bo-truong-thuong-mai-giua-bo-truong-bo-industry-thuong-viet-nam-va-bo-truong-thuong-mai-va-du-lich-.html
Comment (0)