Vietnam, Australia sign memorandum of understanding on cooperation to maximize potential of FTAs

Việt Nam, Australia ký bản ghi nhớ hợp tác khai thác tối đa tiềm năng các FTA- Ảnh 1. — Signing ceremony of the Memorandum of Understanding on cooperation in maximizing the potential of FTAs between the Ministry of Industry and Trade of Vietnam and the Department of Foreign Affairs and Trade of Australia

The Memorandum of Understanding signed by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Ms. Gillian Bird, Australian Ambassador to Vietnam, contributes to strengthening the Comprehensive Strategic Partnership between the two countries, promoting free trade and supporting Vietnamese enterprises to effectively utilize FTAs, especially those of which Vietnam and Australia are both members.

This Memorandum of Understanding was signed within the framework of the Consultation Workshop on Building an Ecosystem to Support Businesses in Taking Advantage of FTAs organized by the Ministry of Industry and Trade.

At the Workshop, the Ministry of Industry and Trade presented the Ecosystem Project to support businesses in taking advantage of FTAs and listened to multi-dimensional, scientific and constructive comments from delegates attending the Workshop. According to the draft Project, the Ecosystem will be a comprehensive network connecting entities in the value chain, from production, processing, logistics, finance, associations to management agencies, to support businesses in optimizing benefits from FTAs, improving competitiveness and promoting cooperation between the public and private sectors. This model aims to form a culture of connection, information sharing, and mutual support to create a platform to help businesses take more effective advantage of opportunities from FTAs that Vietnam has participated in.

The ecosystem supporting businesses to take advantage of FTAs is expected to bring many positive impacts to the Vietnamese economy , especially in expanding and diversifying export markets, attracting foreign investment, improving productivity and promoting the process of transforming the growth model towards green and sustainable. Delegates participating in the workshop actively exchanged, discussed and contributed many valuable ideas to make the Project more effective and practical.

Speaking at the workshop, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan affirmed that the establishment of an Ecosystem to support businesses in taking advantage of FTAs is a strategic step to implement the Government's direction on improving integration capacity, creating momentum for trade and economic growth of the country. The Ministry of Industry and Trade will collect opinions from ministries, branches, localities, associations and experts to complete the Project, expected to be submitted to the Prime Minister this year.

Anh Tho

Source: https://baochinhphu.vn/viet-nam-australia-ky-ban-ghi-nho-hop-tac-khai-thac-toi-da-tiem-nang-cac-fta-102251103151222904.htm