The Ministry of Industry and Trade said that the signing ceremony of the Vietnam - Israel Free Trade Agreement (VIFTA) by Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat took place on July 25, at the Israeli Prime Minister's Office, witnessed by Israeli Prime Minister Benjamin Netanyahu and Deputy Prime Minister Tran Luu Quang.
The VIFTA signing ceremony took place at the Israeli Prime Minister's Office, witnessed by Israeli Prime Minister Benjamin Netanyahu and Deputy Prime Minister Tran Luu Quang.
The VIFTA signing ceremony is the result of a 7-year process with 12 negotiation sessions; at the same time, it is a meaningful activity in the year when the two countries are celebrating the 30th anniversary of the establishment of Vietnam - Israel diplomatic relations.
According to the Ministry of Industry and Trade, VIFTA has 15 chapters and appendices with basic contents such as trade in goods, services - investment, rules of origin, technical barriers to trade (TBT), sanitary and phytosanitary measures (SPS), customs, trade defense, government procurement, legal, and institutional.
In this agreement, the two sides strongly commit to increasing the rate of trade liberalization with the overall liberalization rate by the end of Israel's commitment roadmap being 92.7% of tariff lines, while Vietnam's is 85.8% of tariff lines.
Vietnam and Israel expect that with VIFTA, two-way trade will grow significantly, soon reaching 3 billion USD and even higher in the near future. In addition, VIFTA is also expected to be a lever to strengthen cooperation between the two countries in investment, services, digital transformation, technology, etc.
According to the Ministry of Industry and Trade, Israel is currently one of Vietnam's leading trade, investment and labor cooperation partners in West Asia. The economic structures of Vietnam and Israel are complementary. The import and export goods of the two countries not only do not compete directly but also complement each other.
Israel is the first country in West Asia with which Vietnam has signed a free trade agreement. Vietnam is also the first country in Southeast Asia with which Israel has signed a free trade agreement.
The Ministry of Industry and Trade believes that the signing and implementation of VIFTA will create favorable conditions for Vietnam to promote the export of its key products to Israel; at the same time, it will open up opportunities to access high-tech products from Israel, contributing to reducing production and business costs and enhancing the competitiveness of Vietnamese goods.
In addition, VIFTA will create favorable conditions for Vietnam to promote the export of its key products not only to Israel but also to have the opportunity to access other markets in the Middle East, North Africa and Southern Europe.
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