Vietnam, South Korea finish new round of FTA talks

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Vietnam and South Korea wrapped up their fifth round of bilateral negotiations on the Free Trade Agreement (FTA) Friday; the two countries seek to conclude their negotiations by the end of this year.

During the four-day conference in Seoul, the two countries held in-depth discussions on a wide range of topics, including tariffs, investment, customs, sanitary and phytosanitary (SPS), technical barriers to trade (TBT) and cooperation.

The Vietnamese delegation also joined attended group discussions on competition, e-commerce and intellectual property.

Vietnam proposed that South Korea give appropriate consideration to its key export products such as seafood and farm produce while promising to offer Korean exporters better conditions than the ASEAN-South Korea FTA.

The two sides said they were determined to conclude their FTA talks by the end of this year.

The sixth round of negotiations will be held in mid-July in Vietnam.

The Vietnam-South Korea bilateral FTA talks began in August 2012. During a 2013 summit, the leaders of the two countries agreed to conclude negotiations for a “comprehensive and high-level FTA” before the end of this year.

Two-way trade between Vietnam and South Korea rocketed to more than US$27 billion last year from just half a billion in 1992.

Last year, South Korea became Vietnam’s third largest trade partner and Vietnam became the sixth biggest importer of South Korean goods.

Vietnam’s main exports to South Korea include seafood, textiles and garments, footwear, wood furniture and farm produce while main import items were machines and equipment, apparel and footwear materials, oil and gas, steel, chemicals, and plastic products.

 

 

 

 

 

Source : Channel News Asia | May 27, 2014

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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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