Vietnam, South Korea finish new round of FTA talks



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


About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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