The Hanoitimes - The signing of free trade agreements (FTA) with the US and other countries will facilitate Vietnam ’s trade growth, Prof. Susan Schwab, former US trade representative, told a seminar in Hanoi on April 19.
Schwab said this at a seminar on negotiating and signing free trade agreements, which was jointly held in Hanoi by the Vietnam 's National Assembly (NA)'s External Relations Committee and the Support for Trade Acceleration Project (STAR) project under the United States Agency for International Development (USAID) in Vietnam .
FTAs will help Vietnam shift its import-export structure as applied to fit the global supply chain, increase FDI, improve the quality of goods and services, and create more jobs, said Schwab.
She pointed to the fact that Vietnam has enjoyed low tariffs on its exports to other countries after it joined the World trade Organisation (WTO) in 2007.
Vice Head of the NA External Relations Committee Ngo Duc Manh and the US Ambassador to Vietnam David B. Shear emphasized that globalization and international economic integration are objective trends which involve more and more nations and cover all fields.
In this process, they said, nations have shown their great interest in trade, considering it a driving force behind their development, as well as promoting mutual understanding among peoples.
Manh reiterated Vietnam ’s consistent policy of embracing on the international economic integration on the basis of national independence, self-reliance, equality and mutual benefit.
Former Deputy Prime Minister Vu Khoan proposed that Vietnam take its opportunities to compete negotiations and signings of FTAs.
The success of FTA negotiations is also dependent on the direction of the Government and cooperation between ministries and agencies, he said.
According to Deputy Minister of Industry and Trade Tran Quoc Khanh, Vietnam has signed eight FTAs with its partners. He proposed that Vietnam integrate FTA negotiations into its 2011-2020 socio-economic development strategy and restructuring of the economy.