- Vietnam and Australia sign MoU to strengthen free trade agreement benefits.
- Partnership aims to build an FTA ecosystem linking key value chain stakeholders.
- Ecosystems to boost exports, attract investments, and promote sustainable growth.
Vietnam's Ministry of Industry and Trade and Australia’s Department of Foreign Affairs and Trade signed a memorandum of understanding (MoU) to enhance the benefits of free trade agreements (FTAs).
The Memorandum of Understanding was signed by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and the Australian Ambassador to Vietnam, Gillian Bird, during the consultation workshop aimed at gathering input for the FTA ecosystem's development.
The signing of the MOU signifies a crucial advancement in enhancing the partnership between Vietnam and Australia, establishing a foundation for a better business environment and assisting in tackling global issues.
The MOU enhances bilateral trade and supports farmers and businesses in broadening their global presence while striving for sustainable growth. During the workshop, delegates declared that Vietnam requires an ecosystem linking all relevant stakeholders due to issues throughout the entire value chain, to fully leverage the benefits of FTAs, enhance competitiveness, and speed up public–private partnerships.
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The suggested FTA ecosystem model will operate as an extensive network linking all parties engaged in the value chain, including producers, processors, distributors, logistics operators, associations, financial institutions, and government agencies. The model strives to foster a culture of connectivity, sharing information, and offering mutual support to help businesses maximize FTA advantages.
The ecosystem is anticipated to create substantial economic effects for Vietnam, particularly in broadening and diversifying export markets, drawing in foreign investment, enhancing productivity, and expediting the transition to a green and sustainable growth model.
The ecosystem would initially bolster Vietnam's policy framework for FTA execution by enhancing the Government's role in coordinating trade policies and overseeing resources to assist enterprises in maximizing tariff advantages.