MoIT to boost FTA negotiations to facilitate exports

The Ministry of Industry and Trade (MoIT) will continue coordinating with relevant ministries and sectors to boost negotiations and sign new free trade agreements (FTAs) with potential partners as part of solutions to help accelerate export for the remaining months of this year, according to the ministry’s Export and Import Department.

The ministry will also support businesses in maximizing opportunities from FTAs and joining trade promotion activities to develop markets for export.

The ministry will coordinate with the Ministry of Agriculture and Rural Development and the Ministry of Foreign Affairs to accelerate  negotiations for farm produce export.

It will also keep frequent communications to grasp obstacles facing each industry, and take timely measures to tackle bottlenecks and foster shipments.

Export activities have recovered with the turnover in the first five months of this year was estimated at $156.5 billion, up 15% against the same period last year, according to the MoIT.

Exports to most of markets recorded growth, particularly markets that signed FTAs with Vietnam. In the first four months, exports to ASEAN surged 10.5%, Japan 3.3%, South Korea 8.6%, Europe 15.1% and Australia 22.6%.

During the 2013 - 2022 period, the export revenue of the goods benefiting from preferential tariffs under FTAs stood at 12.7% each year, higher than the average annual growth of 12.5% in total exports in the time under review.