VietNamNet Bridge - The formation of RTAs/FTAs is very significant for APEC member economies, including Vietnam.

More FTAs negotiated and signed

Although RTAs/FTAs have provided favorable conditions for the socio-economic development of APEC member economies, there are concerns about the rise of trade protectionism and non-tariff measures. This has slowed down efforts to promote trade liberalization and market openness. This is a great challenge that Vietnam and some APEC member economies are facing.

As such, the SOM dialogue on RTAs and FTAs is always an important event at the senior level meeting of APEC (SOM) and is expected every year. The members will share experience in negotiation and new content ... APEC approach is to form many free trade areas in different sub-regions, facilitating a move to a free trade area throughout the region.

At the recent dialogue on regional trade agreements (RTAs) and free trade agreements (FTAs) of APEC 2017, Deputy Foreign Minister Bui Thanh Son said that in the past 30 years, RTAs/FTAs in APEC have witnessed remarkable developments compared to those of other regions in the world. Thanks to free trade agreements, APEC intra-regional trade grew 174%, from $2.3 trillion to $6.3 trillion between 2000 and 2016.

This shows that more and more FTAs are being negotiated and signed in the region, focusing on new trade and investment issues, post-border issues as well as non-tariff barriers (with complexity and great implications for trade and investment in the region).

Recent statistics of the APEC Secretariat show that by 2016, more than 150 RTAs/FTAs, including at least one APEC member, have entered into force, including nearly 60 RTAs/FTAs signed among APEC members.

Thanks to diverse economic, political and development context in the region, APEC's sharing of information, exchange of experiences and policy discussions on negotiating and signing RTAs/FTAs is extremely useful, practical and necessary for joint economic development, social stability and shared prosperity throughout the Asia-Pacific region.

Vietnam’s efforts

Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that Vietnamese businesses expect that, with a series of RTAs/FTAs signed, trade among APEC member economies will be stronger.

Looking back on Vietnam’s integration process over the past, it is not difficult to see that Vietnam considers access to international markets very important for its goods and services. 

Over the past years, under the framework of APEC, Vietnam has negotiated a number of free trade agreements with key partners. Vietnam has signed 12 free trade agreements with countries in the Asia-Pacific region. Vietnam has also negotiated and signed some free trade agreements with countries in other regions such as the Free Trade Agreement with the Eurasian Economic Coalition (took place in October 2016) and it is negotiating a free trade agreement with the European Union... 

In short, with the general trend of opening up and integrating, Vietnam is also trying to negotiate and sign trade agreements Both free trade and bilateral trade facilitate the access of goods and services to regional and world markets.

In summary, together with the general trend of openness and integration, Vietnam is also trying to negotiate and sign multilateral and bilateral free trade agreements to facilitate the penetration of Vietnam’s goods and services into regional and world markets.

Bich Van