Vietnam Free Trade Agreement Australia

  • October 13, 2021

The government has implemented an ambitious structural reform that addresses economic challenges such as public debt, offsetting public and state emissions, non-trade barriers, environmental sustainability, social justice and emerging macroeconomic stability issues. A free trade agreement between Australia and the Republic of Korea offers considerable opportunities to further strengthen our broadly complementary and growing bilateral trade and investment relationship and bring benefits to both countries through closer economic integration. [32] 6.54 In summary, the results of the study were positive and indicate that reaching an agreement would be cost-effective for both countries: Australia and Vietnam are parties to the ASEAN-Australia-New Zealand Free Trade Agreement, which entered into force on 1 January 2010. Vietnam ratified the agreement on 24 June 2009. More broadly, however, the feasibility study confirms that while a number of bilateral trade barriers are being removed by each country under the recently concluded ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), significant barriers to trade and investment between Australia and Indonesia will remain after NAFTA enters into force. The Vietnamese government should also continue on the path of reforms – strengthening the banking sector, eliminating corruption, strengthening legal and tax structures, and improving trade relief. Overall, most chapter texts have been effectively closed, including on issues such as technical barriers to trade (TBT), sanitary and phytosanitary (SPS) standards, dispute settlement, customs procedures and trade facilitation, as well as e-commerce, although all negotiations in the chapter remain subject to the legal process of scrub and the conclusion of the agreement as a whole. The benefits of free trade agreements will allow Vietnam`s economic development to continue to shift from the export of low-tech manufacturing products and primary goods to more complex high-tech goods such as electronics, machinery, vehicles and medical equipment. Vietnam Briefing is produced by Dezan Shira & Associates.

The company supports foreign investors throughout Asia from branches around the world, including Hanoi and Ho Chi Minh City. Readers can write to to get more help in business in Vietnam. 6.3 In its opinion, the Department of Foreign Affairs and Trade (DFAT) stated that the agreement covered 20% of Australia`s total trade in goods and services (AUD 112 billion in 2008). For ASEAN, this is the most comprehensive agreement the group has negotiated. [4] 6.2 For Australia, this is a single agreement – the largest plurilateral agreement signed by Australia outside the GATT/WTO. It is also our biggest agreement in total. This is the first time that Australia and New Zealand have negotiated an agreement with other countries. [1] Australia, New Zealand and the ten ASEAN countries[2] have a total population of about $600 million and an estimated GDP of $3.1 trillion.