VN, RoK sign trade pact

VGP — Trade value with the Republic of Korea (RoK) is expected to increase to US$70 billion by 2020, said Minister of Trade and Industry Vu Huy Hoang at the official signing ceremony of the free trade agreement between the two countries, on Tuesday.

May 05, 2015 3:29 PM GMT+7

The two countries wrapped up negotiations for this comprehensive and balanced agreement after just more than two years.

Under the agreement, the RoK will cut import taxes on farm produce, processing products while Viet Nam will reduce taxes on imports for electronics, manufacturing, garment industries.

In general, major beneficiaries of the agreement include agriculture, rural areas, farmers, garment and textile, said Minister Hoang.

The RoK will also assist Viet Nam to develop supporting industry, he added.

Meanwhile, Korean Minister of Trade, Industry and Energy Yoon Sang-jick said that the signing of the agreement marked a new turning point in the bilateral relations between the two countries, especially economic area.

By Hai Minh