Tuesday, June 18, 2024
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Home » UAE and Vietnam Sign Declaration to Begin Talks on Comprehensive Economic Partnership Agreement

UAE and Vietnam Sign Declaration to Begin Talks on Comprehensive Economic Partnership Agreement

by Bhaskor Maity
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The United Arab Emirates (UAE) and Vietnam have signed a joint declaration of intent to launch talks on establishing a comprehensive economic partnership agreement (CEPA) between the two countries. The CEPA negotiations aim to strengthen economic and trade partnerships and elevate existing trade and economic ties to new heights. The UAE is Vietnam’s largest trade partner in the Arab countries, accounting for 39% of its total trade, and the volume of non-oil trade between the two countries reached US$8 billion in 2022. Both sides highlighted the potential and opportunities that the agreement will bring, especially for promoting joint collaboration in the fields of trade, investment, economy, industry, energy, logistics, agriculture, and infrastructure.

Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, urged the Vietnamese private sector to take advantage of the UAE’s NextGenFDI initiative, which offers a wide array of incentives to participants, including relocation support, easy access to bank financing and commercial and residential rental incentives, and expedited business setup processes. Meanwhile, Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên said that Vietnam has completed a feasibility study on a future agreement, which they view as important preparation ahead of deciding on the start of negotiations. The UAE’s investments in Vietnam total AED 260 million (US$71 million), with leading UAE companies such as DP World, Emirates Investment Authority, Mubadala, and Borouge already investing in the Vietnamese market.

UAE signed its first ever CEPA with India, in february 2022, post its first CEPA with India, UAE entered into free trade agreement with Israel, Indonesia and Turkey.

Source : NewsOnAIR

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