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South Korea-Vietnam FTA benefits tropical fruit exports

The South Korea-Vietnam free trade agreement, which came into affect on Sunday will have great benefits for Vietnamese garlic and tropical fruit exporters, as South Korea will open their market to these items and 499 other goods.

At the same time Vietnam will remove its duties on an additional 272 South Korean products. Seoul will reduce import duties on more than 95 per cent of Vietnamese goods, including key export items like tropical fruits.

The FTA signed last month is expected to boost Vietnam’s exports to Korea and more than double bilateral trade over the next five years. The agreement includes some of the items that were excluded from the earlier ASEAN-Korea FTA.

Vietnam will remove import tariffs on 92.2 per cent of all products under the FTA, compared to 86.2 per cent of goods in the ASEAN-Korea FTA.

For South Korea, Vietnam is the ninth-largest trading partner in the world, and second-largest among Asean nations. The volume of Korean exports to Vietnam increased three-fold from $7.16 billion in 2009 to $21.8 billion in 2013, according to the Korean Ministry of Trade, Industry and Energy.

The FTA aims to increase the bilateral South Korea-Vietnam trade to $70 billion by 2020. South Korea is the biggest investor in Vietnam, with $38 billion in more than 4,200 projects.

The FTA with Vietnam is the third such agreement Korea has set in motion. On December 20, the other two being with China and New Zealand.

Source: fibrefashion.com


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