The Ministry of Industry and Trade held a workshop on developing the FTA ecosystem on the morning of November 3 in the capital city of Hanoi.
Chairing and delivering his remarks at the event, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan affirmed that the development of an ecosystem to support businesses in leveraging FTAs is a strategic initiative to implement the Government’s directive on enhancing integration capacity and creating momentum for the country’s trade and economic growth.
The Ministry of Industry and Trade will gather feedback from ministries, agencies, localities, associations and experts to finalize the proposal and submit it to the Prime Minister within this year.
As part of the event, the Vietnamese Ministry of Industry and Trade and the Australian Department of Foreign Affairs and Trade (DFAT) signed a Memorandum of Understanding on maximizing the potential of FTAs.
The agreement, signed by Deputy Minister of Industry and Trade Nguyen Sinh Nhat and Australian Ambassador to Vietnam Gillian Bird, aims to strengthen the Comprehensive Strategic Partnership between Vietnam and Australia, promote free trade, and to help businesses from both countries make the most of the FTAs that Vietnam and Australia jointly participate in.
The FTA support ecosystem, developed by the Vietnamese Ministry of Industry and Trade, is envisioned as a network linking stakeholders throughout the value chain to strengthen collaboration, facilitate information exchange, and maximize the advantages offered by FTAs.
The model is expected to help businesses improve competitiveness, expand export markets, and promote green and sustainable economic growth.
