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UAE and Vietnam bolster economic cooperation, agree to speed up negotiation for CEPA

 

The UAE Ministry of Economy and Vietnam’s Ministry of Industry and Trade (MoIT) have agreed to expedite the negotiation for a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

MoIT Minister Nguyen Hong Dien highlighted the improving UAE-Vietnam economic and trade cooperation during a meeting with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi in Hanoi. The UAE is focusing on improving international ties to build on its position as a global trade and logistics hub, with signing CEPAs being key to this goal. Benefits of CEPAs include enhanced market access, lower tariffs, and clear and transparent rules.

The UAE is currently the largest export market and the second-largest trade partner of Vietnam in West Asia, with Vietnam’s exports to the UAE reaching over $4 billion and imports from this market hitting over $676 million. The UAE and Vietnam are eager to further improve economic cooperation as they see new opportunities in multiple key sectors.

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