He added in statements on the occasion of signing the agreement Comprehensive economic partnership between The UAE Vietnam said that the two countries share visions on adopting the benefits associated with free trade as an engine for growth and economic security, noting that the Comprehensive Economic Partnership Agreement emphasizes the two countries’ common aspirations for economic diversification, sustainable development and opening new opportunities in key sectors, according to the official Emirates News Agency.
Al-Zeyoudi continued: The UAE And Vietnam They are linked to strong bilateral non-oil trade, which has witnessed record growth in recent years Non-oil trade In the first half of this year, $6.1 billion, an increase of 8.7 percent over the first half of 2023 and 33.6 percent over the first half of 2022. While UAE exports Non-oil exports to Vietnam increased by 58.4 percent in the same period.
And he said UAE Minister of State for Foreign Tradethe agreement Comprehensive economic partnership With Vietnam, it will contribute to the local economy by 1.6 percent, or about $8 billion, by 2032, which reflects the economic and strategic importance of the country. VietnamPointing out that this agreement is the 14th within the Comprehensive Economic Partnerships Program and the fastest to be signed at a rate of one and a half years compared to other agreements, which reflects the seriousness of the negotiations and the desire of both parties to advance economic relations.
Dr. Thani Al-Zeyoudi explained that the rate of liberalization of goods is more than 90 percent on customs items and more than 98 percent on UAE exports, which would provide a great opportunity for Emirati exporters to access the Vietnamese market, while the rate of UAE liberalization of Vietnamese products reaches 95 percent.
He confirmed that the agreement Economic partnership The comprehensive plan will strengthen Vietnam’s position as the UAE’s largest trading partner in the region ASEAN It will open the door to a rapidly growing economy and one of the most attractive business environments in the region and will provide a range of new opportunities in sectors such as production Food Clothing, textiles, machinery and metals.
He added that Vietnam offers great opportunities in infrastructure and services Logistics With plans to expand the airport network And railways And roads and adding capacity to its ports.
He also pointed out that the agreement is based on a solid base of growing economic relations. In 2023, a number of memorandums of understanding were signed in promising sectors such as: “logistics services” between Abu Dhabi Ports and the Vietnamese Maritime Administration. and “Digital Transformation” between the Vietnamese Ministry of Information and Communications and Sirius International Holdings. and “Standards, Metrology and Quality Infrastructure” between the Ministry of Industry and Advanced Technology and the Vietnamese Ministry of Science and Technology.
Regarding the Economic Partnership Agreements Programme, Dr. Thani Al Zeyoudi said that in the first six months of 2024, the program contributed to the UAE’s non-oil trade reaching its highest level ever at 1.395 trillion dirhams, recording a growth of 11.2 percent.
He added that the agreement with Vietnam is essential to maintain this growth and achieve agenda goals Economic The partnership with Vietnam contributes to this through: “removing or reducing customs tariffs on the majority of products, removing unnecessary barriers to trade, facilitating the access of goods and services to markets, creating a strong framework for investment and cooperation, and promoting deeper cooperation across various sectors.” The agreement would also To drive re-exports forward, Vietnamese exporters will be able to take advantage of the UAE’s position as a global trading hub to expand their reach around the world.
Regarding the sectors that benefit from the agreement, he said that the agreement was designed to benefit a wide range of industries, and to promote balanced trade in Goods And services and stimulating investment in both directions.. The main sectors include: “technology, renewable energy, and… Logistics services And transportationhealth andAgriculture And manufacturing andFood security“.
Regarding the expected time for the agreement to enter into force, he said: The agreement has now been signed, and both countries will begin the ratification process. The agreement will enter into force shortly after the two countries ratify it. Upon implementation, the immediate benefits will include simplifying customs procedures, reducing Customs tariffsand increase access to each other’s markets.
Dr. Thani Al-Zeyoudi stressed that all comprehensive economic partnership agreements are designed to stimulate and support the private sector, noting that this agreement will further open the way for exports of small and medium-sized companies in both directions. A platform will also be created for small and medium-sized companies to cooperate and explore ways to reach… Global markets.
