Vietnam signed the first free trade agreement with Arab
The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE is Vietnam’s first free trade agreement with an Arab nation. During an official visit to the United Arab Emirates (UAE) on October 28, local time, Prime Minister Pham Minh Chinh held discussions with UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.
The two leaders witnessed the signing of the CEPA, marking Vietnam’s inaugural free trade agreement with an Arab country. This agreement also represents the fastest negotiation process for a free trade deal in Vietnam’s history, showcasing the strong commitment from both nations’ leaders and ministries to significantly enhance economic, trade, and investment cooperation, paving the way for Vietnam to penetrate the Middle Eastern market more deeply.
With its comprehensive negotiation content, the CEPA is expected to provide balanced benefits for both countries and aligns with their mutual desire to strengthen collaboration across various sectors.
In a spirit of innovative thinking, strategic creativity, unified coordination, and decisive implementation to realize the outcomes of high-level visits and signed cooperation agreements, the two leaders discussed and agreed on five key areas of cooperation for the future.
Firstly, they aim to enhance exchanges at all levels to build greater political trust and establish joint working groups to effectively implement their Comprehensive Partnership. First, effectively implement the CEPA agreement to create breakthroughs in trade exchanges and further open markets with the goal of exceeding $10 billion in bilateral trade in the near future; encourage and facilitate cooperation between businesses from both countries in investment and commerce.
Second, Enhance collaboration in digital transformation, green transition, and innovation. Vietnam encourages UAE companies to invest more in sectors that are of interest to Vietnam and where the UAE has strengths, such as green infrastructure, digital transformation, digital finance, and particularly in artificial intelligence, cloud computing, and the Internet of Things.
Third, strengthen cooperation in people-to-people exchanges, culture, and tourism. Prime Minister Pham Minh Chinh affirmed his commitment to establishing direct flights between Vietnam and the UAE to further facilitate mutual visits and understanding between the two nations’ citizens.
Fourth, bolster cooperation and mutual support in multilateral forums, given that both countries share many common views on regional and international issues, and both are peace-loving nations seeking collaboration for peace, stability, and development in their regions and globally.
Emphasizing the importance of effectively implementing the agreed-upon initiatives, the two leaders agreed to instruct relevant ministries and sectors to actively coordinate in operationalizing these proposals. On this occasion, the two leaders also witnessed the announcement of six cooperation agreements signed between the two sides, which include: a Memorandum of Understanding on Investment, Innovation, and Financial Center; a Memorandum of Understanding on sharing experiences in modernization and government development; a Memorandum of Understanding on cooperation in higher education and scientific research; a Memorandum of Understanding between the State Bank of Vietnam and the Central Bank of the UAE; a Memorandum of Understanding on collaboration between the General Department of Customs and Abu Dhabi Port; and a Memorandum of Understanding on cooperation between the Vietnam Chamber of Commerce and Industry (VCCI) and the Abu Dhabi Chamber of Commerce and Industry.
Sourcing by Laodong
