1st Round of Negotiations - 22-25 May 2012 in Hanoi

03/06/2012    99

Delegations from the EFTA States and Vietnam met on 22-25 May 2012 in Hanoi for a first round of negotiations on a free trade agreement.

During the round, constructive initial discussions were held on most topics foreseen to be covered by a future agreement, based on text proposals prepared by the two sides. A range of follow-up work was agreed in preparation for a second round of negotiations scheduled in October 2012.

In a joint EFTA-Vietnam study finalised in February 2011, it had been concluded that there is significant potential for further developing trade and investment relations between the EFTA States and Vietnam, notably trough a free trade agreement.

Two-way merchandise trade between the two sides amounted to USD 1.5 billion in 2011. Precious stones, footwear and electrical machinery constituted EFTA’s main imports from Vietnam, while fish and crustaceans, machinery and pharmaceutical products were the main exports.

Source: WTO Center and Integration