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PM urges more effective FTA implementation

Nov 18, 2017 275
 PM urges more effective FTA implementation

The Prime Minister has recently urged the effective implementation of free trade agreements (FTAs) Vietnam has signed.

Under Directive 38/CT-TTg, Prime Minister Nguyen Xuan Phuc asks the Inter-sectoral Steering Committee for Economic Integration to actively direct the implementation of Party Resolution 06-NQ/TW on effective implementation of the international economic integration process and maintenance of socio-political stability as Vietnam joins new-generation FTAs, and urge related ministries and sectors to fulfill the tasks set forth in the Government’s Action Program on implementation of the Resolution.

The Directive says the ministries, ministerial-level agencies and government-attached agencies must spare resources for and prioritize the implementation of FTAs.

They must simplify administrative procedures and develop the single-window mechanism to shorten the licensing time and cut import-export and customs clearance costs, facilitating business and export activities.

Apart from amending and removing regulations unconformable with the commitments under the FTAs to which Vietnam is a member, the ministries and agencies should propose necessary measures to protect Vietnam’s rights and interests in case the FTAs are violated. 

The Ministry of Industry and Trade is assigned to work with related ministries, agencies, institutes, associations and the Vietnam Chamber of Commerce and Industry to study how to make the best use of incentives offered by FTAs in each sector and help Vietnamese enterprises join more deeply in regional value chains. 

The Ministry should study and apply non-tariff measures like technical barriers and trade remedies allowed in the World Trade Organization and FTAs to protect the legitimate interests of domestic firms against foreign competitors.

The Ministry of Foreign Affairs is instructed to closely monitor regional and international political, security and economic developments, as well as Vietnam’s foreign relations to forecast and propose measures for issues that may affect trade ties between Vietnam and its FTAs partners. 

The Ministry of Planning and Investment is assigned to regularly review investment and business conditions against international investment agreements to which Vietnam is a member.

Local authorities should step up public information work to help local businesses fully understand the signed FTAs, especially how to make the best use of the commitments under these FTAs in their business activities with foreign partners.