(4th May – 9th May)
South Korea’s New Trade Pact
There was good news for exporters as South Korea and Vietnam signed a new bilateral free trade agreement (FTA) on Tuesday 5th May, with both countries seeking to implement all aspects of the deal before the end of the year.
Under this FTA, Vietnam are expected to remove import duties on 90% of all products from South Korea over a 15-year period, while South Korea will reciprocate on 95% of all products imported from Vietnam. Bilateral trade between the two countries had reached a record level of $30 billion last year, which is the largest amount since the two countries establish their diplomatic ties in 1992. The new FTA is expected to more than double annual trade over the next five years, with optimistic targets set at $70…
Vezi articol original 626 de cuvinte mai mult