The Ministry of Industry and Trade is developing a roadmap for negotiations and signings of free trade agreements (FTAs) over the rest of the year that must be reported to the Prime Minister within this month.

The task is part of the Resolution No 124/NQ – CP issued after the Government’s regular April meeting.

Amid volatile, complicated and unpredictable global landscape coupled with domestic challenges, the Government asked for drastic efforts to be taken to expand markets, diversify export products and supply chains and well as timely provide information support to enterprises.  

This means the Ministry of Industry and Trade must gear up negotiation preparations for FTAs in 2025.

Trade negotiations with the US must be accelerated together with promoting Việt Nam’s participation in the expanded Information Technology Agreement (ITA2) and open the door for the technology products from the US.

Trade promotions must be enhanced to boost exports to potential markets such as the Middle East, North America, Latin America, India, Egypt and Pakistan.

The ministry must also strengthen trade defence measures and coordinate closely with relevant ministries and localities to monitor and inspect the production and distribution of food, pharmaceuticals and functional foods. Violations related to counterfeit or substandard goods must be handled strictly in accordance with the established laws.

Updates from the General Statistics Office show that exports totalled US$140.34 billion in January to April, up 13 per cent over the same period last year.

To date, Việt Nam has signed 16 FTAs with over 60 of the world’s major markets and three are under negotiation. — VNS

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