Vietnam, Germany share experience in joining FTAs

Ho Chi Minh City, October 24 (VNA) – Vietnamese and German officials gathered in Ho Chi Minh City on October 22 to discuss the opportunities and challenges of joining free trade agreements (FTA). Wolfgang Tiefensee, MP and member of the German Committee on Economic Affairs and Energy, said FTAs bring nations closer together. However, in order to sign a free trade agreement, signatories need to address a number of challenges in tariffs, administrative procedures and legal systems. He stressed the need for the parties involved to consider harmonising their interests to ensure equal competitiveness. German Consulate General in Ho Chi Minh City Hans-Dieter Stell said the two countries are preparing celebrations for the 3 rd anniversary of their strategic partnership, which will provide an opportunity for the two sides to accelerate cooperation programmes in all fields. Germany is willing to provide assistance and share its experiences to help Vietnam develop sustainably and ensure social welfare, he added. Phung Cong Dung, Vice President of the Vietnam Union of Friendship Organisations in Ho Chi Minh City, hailed the long-standing and continuously growing relations between the two countries, affirming that Germany is one of Vietnam’s most important partners in Europe. During the first eight months of 2014, bilateral trade between Vietnam and Germany exceeded 4.95 billion USD. Vietnam enjoyed a trade surplus of 1.69 billion USD from exporting products worth 3.32 billion USD to Germany, and spending only 1.63 billion USD on imports from the European country.-VNA