Vietnam Free Trade Agreement Australia

6.54 In summary, the results of the study were positive and showed that reaching an agreement was worth it for both countries: it is one of our critical partners, and most importantly, it is perhaps our fastest growth – it is not only the No. 2, it is ours that is experiencing the fastest growth. It exceeds $12 billion a year in two-way trade each year and has growth of more than 121%, so that is very important to us. The government has implemented ambitious structural reform that addresses economic challenges such as public debt, welding, non-trade barriers and environmental sustainability, social justice and emerging macroeconomic stability issues. Free trade agreements may also have additional drawbacks. Such agreements are expected to create aggressive competition from foreign competitors with local firms, particularly in the agricultural sector, including meat and dairy products from the EU, Australia and Canada. The key to economic growth is the recently signed ASEAN-New Zealand Free Trade Agreement (AANZFTA), in which Vietnam commits to a series of liberalisation reforms, including the abolition of tariffs on 29% of customs lines by 2010 and nearly 90% by 2025. It also includes commitments to develop regional rules of origin and improve the entry and exit conditions for businesses, as well as an improved investment protection system, which is an important instrument to facilitate trade and investment between the members of the agreement, including between Australia and Vietnam. Two-way trade between Australia and Vietnam has grown encouragingly over the past five years, to $6 billion in 2009. The agreement also provides for a simplified structure compared to many other ASEAN free trade agreements, benefiting traders, investors and governments. It minimizes some of the complexity associated with several ”tracks” of liberalization for different product categories adopted under free trade agreements with other trading partners.

The AANZFTA limits the obligations of all parties to two ”tracks”: sensitive products differ from ”normal products” but are generally not excluded from tariff reductions. The need for different commitments between parties at different levels of development is recognized by longer periods of tariff reduction. Transparency is achieved by setting the agreed reductions and the timetable for implementation in the timetables attached to the agreement. [24] Two-way services trade between Australia and Vietnam grew well in 2009 and increased by 15% to AUD 1.5 billion. During this period, services exports to Vietnam amounted to AUD 865 million, three times more than in 2005. Education exports remain the largest export of services to Australia worth AUD 713 million in 2009. During the same period, imports of services from Vietnam amounted to AUD 608 million, dominated by leisure travel (AUD 446 million). Establishing contacts and networks often requires the introduction of an existing contact or an official channel such as the austrade. ”Cold Calling” is generally not appreciated.

Visible anger or disappointment is seen as a sign of personal weakness and hinders the achievement of your goals. Moments of silence are acceptable during negotiations. Don`t feel obligated to fill the silence. Vietnam`s accession to these trade agreements will also ensure alignment with national standards ranging from workers` rights to environmental protection.