Effectively implementing FTAs

In his speech, Tran Van Hang, Chairman of the National Assembly’s Committee for External Affairs (CEA) noted Vietnam has integrated deeper into regional and global economic institutions, supporting national economic development. 

Vietnam has already negotiated and signed many bilateral and multilateral trade agreements, he said, adding it has joined the World Trade Organisation (WTO) and signed 8 bilateral FTAs to date.

Most FTAs that Vietnam are involved in are in Asia, with regional and neighbouring economies like ASEAN and China, as well as with global powers such as the US and EU.

In addition, the country has constantly revised its legal systems and institutions on intellectual property rights, labour, and the environment, making it easier for negotiating, signing and implementing FTAs.

At the seminar, Vietnamese lawmakers and experts from the US Agency for International Development (USAID) agreed that the NA and its agencies play a crucial role in the process of negotiating, signing and implementing international trade pacts to ensure their legality.

The NA has ratified international treaties and agreements and issued legal documents to fulfil international commitments.

Participants emphasised that the NA must promote its representative role and timely reflect the opinions and desires of relevant agencies throughout the FTA process.

They also discussed FTA signing trends around the world, the impact of the agreements on Vietnam’s economy, and difficulties in negotiation, signing and implementation process.