The Association of Southeast Asian Nation (ASEAN) and the European Union (EU), through their “Enhancing ASEAN FTA negotiating capacity program” (FTA program), organize a Public Dialogue Forum (PDF) on September 21 in Hanoi to discuss Vietnam and ASEAN’s trade integration with the EU.
Supported by the EU, the so-called
‘Hanoi PDF’ was part of the series of similar PDFs to be organized in several
other ASEAN capitals and major cities in 2012 and 2013.
The consultation pursued through this PDF served as an opportunity to share their concerns and aspirations about the deepening of their country’s engagement with the EU ahead of the first round of bilateral FTA negotiations between the two sides expected to take place next month.
Director General of Multilateral Trade Policy Department of the Ministry of Trade and Industry, Mr. Luong Hoang Thai, said: “It is worth noting that based on the current well-maintained and fully potential relationship between the EU and ASEAN member states, a regional FTA or bilateral FTAs with the EU reflect the desire of the parties to achieve the ultimate goal of economic integration for delivering practical benefits for the private sector and stakeholders".
Apart from communicating the desire of ASEAN and the EU to forge closer economic relations including the conclusion of bilateral Free Trade Agreements (FTAs), the discussion at the Hanoi PDF also covered issues such as regulatory reforms. Regulatory reform is likely to form a key component in the structural economic reforms needed to support longer-term economic growth in both Vietnam and ASEAN, as well as for Southeast Asia to reap full economic benefits from enhanced trade and investment engagement with the EU.
Meanwhile, Mr Jean-Jacques Bouflet, Trade Counsellor of the EU Delegation, stated that “EU-Vietnam relations have gained more momentum in recent months. Ever since the EU and Vietnam signed the new partnership agreement, we have witnessed significant increase in bilateral exchanges. Today’s PDF, funded by EU cooperation, gives us the opportunity to further demonstrate our commitment and strong ties with Vietnam and with ASEAN as a region.”
Deputy Director General of Vietnam Industry and Trade Information Center under the Ministry of Industry and Trade, Dr. Le Quoc Phuong, stated during the PDF that regulatory reforms are a next step in the process of transformation from a centrally planned economic system to a more open and market-oriented approach that Vietnam is currently pursuing. Aside from the improvement in the institutional and legal systems, the economic legal framework of the country has also changed dramatically.
More importantly, speakers at the Hanoi PDF also emphasized the importance of a ‘bottom-up’ approach to promote regulatory reform in the country.
Last year, Vietnam was the fifth largest trading partner with the EU, with a total bilateral trade amounting to 18 billion Euro, consisting of 12.8 billion Euro of Vietnam’s exports to the EU and 5.2 billion Euro of the country’s imports from the EU.
In the first half of 2012, the EU has become the second most important export market for Vietnam, importing goods worth approximately 7.3 billion Euro, or about 17.14 % of Vietnam’s total export revenue./.
CPV
