Total trade value surges 25% annually since WTO accession

Viet Nam’s total trade revenue increased by around 25% annually after 15 years of joining the World Trade Organization (WTO), said Ambassador Nguyen Trung Thanh at the 2014 WTO Public Forum on October 3.

Noticeablly, the country achieved a trade surplus for the first time in 2012 after two decades of persistent trade deficit, said Mr. Thanh, permanent representative to the United Nations.

In the first eight months, the total trade value reached US$191.400 billion, of which, exports contributed a record of US$97,230 billlion.

The Ambassador reported that the Vietnamese economy entered the 3rd consecutive year of stabilty with low inflation, growing trade and FDI inflows, more stable exchange rate. However, growth momentum has slowed down by cautious restructuring of the banking sectr and State-owned enterprises (SOEs).

Viet Nam, as Ambassador Thanh noted, is one of the most vibrant countries in Asia with a population of 90 million and strong purchasing power. The Government commits to continuing economic reform, ensuring political stability, and creating social consensus on economic policies.

Mr. Thanh haied the European Union as of of the most important trade and investment partners of Viet Nam.

Both sidess signed a textile agreement in 1992, making it the first trade deal with a Western partner. The agreement was followed by the most favoured nation (MFN) treatment and generalized system of preferences (GSP) for Viet Nam.

Especially, in October 2012, the EU launched a reformed GSP program which provides more preferential tariffs for several Vietnamese key exports, including footwear. The General Statistics Office reported that exports to the EU rose 4.2% in 2013. The EU was Viet Nam’s 6th largest investor with 71 newly-licensed projects.

Viet Nam and the EU officially signed the Partnership and Cooperation Agreement and launched free trade agreement negotiations in 2012. Both sides expected to ink the FTA by the end of this year.

The WTO Public Forum 2014, themed “why trade matters to every one”, had 68 sessions with the participation of many leading economists, senior officals, and representatives from non-governmental organizations and other international organizations.

The WTO Director-General, Roberto Azevedo, affirmed that trade has made tremendous contributions to global growth. Trade-related issues, good or bad, have involved all peopl and affected the quality of daily life./.

Source:http://news.chinhphu.vn/

Collected by Nhu-Vu SAPUWA