How is FTA different from WTO and Trade and Investment Agreements that Vietnam has signed?
01/10/2023 125
Vietnam has been a member of the World Trade Organization (WTO) since January 2007, and also has about 80 bilateral trade and investment agreements in effect with many partners.
WTO includes many agreements in different trade fields (goods, services, intellectual property, investment...). These Agreements aim to unify the rules for global trade and reduce trade barriers. However, the WTO has only succeeded in reducing but has not yet achieved the level of eliminating barriers to the majority of trade as in FTAs. Therefore, no agreement in the WTO is an FTA.
About WTO Agreements: wtocenter.vn/wto
The bilateral trade and investment agreements that Vietnam has signed are all commitments to create a common framework for trade and investment activities between Vietnam and its partners. Most of these Agreements do not include any content on trade opening or eliminating specific trade barriers like in FTAs.
About bilateral trade and investment agreements: https://lnkd.in/gHcvHkDG