Vietnam and the UAE signed a mutual declaration of intent to start negotiations for a comprehensive economic partnership agreement (CEPA) on Friday.
The document was signed in the United Arab Emirates by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam, during Dien’s working visit to Middle East country, the Emirates News Agency (WAM) reported.
WAM added that Al Zeyoudi highlighted the deep-rooted relations between the UAE and Vietnam, which are witnessing ongoing development in all areas, most notably in the economy and trade.
The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39% percent of Vietnamese trade with the region’s countries, according to the UAE’s official news agency. It quoted Al Zeyoudi as saying that the two countries’ non-oil trade exchange in 2022 was valued at 29.4 billion UAE dirham, or about $8 billion.
He also pointed out an increase in their trade in goods except for phones and accessories, which now constitute more than 46% of their trade exchange compared to less than 36% in 2019, and is now valued at 13.5 billion UAE dirham (around $3.68 billion), a rise of 9% from 2021.
Al Zeyoudi then highlighted the UAE’s keenness to boost its economic and trade partnership with Vietnam through a CEPA since Vietnam was the UAE’s leading trade partner in East Asia in 2022 and is among the countries it aims to sign CEPAs with, according to WAM.
The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry, energy, logistics, agriculture, and infrastructure.
Vietnam is firmly cementing its status as a new production hub and logistic center worldwide. The Southeast Asian nation concluded its free trade agreement talks with Israel on April 2.