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Korea, Vietnam strike FTA deal to double trade to $70b

Korea, Vietnam strike FTA deal to double trade to $70b

BUSAN: Vietnam and South Korea have decided to increase their trade which expected to more than double to $70 billion by 2020 under a free trade pact completed this week after more than two years of negotiations.

Under the agreement to be signed early next year, South Korea will cut taxes on imports of farm produce, seafood, garments and textiles, and mechanical products from Vietnam, the Vietnamese government said in a statement late on Wednesday. South Korea will also open its market for investment and services from Vietnam.

“The agreement will further boost the development of trade and investment ties between Vietnam and South Korea,” Vietnamese Prime Minister Nguyen Tan Dung said South Korean businesspeople at a forum in Busan on here the other day.