The 8th meeting of the Working group on Trade in Goods for the ASEAN-Canada Free Trade Agreeement in Indonesia
The 8th meeting of the Vietnam-Canada Free Trade Agreement (ACAFTA) Goods Trade Group took place in Jakarta, Indonesia from October 28 to November 1, 2024. At this meeting, the parties continued to discuss and exchange views on related issues. A representative of the International Cooperation Department, Ministry of Finance Vietnam attended the meeting as a member of the Trade in Goods Working Group (TIG). At the meeting, the TIG focused on discussing trade data and selecting the basic MFN tariff rate for negotiations on opening the goods market, the tariff liberalization modalities, and the text of the Trade in Goods Chapter.
The Vietnam - Canada Free Trade Agreement (ACAFTA) officially launched negotiations at the 10th ASEAN - Canada Economic Ministers' Consultation in November 2021. The two sides studied and exchanged views and approaches to issues such as goods, services, investment, rules of origin, TBT, SPS, trade facilitation, intellectual property, competition, sustainable development, etc. The Agreement also recognized the differences in the level of development between member countries. In 2024, a number of meetings took place at the Trade Negotiation Committee and Technical levels. In order to promote the negotiation process, the parties are flexible in organizing meetings in person or online. Vietnam, ASEAN countries and Canada have agreed to basically conclude negotiations on the ACAFTA Agreement by 2025.
The 10th ASEAN Economic Ministers (AEM) – Canada Consultation (Source: asean.org)
The 8th meeting of the ACAFTA on Trade in Goods took place over 5 days in both face-to-face and online formats with the participation of delegates from ASEAN member countries as well as Canada. At the meeting, the parties discussed issues related to trade in goods such as tariff liberalization modalities, articles on national treatment and most-favored-nation treatment, tariff reduction or elimination, etc. to create transparency and harmonization of customs regulations and make these regulations more suitable than current agreements.
The 8th meeting of the ACAFTA on Trade in Goods
The representatives from Vietnam actively participated in the meeting and discussed important issues in trade in goods to ensure taking advantage of the Agreement's incentives in the coming time, the smooth circulation of goods in the region, as well as contributing to strengthening the regional supply chain in the context of many changes in the world economy./.
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