Declaration on the signing of the Comprehensive Economic Partnership Agreement (CEPA) between Viet Nam and the United Arab Emirates (UAE)

Declaration on the signing of the Comprehensive Economic Partnership Agreement (CEPA) between Viet Nam and the United Arab Emirates (UAE) 13/12/2024 11:19:00 61

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The Comprehensive Economic Partnership Agreement (CEPA) between Viet Nam and the United Arab Emirates (UAE) was officially signed in the presence of senior leaders of the two countries and expected to create a breakthrough in economic, trade and investment cooperation.

On the occasion of Prime Minister Pham Minh Chinh's visit to the UAE in October 2024, the two countries adopted the Joint Declaration on upgrading relations to the framework of the Comprehensive Partnership and signed the Comprehensive Economic Partnership Agreement (CEPA). The CEPA agreement between Viet Nam and the UAE is an important landmark and a milestone that lays the foundation for new breakthroughs and new opportunities in economic and trade relations between the two countries.

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UAE Vice President Sheikh Mansour Bin Zayed Al Nahyan welcomes Prime Minister Pham Minh Chinh on an official visit to the United Arab Emirates (UAE) (28/10/2024)

The CEPA between Viet Nam and UAE was started in June 2023 and officially announced for signing on October 28, 2024. This is the first agreement to reach a record in terms of negotiation time as well as the first agreement Viet Nam has signed with an Arab country. The signing of CEPA demonstrates the high determination of the leaders as well as ministries and sectors of the two countries to create a breakthrough in economic, trade and investment cooperation between the two countries, opening a great and historically significant road for Viet Nam to enter the Middle East region.

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The two leaders of Viet Nam and UAE witness the signing ceremony of the CEPA

With the spirit of negotiation focusing on the actual needs of each side, the commitments of Viet Nam and the UAE in the CEPA promise to bring overall benefits, balance and in line with the development goals and cooperation in many fields of the parties. Notably, the two sides agreed to make a strong commitment to trade liberalization with the UAE committing to eliminate roadmap tariffs for 99% of Viet Nam's exports to the UAE, while Viet Nam also committed to eliminating roadmap tariffs for 98.5% of UAE's exports to Viet Nam. Viet Nam will benefit significantly when exporting to the UAE in particular and Middle Eastern countries in general for a number of industries such as agricultural products (cashews, pepper, honey, etc.), textiles and footwear, aquatic products (especially shrimp and fish), processing and manufacturing industries (machinery products, equipment, electronics)... The CEPA agreement between Viet Nam and the UAE will expand opportunities to access potential markets, increasing competitiveness for both sides.

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Viet Nam Pavilion at Gulfood Dubai 2024

In 2025, after Viet Nam and the UAE agree on the implementation time, the Ministry of Finance will submit to the Government for promulgation the Decree on Viet Nam's Special Preferential Import Tariff to implement the Comprehensive Economic Partnership Agreement between the Socialist Republic of Viet Nam and the United Arab Emirates for the period of 2025 - 2027./.

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