EVFTA - impetus for intensifying Vietnam-Germany trade ties

Vietnamese Minister of Industry and Trade Tran Tuan Anh and German Federal Minister of Economics Peter Altmaier co-chaired the first meeting of the joint committee for economic cooperation between the two countries which took place virtually on January 12.

Vietnam and Germany virtually host the first meeting of a joint committee for economic cooperation on January 12

The Vietnam-Germany joint committee for economic cooperation was established to identify possible areas for enhanced cooperation and remove obstacles for companies from the respective host country, the German Federal Ministry for Economic Affairs and Energy (BMWI) said in a press release.

In addition to addressing the COVID-19 pandemic, the meeting focused its discussions on trade and industry, energy, vocation training and recruitment of skilled workers.

Speaking at the event, Altmaier said Vietnam and Germany has long been linked by a close and strong partnership which both sides want to further advance through the meeting.

The EU-Vietnam Free Trade Agreement (EVFTA) which entered into force in August last year has provided significant impetus for intensifying the bilateral trade relations, he noted.

He further emphasised that the exchange between the two countries are more important than ever in the current COVID-19 crisis because only open markets and free trade can make it possible for the two sides to overcome the crisis and get the economies going again more quickly.

According to the BMWI, the special interest of German economy in strengthening cooperation with Vietnam was shown by the participation of a number of leaders of business associations and major corporations, such as Andreas Schick, chairman of the Vietnam committee at the German Asia-Pacific Business Association (OAV) and a member of Schaeffler AG’s Executive Board; and Joe Kaeser, President and ECO of Siemens AG and Chairman of the Asia-Pacific Committee of German Business.

The Vietnam – Germany trade in goods has quadrupled over the last 10 years with Germany now being Vietnam’s largest trade partner in the EU./.

VNA