Washington and Hanoi are laying the foundations for a comprehensive trade agreement
Hanoi, October 26 / WAM / Vietnam and the United States announced a joint statement establishing a framework for a fair and balanced trade agreement, based on the principles of openness, mutual respect for independence, sovereignty and political systems, and achieving mutual benefit.
The Vietnamese Ministry of Industry and Trade confirmed that the statement reflects efforts to promote a stable and sustainable economic relationship, in line with the comprehensive strategic partnership between the two countries.
The framework includes key elements that include constructive work to address non-tariff barriers, reaching consensus on digital trade, services and investment commitments, in addition to discussing issues of intellectual property and supply chain resilience.
Vietnamese media quoted the ministry as saying that the two countries will continue discussions and subsequent measures to complete this agreement.
Vietnam benefited from a significant reduction in US customs duties, as their rate decreased from 46% to 20%, as part of an executive order issued by US President Donald Trump on August 1, which decided to adjust customs duties for 69 countries and territories.
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