The International Trade Council heralds the successful signing of a free trade agreement between Vietnam and Israel, culminating in seven years of detailed negotiations. Signed by the respective trade ministers, the agreement was marked with great optimism this Tuesday.
Predicted to rapidly increase annual bilateral trade by close to 50%, the deal is poised to elevate trade figures between the two nations to $3 billion, building on an 18% increase witnessed last year to reach $2.2 billion.
The agreement stands as a promising gateway for Vietnamese exports not only to Israel but also to other markets in the Middle East, North Africa, and Southern Europe. Key exports from Vietnam to Israel, such as smartphones, footwear, and seafood, stand to gain significantly, as do Israeli exports like electronics and fertilizers.
This agreement underscores Vietnam's continued commitment to expanding its global trade relationships, building on the 16 bilateral and multilateral free trade agreements signed since the early 1990s. It also reflects the country's strategy to attract more foreign investors to its manufacturing-driven economy.
The International Trade Council commends both nations on this substantial achievement and looks forward to witnessing the positive impact of this agreement on international trade and economic collaboration. For further details, please contact the International Trade Council.