Asia News China maintains tariffs must be reduced for phase one trade deal with U.S. Thursday, Dec 5, 2019,16:47 (GMT+7) China maintains tariffs must be reduced for phase one trade deal with U.S. U.S. President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019 – PHOTO: REUTERS BEIJING (REUTERS) - Tariffs must be cut if China and the United States are to reach an interim agreement on trade, the Asian nation's commerce ministry said on Thursday, sticking to its stance that some U.S. tariffs must be rolled back for a phase one deal. "The Chinese side believes that if the two sides reach a phase one deal, tariffs should be lowered accordingly," ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication. On a telephone call last week, China's lead trade negotiator Vice … [Read more...] about China maintains tariffs must be reduced for phase one trade deal with U.S.
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According to forecasts of BMI Research, Vietnam’s food industry is expected to achieve annual growth of 10.9% in 2015-2020. Vietnam’s food industry is expected to achieve annual growth of 10.9% until 2020. Numerous international players, especially those from countries that Vietnam signed free trade agreements with, have been seizing the opportunity to enter the Vietnamese food market to take advantage of the deals. Keith Colwell, Canadian Nova Scotia’s Minister of Agriculture and Minister of Fisheries and Aquaculture, said that Canadian food businesses have shifted their focus to Vietnam after developments in the Chinese market and thanks to tariff reductions under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These companies want to bring high-end Canadian products like seafood, agricultural products and beverages to new markets like Vietnam, Colwell said, explaining that tariff reductions under the CPTPP have … [Read more...] about Trade deals trigger foreign investments in Vietnam’s food sector
Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s shrimp exports continued to shrink over the last 11 months in the face of fierce competition from other major exporters. But it is expected to make its way back next year with the EU-Vietnam trade deal coming into force. The country exported about 3.1 billion USD worth of shrimp products in the firsth 11 months of this year, a year-on-year decrease of 8.2 percent, according to the Vietnam Association of Seafood Exporters and Producers (VASEP) . The VASEP said the shrimp exports are likely to total just 3.4 billion USD this year, down 4.4 percent from a year earlier and much lower than the yearly goal of 4 – 4.2 billion USD. In 2019, Vietnamese shrimp has been under great pressure due to stiff competition from India and Indonesia which enjoyed bumper shrimp harvest. Vietnam’s shrimp exports to four main markets – the US, China, the EU and Japan – saw opposite trends with those to the first … [Read more...] about Shrimp exports slide further in 2019, better outlook expected next year
Hanoi (VNA) - In the first six months of 2019, Vietnam’s import-export turnover exceeded 200 billion USD. However, poor market conditions have significantly affected the prices of many key exports.According to the Ministry of Industry and Trade, exports through the first months of the year increased compared to the same period last year, but were not sustainable. Prices of many agricultural products for export tended to decrease in the first months of 2019 (Source: VietnamPlus) Prices of agricultural and aquatic products tumble Statistics from the Ministry of Industry and Trade show that in the first half of 2019, the country’s export turnover was estimated at 122.4 billion USD, up 7.1 percent over the same period in 2018. In the period, the country's export turnover reached only 46.55 percent of the plan set for the year. Ofthis, exports from the fully domestic-owned area were estimated at 36.67 billion USD, up 10.4 percent year-on-year, while the foreign invested area … [Read more...] about Vietnam aims to complete export turnover goal for 2019
Minister of Industry and Trade Tran Tuan Anh (Source: VNA) Hanoi (VNA) - The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement would be a vital deal in utilising free trade and ensuring sustainable development in Vietnam, said Minister of Industry and Trade Tran Tuan Anh. Therefore, economic sectors should prepare and take the initiative in economic restructuring in order to maximise the pact, which is scheduled to be inked in Chile on March 8 (local time) by ministers from its 11 member countries, Anh told the Vietnam News Agency (VNA). The minister said such sectors as garment-textiles, footwear, food processing, beverage, confectionery, tobacco, wine and beer will benefit most from the deal. He cited a research jointly conducted by the World Bank (WB) and the research institute under the Ministry of Planning and Investment as saying that Vietnam’s GDP would be 1.1 percent higher in 2030 thanks to the CPTPP. Like other member … [Read more...] about Minister: CPTPP vital to sustainable development in Vietnam